Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

English definition of “overpayment”

overpayment

noun [C or U]
 
 
/ˌəʊvəˈpeɪmənt/
FINANCE, BANKING the act of making bigger payments than originally agreed when paying back a loan, or the amount by which someone has paid more: It is important to have a flexible loan that allows overpayment and underpayment. There is no point in making monthly overpayments if your mortgage interest is calculated annually.
TAX, COMMERCE the act of paying more than is necessary or more than the value of something, or the amount by which someone has paid too much: Any overpayment will be treated as a payment of tax in advance.
HR, COMMERCE the act of paying someone too much, or the amount by which someone has been paid too much: An employee was compensated for unused vacation twice, resulting in an overpayment of $10,962.
→  Compare underpayment
(Definition of overpayment from the Cambridge Business English Dictionary © Cambridge University Press)
What is the pronunciation of overpayment?
Add Cambridge dictionaries to your browser to your website

Word of the Day

hard luck story

a story or piece of information that someone tells you or writes about himself or herself, intended to make you feel feel sympathy for that person

Word of the Day

Think long and hard; the language of decisions

by Liz Walter,
January 28, 2015
One of the best ways (perhaps the best way) to improve your English is to learn how words go together in phrases, idioms, or other patterns such as verb/noun or adjective/noun pairs (often called ‘collocations’). This blog looks at some useful phrases and collocations connected with the subject of decisions, something we

Read More 

micro pig noun

January 26, 2015
an extremely small pig, bred to be a pet Micro pigs have become popular pets recently, with famous owners including Victoria Beckham, Paris Hilton and Olympic diver, Tom Daley.

Read More