An intra-day debit in a trading firm or bankÂ’s account at its clearing bank, clearinghouse, or central bank. While the overdrafts will be covered by the end of the business day, they still expose the clearing bank or the members of a clearinghouse to default risk. The Federal Reserve Board has a rule that assesses a charge against the average intra-day overdraft, which is designed to encourage banks to actively manage the potential default risks that can be introduced into the banking system with overdrafts.