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      When the amount of money withdrawn from a bank account exceeds the amount of available money in the account, the excess is known as overdraft, and the account is said to be overdrawn. The overdraft is an amount agreed on by both the customer and the bank, by which his bank account may be overdrawn. Generally, the customer will be charged a fee for the overdraft facility and another fee when the overdraft occurs. Often, this fee is a high percentage of the total value of the overdraft.
      Overdraft protection is a financial service offered by many banks in the United States. This protection plan pays dues sent to a customers account when there is not enough money in the account to pay. Overdraft protection allows for fees to be paid as opposed to bouncing, which may cause the user to have a higher fee. This protection covers ATM withdrawals, purchases made with a debit card, electronic transfers, and checks.

Visit http://en.wikipedia.org/wiki/Overdraft for more information about overdrafts and overdraft protection.