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- Writing a check in an amount that will overdraw the account but making up the deficiency by depositing another check on another bank. For example, mailing a check for the mortgage when your checking account has insufficient funds to cover the check, but counting on receiving and depositing your paycheck before the mortgage company presents the check for payment.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
- Browse Related Terms: Affidavit, bank and trust company, Cashier's check, Certified check, Check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Official check, Outstanding check, Overdraw, Stop payment