Business Terms and Jargon Explained

What is Overdraft

This is when you owe money to your bank through your current account.

Because of the nature of current accounts the bank may allow an account holder to take out more money than is in their bank account. This is called a bank overdraft facility. 

There are two types of overdraft:

  1.  Authoried
    This is where the bank has agreed a limit that you can be overdrawn. They may charge interest or a daily rate when your overdrawn.

  2. Unauthorised.
    This is where there is no agreement with the bank and there will be penalties and high interest rate charged on the account.

<- Go Back
Business Terms Home page

Search Jargon and Terms Database

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Search Term   

Sale and Leaseback Consultancy agreement Descope
CMO Grant caeterorum N349 Civil Court form
Price floor Paris Convention VOIP
N235 Civil Court form Assumption Intangible Assets
Zero Rate Certificate BILL OF SALE Zar
ERNIE Venture Capital De jure
Contingent Discount Pre-Finance Goods Concentration ratio
Workout Nemo dat quod non habet Dong
Free Zone Goods Creative Commons PaaS
Accruals Basis Tax Evasion Apportionment
Shareholders Leverage Bailment
Base Rate Wholesaler VRN
CAFCASS Trade Debtors Mission statement

Term created / updated 2017-04-13 13:24:52

Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms and jargon, and explain them in Plain English. Its very easy to comprehend. Learn to understanding and know your business jargon. This will keep you informed among your peers. Bookmark Your business dictionary.

Copyright © 2004-2020 Scopulus Limited. All rights reserved.