Yes, you are in debt. Depending on your bank, your history with the bank, and the amount owed, it can go from nothing, to triggering a penalty, or an immediate

Yes, you are in debt. Depending on your bank, your history with the bank, and the amount owed, it can go from nothing, to triggering a penalty, or an immediate freeze of all your bank accounts (across all banks/institutions in the country). The whole freeze happened to me (not my fault), it is pretty impressive. All debit/credit cards are rejected immediately, you better have some spare... and visit the bank that issued the asset freeze and fix it. So, yeah, you learn quickly to not over spend.