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Meaning of “overpayment” in the English Dictionary

"overpayment" in Business English

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overpaymentnoun [C or U]

uk   us   /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 ​flexibleloan that ​allows overpayment and underpayment. There is no ​point in making monthly overpayments if your ​mortgageinterest is ​calculatedannually.
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.
(Definition of overpayment from the Cambridge Business English Dictionary © Cambridge University Press)
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“overpayment” in Business English

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