Definitions for "Overdraft Protection"
Bank customer's personal credit line that advances funds to cover an overdraft.
checking account feature in which a person has a line of credit to write checks for more than the actual account balance. see also draft.
A service that allows a checking account to be linked to a line of credit to provide protection against returned items or overdrafts.
Is an agreement with the Bank or Financial Institution to cover overdrafts. This service will typically involve a fee and be limited to a pre-set maximum amount.