Meaning of “overpay” in the English Dictionary

"overpay" in British English

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overpayverb [ T often passive ]

uk /ˌəʊ.vəˈpeɪ/ us /ˌoʊ.vɚˈpeɪ/ overpaid, overpaid

to pay someone too much:

I felt I should tell my boss she'd overpaid me by $50.
disapproving Bankers are grossly overpaid for what they do.

to pay more than originally agreed when paying back a loan, in order to reduce the cost of the loan:

If you budget to overpay your mortgage on a regular basis, you can save a lot of money.
overpayment
noun [ C or U ] /ˌəʊ.vəˈpeɪ.mənt/ /ˌoʊ.vɚˈpeɪ.mənt/

She did not notice that she had received a salary overpayment.

(Definition of “overpay” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"overpay" in Business English

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overpayverb

uk /ˌəʊvəˈpeɪ/ us overpaying, overpaid, overpaid

[ I or T ] FINANCE, BANKING to make bigger payments than originally agreed when paying back a loan, in order to reduce the cost of the loan:

If you budget to overpay your mortgage on a regular basis, you can save a lot of money.
These loans allow you to overpay at any time.
overpay on sth We use any spare money to overpay on our mortgage.

[ I or T ] TAX, COMMERCE to pay more than is necessary or more than the value of something:

Some part-time workers will overpay tax and will need to claim a rebate.
overpay for sth He said they did not overpay for the land based on comparable sales in the area.

[ T often passive ] HR, COMMERCE to pay someone too much:

overpay sb by $50/10% etc I felt I should tell my boss she'd overpaid me by $100.
overpay sb for sth He claimed the deal would overpay the company for its electrical transmission grid.

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(Definition of “overpay” from the Cambridge Business English Dictionary © Cambridge University Press)