Definition: Overdraws refer to credit limits that a bank or other financial institution has on its account, which are used by customers in order to make payments. Overdrawn accounts can be useful for certain situations, such as when a customer is unable to pay their bill due to an unexpected expense, but it's important to note that overdrawing too much without proper planning and control can lead to negative consequences, including higher interest charges on the account and damage to the bank's reputation.
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