Overdraft Service
An overdraft service is a type of financial service that allows customers to withdraw more money than they have in their bank account. This service is typically offered by banks and other financial institutions, and it is designed to provide customers with a safety net in case of an emergency. When a customer overdraws their account, the bank will cover the difference and charge a fee for the service.
History of Overdraft Service
The concept of overdraft service has been around since the early days of banking. In the United States, the first overdraft service was offered by the Bank of North America in 1781. Since then, the service has become increasingly popular, and today it is offered by most banks and other financial institutions.
Comparison of Overdraft Services
| Bank | Fee | Maximum Overdraft |
|---|---|---|
| Bank of America | $35 | $500 |
| Wells Fargo | $35 | $500 |
| Chase | $34 | $500 |
| Citibank | $34 | $1,000 |
Summary
Overdraft service is a type of financial service that allows customers to withdraw more money than they have in their bank account. This service is typically offered by banks and other financial institutions, and it is designed to provide customers with a safety net in case of an emergency. For more information about overdraft service, you can visit the websites of the major banks and other financial institutions.
See Also
- Line of Credit
- Cash Advance
- Debit Card
- Credit Card
- Savings Account
- Checking Account
- ATM Card
- Wire Transfer
- Money Order
- Payday Loan
