overdraft
n.a situation where you spend more money than you have in your bank account. You usually pay a fee for this and must pay back the extra amount later.
n.a state of having spent more money than is available in a bank account. Often refers to a prearranged facility allowing a customer to withdraw funds beyond their balance up to a specific limit.
“I accidentally went into an overdraft by paying for groceries.”
“The bank charged a high fee for the overdraft, so he had to pay it back immediately to avoid further charges.”
“While a temporary overdraft can provide necessary liquidity during a cash flow crisis, it is generally advisable to avoid this practice as it often results in significant interest costs.”
“They offer an interest-free overdraft, perfect if you’re ever in a tight spot one month.”
“Sign-up perks may capture the attention but should the focus be on the interest-free overdraft?”
From over- + draft.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.