Final answer:
The situation where you can withdraw more money than available in your account is known as overdraft privilege; this often incurs an overdraft fee.
Step-by-step explanation:
The term that describes the situation where an individual can continue withdrawing money even if the account lacks sufficient funds is a) Overdraft privilege. When you spend more money than you have in your bank account, and the bank allows the transaction, it might charge you an overdraft fee. Carrying a negative balance in your account can be costly due to these fees.