Bank accounts are essential for managing personal and business finances. A bank account is a place for you to deposit and withdraw funds, make payments, transfer money to another person or institution, pay bills electronically.
One of the functions associated with a bank account is an overdraft. An overdraft lets you borrow money through your current account by taking out more money than you have in the account. Banks usually charge a fee if you use your overdraft. If you are using your overdraft, you owe money to the bank. This can be thought of as negative money.
