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
overdraftnoun
a draft in excess of the credit balance
Wiktionary
overdraftnoun
The act of overdrawing a bank account.
overdraftnoun
The amount overdrawn.
I have an overdraft of u00A31234.
Etymology: * over- + draft
Wikipedia
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An overdraft occurs when something is withdrawn in excess of what is in a current account.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
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
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An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.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.
Matched Categories
Usage in printed sourcesFrom:
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Numerology
Chaldean Numerology
The numerical value of overdraft in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of overdraft in Pythagorean Numerology is: 1
Examples of overdraft in a Sentence
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.
Overdraft fees drive customers out of the banking system. That's bad for consumers — but it's also bad for banks.
Overdraft fees have been damaging to consumers for a long time.
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.
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Translations for overdraft
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"overdraft." Definitions.net. STANDS4 LLC, 2024. Web. 24 Oct. 2024. <https://www.definitions.net/definition/overdraft>.
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