overdraft
n. B2 Upper Intermediate US //ˈoʊvɝˌdɹæft// UK //ˈəʊvədɹˌɑːft// over·draft
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.
From over- + draft.