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Glossary > O > "Overdraft" Definition

Overdraft

An instant extension of credit from a lending institution.

When the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an "overdraft" and the account is said to be "overdrawn". If agreed in advance by the bank this is essentially a form of loan facility. If not agreed in advance by the bank penal charges may be incurred.

A facility (usually at a bank or other financial institution) enabling an account holder to borrow up to an agreed amount and often for an agreed time.

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Overdraft - An instant extension of credit from a lending institution.

When the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an "overdraft" and the account is said to be "overdrawn". If agreed in advance by the bank this is essentially a form of loan facility. If not agreed in advance by the bank penal charges may be incurred.

A facility (usually at a bank or other financial institution) enabling an account holder to borrow up to an agreed amount and often for an agreed time.

Overdraft : an instant extension of credit from a lending institution.

when the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an "overdraft" and the account is said to be "overdrawn". if agreed in advance by the bank this is essentially a form of loan facility. if not agreed in advance by the bank penal charges may be incurred.

a facility (usually at a bank or other financial institution) enabling an account holder to borrow up to an agreed amount and often for an agreed time.