OVERDRAFT Definition & Meaning

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overdraft

[ oh-ver-draft, -drahft ]

Phonetic (Standard)IPA

noun

an act or instance of overdrawing a checking account.
a check overdrawn on a checking account.
the amount overdrawn.
an excessive drawing on or drawing off of something.
a draft made to pass over a fire, as in a furnace.
a draft passing downward through a kiln.
Metalworking. a tendency of a rolled piece to curve upward after passing through a stand, occurring when the lower roll is faster than the upper.

overdraft

/ ˈəʊ��əˌ��ɑː�ڳ� /

noun

a draft or withdrawal of money in excess of the credit balance on a bank or building-society cheque account
the amount of money drawn or withdrawn thus

overdraft

The amount by which a check exceeds the funds on deposit to cover it.

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�y��vlog History and Origins

Origin of overdraft¹

First recorded in 1875–80; over- + draft

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Example Sentences

Examples have not been reviewed.

The 41-year-old, who works part-time in Asda, is using emergency credit on her energy meter and regularly dips into her overdraft.

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Consumers can opt out of overdraft fees or switch to an account that doesn't charge them.

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“The CFPB’s overdraft fee rule will stop exploitative practices by big banks, improve transparency, and put $5 billion back into the pockets of everyday people.”

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For many, the problem isn’t so much lack of financial knowledge as having poor credit and fewer options, falling into murderous interest rates and deeper debt via payday loans and overdraft fees.

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Some of the affected policies include a proposed $5 cap on overdraft fees charged by banks, and a rule that removes unpaid medical bills from credit reports.

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