What does overdraft mean?

Definitions for overdraft
ˈoʊ vərˌdræft, -ˌdrɑftover·draft

This dictionary definitions page includes all the possible meanings, example usage and translations of the word overdraft.

Princeton's WordNet

  1. overdraftnoun

    a draft in excess of the credit balance

Wiktionary

  1. overdraftnoun

    The act of overdrawing a bank account.

  2. overdraftnoun

    The amount overdrawn.

    I have an overdraft of u00A31234.

  3. Etymology: * over- + draft

Wikipedia

  1. Overdraft

    An overdraft occurs when something is withdrawn in excess of what is in a current account.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. For water resources, it can be groundwater in an aquifer. 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 charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.

ChatGPT

  1. overdraft

    An overdraft is a financial situation where an individual or entity withdraws more money from a bank account than is available, resulting in a negative balance. It typically occurs when banks approve transactions even when the account lacks sufficient funds, usually for a fee. An overdraft can also refer to a type of credit facility or short-term loan where banks allow account holders to continue withdrawing money even when their account balance reaches zero or below, up to a certain limit.

Wikidata

  1. Overdraft

    An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". 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 charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.

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Numerology

  1. Chaldean Numerology

    The numerical value of overdraft in Chaldean Numerology is: 3

  2. Pythagorean Numerology

    The numerical value of overdraft in Pythagorean Numerology is: 1

Examples of overdraft in a Sentence

  1. Alex Horowitz:

    Overdraft fees have been damaging to consumers for a long time.

  2. Alex Horowitz:

    Overdraft fees drive customers out of the banking system. That's bad for consumers — but it's also bad for banks.

  3. Elizabeth Seymour:

    We eliminated the non-sufficient funds fee and significantly increased the amount a customer can overdraw before overdraft fees are charged, these changes reflect our continuous efforts to offer the best, most competitive products and services our customers want.

  4. The CFPB:

    Rather than competing on quality service and attractive interest rates, many banks have become hooked on overdraft fees to feed their profit model, we will be taking action to restore meaningful competition to this market.

Popularity rank by frequency of use

overdraft#10000#40484#100000

Translations for overdraft

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"overdraft." Definitions.net. STANDS4 LLC, 2024. Web. 12 Jul 2024. <https://www.definitions.net/definition/overdraft>.

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