What is the meaning of overdraft limit?

Answer Overdraft services at banks prevent checks from bouncing due to insufficient funds in the checking account. Each financial institution sets an "overdraft limit" which specifies the amount that wil... Read More »

Top Q&A For: What is the meaning of overdraft limit

What is the limit of overdraft on checking accounts?

Overdraft protection on a checking account allows the account owner to write checks for an amount higher than the balance in his account. According to Darrell Lautaret, president/CEO of Mission Ban... Read More »

Are overdraft fees legal?

It is legal for a bank to charge overdraft fees. However, according to the Los Angeles Times, the Federal Reserve has drafted regulations, set to take effect July 1, 2010, which make it illegal to ... Read More »

Overdraft Line of Credit Agreement?

An overdraft line of credit is like having insurance on your checking account. Having it in place will pay the drafts you may have written when there was not sufficient funds in the account to cove... Read More »

How can banks justify their overdraft charges ?

Because the government allow them to it's the evil of Capitalism.