Damaging fall in account I empty (4,4)
I believe the answer is:
acid rain
'damaging fall' is the definition.
'account i empty' is the wordplay.
'account' becomes 'ac' (abbreviation for account).
'empty' becomes 'drain' (draining is a kind of emptying).
'ac'+'i'+'drain'='ACID-RAIN'
'in' is the link.
(Other definitions for acid rain that I've seen before include "that pollutes" , "Harmful precipitation" , "environmental disaster" , "Destructive precipitation" , "Devastating drop" .)