An overdraft occurs when withdrawals from a bank account exceed the available balance which gives the account a negative balance - a person can be said to have gone "overdrawn".
 If there is a prior agreement with the account provider for an overdraft protection plan, and the amount overdrawn is within this authorised overdraft, then interest is normally charged at the agreed rate. If the balance exceeds the agreed terms, then fees may be charged and higher interest rate might apply. Overdraft financing is provided when businesses make payments from their business current account exceeding the available cash balance. An overdraft facility enables businesses to obtain short-term funding - although in theory the amount loaned is repayable on demand by the bank. The interest usually charged on an overdraft is 15% to 19%.
Reasons for overdrafts
Overdrafts occur for a variety of reasons. These may include:
Intentional short-term loan - The account holder finds themselves short of moneywithin a few days of payday and knowingly makes an insufficient-funds debit. They accept the associated fees and cover the overdraft with their next cash or check deposit.
ATM overdraft - Banks or ATMs may allow cash withdrawals despite insufficient availability of funds. The account holder may or may not be aware of this fact at the time of the withdrawal. Some banks give the holder a chance to return enough cash to the account in time in order to avoid the penalty, while others do not. If the ATM is unable to authorize a withdrawal from the cardholder's bank, it may automatically authorize a withdrawal based on limits preset by the authorizing network.
Temporary Deposit Hold - A deposit made to the account can be placed on hold by the bank. This may be due to Regulation CC (which governs the placement of holds on deposited checks) or due to individual bank policies. The funds may not be immediately available and lead to overdraft fees.
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