28/10/18 Overdraft

 

An overdraft is an extension of credit from a lending institution that allows the individual to continue withdrawing money, even if the account has no funds in it or not enough to cover the withdrawal. Basically, overdraft means that the bank allows customers to borrow a set amount of money. In this case, the account is said to be overdrawn.

Useful language:
*A $400 overdraft.
*To run up/pay off/take out an overdraft
*To arrange an overdraft
*The savings account has no overdraft facility/limit.
*To exceed an overdraft by $200,000.