overdraft

/ˈəʊvədrɑːft/

/ˈəʊvərˌdræft/ noun [C] (also bank overdraft)

Definition

› 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

(Definition of overdraft noun from the Cambridge Business English Dictionary © Cambridge University Press)