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Daylight Overdraft

Barron's Banking Dictionary:

Daylight Overdraft

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Intraday loan that occurs when a bank transfers funds in excess of its Reserve Account. Daylight overdrafts are caused when banks transfer funds in excess of reserve account balances at a Federal Reserve Bank. Since 1994 Federal Reserve Banks have charged banks a processing fee for daylight overdrafts. See also Bilateral Credit Limit; Net Settlement; Sender Net Debit Cap.

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