Overdraft facility

Overdraft facility,

Definition of Overdraft facility:

  1. A credit agreement made with a financial institution that permits an account holder to use or withdraw more than they have in their account, without exceeding a specified maximum negative balance. Establishing an overdraft facility with a bank can help an individual or small business with short term cash flow problems, although the negative balance typically needs to be repaid within a month.

Meaning of Overdraft facility & Overdraft facility Definition

Overdraft Facility,

What is Overdraft Facility?

A financial arrangement by which a lender allows a business to withdraw more than one balance in one account.

Literal Meanings of Overdraft Facility

Overdraft:

Meanings of Overdraft:
  1. Bank account deficit as a result of withdrawals in excess of the amount in the account.

Sentences of Overdraft
  1. When I left Cambridge, I had an overdraft for over 900.

Synonyms of Overdraft

credit, advance

Facility:

Meanings of Facility:
  1. A location, facility, or device provided for a specific purpose.

  2. The ability to do or learn something well and easily is a natural skill.

Sentences of Facility
  1. Kitchen utensils

  2. Speaks fluent language

Synonyms of Facility

potential, gift, space, knack, talent, equipment, prerequisite, provision, solution, means, aptitude, finesse, bent, genius, flair, skill