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Overdrafts - Sources of FinanceWith overdraft protection, your bank will allow debit and ATM transactions to go through even if you don't have enough funds in your account. Sounds good, right. Yes, you absolutely can overdraft a debit card. Let's say you had $5 in your account this morning, but today is payday, so you should have. If Debit Card Coverage is turned on, we may pay the overdraft transaction and charge you the $34 Overdraft Fee.