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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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- Overdraft
Occurs when money is withdrawn from a bank account and the available balance goes below zero
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be "overdrawn". In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally... Wikipedia
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