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English definition of “overdraft”

overdraft

noun [C]
 
 
/ˈəʊvədrɑːft/ US   /ˈəʊvərˌdræft/ (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
(Definition of overdraft from the Cambridge Business English Dictionary © Cambridge University Press)
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