Overdraft? Account

Question

So what does it mean when I allow my bank to allow overdrafts?

Answer

if you had 15 dollars and bought something for 20. They will allow the transaction. Youre account will now be -5.

You'll also most likely get charged an over draft fee. Usually it's 35.

Answer

At my bank overdraft protection means that if you go over your primary account it will deduct the balance from a savings account.

Answer

That means you went below zero. All checking accounts come with over draft protection option. All u have to do is call the bank and ask them to activate your overdraft protection.
That means that next time u only have 10 bucks on ur card, but u go to the store wanting to buy 20 bucks worth of stuff, your bank will NOT accept the charge, and your transaction will be declined for unsuficient funds.  That's how overdraft protection works. 
Not having overdraft protection activated will mean that when u have 10 bucks in ur account, but 20 bucks worth of stuff, your card will go through,  thus putting you in minus with ur account. .the term being -your account was overdrafted.-
Depending on your bank, they give u a 24 hrs to bring your account from minus,  to zero. .if u don't do it within 24 hrs, they usually change an overdraft fee

Answer

It means that you can go over drawn up to an agreed amount. It's like borrowing money from the bank but u may get charged an interest rate if you are 'in' the overdraft. So you could have an overdraft of £200 but it is money you have borrowed and will show as a £- on you bank statement. Does that make sense?

Overdraft? Account

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