Definition of unauthorised overdraft?
I know that an overdraft is when money is taken out in excess of what you have put in.
What is the difference between an autorised and an unauthorised overdraft?
Answers:
Overdraft is when withdrawals from a bank account exceed the available balance.
When you exceed your authorised overdraft limit, you go into unauthorised overdraft
Could be an inadvertant debit by a company which the company or bank will credit back to your account.
http://www.creditips.com/blog/index.php...
unathorized is when it's a stolen check or identity theft; becuse you did not authorize it-- usually the bank takles responsibility, and will credit your account
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