OVERDRAFT

Overdraft

Cartoon from Punch Magazine Vol. 152, June 27, 1917]]An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.

The above text is a snippet from Wikipedia: Overdraft
and as such is available under the Creative Commons Attribution/Share-Alike License.

overdraft

Noun

  1. The act of overdrawing a bank account.
  2. The amount overdrawn.
    I have an overdraft of £1234.
  3. The maximum amount that may be overdrawn.
    The bank have given me an overdraft of $2000.


The above text is a snippet from Wiktionary: overdraft
and as such is available under the Creative Commons Attribution/Share-Alike License.

Need help with a clue?
Try your search in the crossword dictionary!