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- Dictionaryoverdraft/ˈəʊvədrɑːft/
noun
- 1. a deficit in a bank account caused by drawing more money than the account holds: "when I left Cambridge I had a £900 overdraft"
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Jul 8, 2024 · Basically, an overdraft means that the bank allows customers to borrow a set amount of money. There is interest on the loan, and there is typically a fee per overdraft.
Jul 1, 2024 · Key Takeaways. An overdraft is a bank credit facility. It lets account holders withdraw or pay a higher amount than what is available in their current or savings accounts. There are two basic types of overdrafts – secured and unsecured.
an amount of money that a customer with a bank account is temporarily allowed to owe to the bank, or the agreement that allows this: to run up/ pay off an overdraft. UK The bank offers overdraft facilities. SMART Vocabulary: related words and phrases. Borrowing & lending. amortizable. amortization. amortize. bond measure. bond referendum. bonded.
Nov 30, 2022 · An overdraft is when you don’t have enough money in your account to cover a transaction, so your bank pays instead. Learn how it works and what fees your institution may charge.
Dec 18, 2023 · What Is a Bank Account Overdraft? Overdrafts represent an essential aspect of modern banking often misunderstood by customers. At its core, a bank account overdraft occurs when a bank account holder's balance goes below zero, resulting in a negative balance.
1. : an act of overdrawing at a bank : the state of being overdrawn. also : the sum overdrawn. 2. : line of credit. Examples of overdraft in a Sentence.
Apr 13, 2022 · Those sneakers you bought with your debit card were a little more than you had in your checking account—but you still walked away with a fresh pair of kicks. This is called an overdraft—when you spend or withdraw more than you have in your account, but the transaction still goes through.
