overdraft


overdraft
a form of loan by which a person with a trading bank current account is given permission to continue making drawings on the account up to an agreed limit, after the balance has been reduced to nil. Glossary of Business Terms
————
Provision of instant credit by a lending institution. Bloomberg Financial Dictionary

* * *

overdraft o‧ver‧draft [ˈəʊvədrɑːft ǁ ˈoʊvərdræft] noun [countable] especially BrE
BANKING an arrangement between a bank and a customer, allowing them to take out more money from their current account than they had in it, or the amount involved:

• We can offer current accounts with overdraft facilities.

• The authorised overdraft (= one that the bank agreed to give ) interest rate is normally cheaper than bank personal loan rates.

• You will find that you will be charged more for an unauthorised overdraft.

• We often reached our overdraft limit because of cashflow problems.

ˈbank ˌoverdraft
an amount by which a bank account is in debt

* * *

   A short-term borrowing facility offered by banks. Overdrafts are usually repayable on demand and are more expensive than longer-term borrowing.

* * *

overdraft UK US /ˈəʊvədrɑːft/ US  /ˈəʊvərˌdræft/ noun [C] (also bank overdraft)
BANKING an amount of money that a customer with a bank account is temporarily allowed to owe to the bank, or the agreement which allows this: run up/have an overdraft »

Research shows that 58% of students have an overdraft.

»

I paid off my overdraft as soon as I got my pay cheque.

»

We have an overdraft facility of £500 with our bank.

»

an overdraft fee/rate/charge

»

a free/interest-free overdraft


Financial and business terms. 2012.

Look at other dictionaries:

  • overdraft — over·draft / ō vər ˌdraft/ n 1: the act or result of drawing on a bank account for more than the balance; also: the amount exceeding the balance in an overdraft 2: a loan or credit extended on a current account esp. to established or… …   Law dictionary

  • overdraft — s.n. Ordin de plata către bancă a unei operaţiuni în lipsa temporară a mijloacelor băneşti în contul clientului. Trimis de emilia, 01.11.2004. Sursa: Neoficial  OVERDRAFT s. n. (fin.) restrângere a creditelor fără acoperire. (< engl.… …   Dicționar Român

  • Overdraft — O ver*draft , n. (Banking) The act of overdrawing; a draft in excess of the credit balance; also, the amount or sum overdrawn. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English

  • Overdraft — Overdraft. См. Скручивание листа вверх. (Источник: «Металлы и сплавы. Справочник.» Под редакцией Ю.П. Солнцева; НПО Профессионал , НПО Мир и семья ; Санкт Петербург, 2003 г.) …   Словарь металлургических терминов

  • overdraft — (n.) 1878, in the banking sense, from OVER (Cf. over) + DRAFT (Cf. draft) (n.) …   Etymology dictionary

  • overdraft — òverdraft m DEFINICIJA bank. 1. oblik bankovnog kratkoročnog kreditiranja prema ugovoru o dopuštenom prekoračenju u ugovorenom vremenu 2. svaki oblik prekoračenja ETIMOLOGIJA engl …   Hrvatski jezični portal

  • overdraft — ► NOUN ▪ a deficit in a bank account caused by drawing more money than the account holds …   English terms dictionary

  • overdraft — [ō′vər draft΄] n. 1. a) a withdrawal of money from a bank in excess of the amount credited to the drawer b) the amount withdrawn in excess 2. a draft, or current of air, passed over a fire, as in a furnace, or passing down through a kiln …   English World dictionary

  • Overdraft — I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I I withdraw my overdraft! Cartoon from Punch Magazine Vol. 152, June 27, 1917 An overdraft occurs when money is withdrawn from a bank account and the… …   Wikipedia

  • overdraft — UK [ˈəʊvə(r)ˌdrɑːft] / US [ˈoʊvərˌdræft] noun [countable] Word forms overdraft : singular overdraft plural overdrafts a) an agreement with your bank that allows you to spend money when you have no money left in your account overdraft limit (= the …   English dictionary