transparent background leaks beneath border?

is it possible for a gif's transparent background to extend past its border?when I say border, I mean the black border that frames the image in photoshop...

I ask because I seem to be getting a space beneath my image when I embed into my web page and I've taken care of the html side of things (all padding and margins set to 0px, etc.)...

I would assume its a "feather" issue. Without a look at the image I can't say for sure.