Overdraw meaning in English
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Definition
to be overdrawn: to have a negative amount of money in your bank account, to be in the red
Examples
- "Hannah : Overdrawn! Well, perhaps I could lend you some money, until you're back on your feet."
- "Life's no fun when you're overdrawn!"
Exercise 1
Fill in the blanks with the appropriate terms from these passages of Edward's song!
The bank told me that my has
Due to insufficient in my
This is the message of this song. Life's no fun when you're !
What am I to do now? I'm so ,
No glasses for me and I am in !
The bank told me that my has
Due to insufficient in my
This is the message of this song. Life's no fun when you're !
What am I to do now? I'm so ,
No glasses for me and I am in !
Fill in the blanks with the appropriate terms from these passages of Edward's song!
The bank told me that my cheque 1 has bounced 2
Due to insufficient funds 3 in my account 4
This is the message of this song. Life's no fun when you're overdrawn 5!
What am I to do now? I'm so upset 6,
No glasses for me and I am in debt 7!
The bank told me that my cheque 1 has bounced 2
Due to insufficient funds 3 in my account 4
This is the message of this song. Life's no fun when you're overdrawn 5!
What am I to do now? I'm so upset 6,
No glasses for me and I am in debt 7!
1 cheque: "Cheque" (UK) or "check" (US) is the correct answer here. A "cheque" is a small piece of paper which you sign, date, and give to someone as a form of payment. When you open a bank account, you usually receive a "cheque book" full of "cheques" which you can fill in and give to people or companies when you buy things. Example: "I don't have any cash with me. Can I write you a cheque?".
2 bounced: "Bounced" is the right term here. When a cheque "bounces", then payment is refused. This is often because you have written a cheque for more money than you have in your bank account. Example: if Joseph has £12 in his account, but writes a cheque for £84 to pay for some meat, then the cheque will probably bounce when the butcher tries to cash it in'.
3 funds: "Funds" is the term we were looking for here. In this context, "funds" simply means "money". If Edward has "insufficient funds" in his bank account, then he "does not have enough money" in his account.
4 account: "Account" is the right answer here. An "account" in this context is a "bank account": a place to store your money. Most people have a bank account into which their salary goes once a month. You can take money out of your bank account with a card at a cash machine (UK) or ATM (US).
5 overdrawn: "Overdrawn" is the term which Edward uses here. To be "overdrawn" is to have a negative amount of money in your bank account, or to be "in the red". Example: "I'm often overdrawn at the end of the month. At the moment I have -$38 in my account". An "overdraft" is an agreement with your bank that they will lend you some money when you no longer have any!
6 upset: "Upset" is the right term here. If someone is "upset", then they are "sad", "unhappy", or "anxious". In this conversation, Edward is "upset" because he has no money and can't buy a special pair of sunglasses. Here's another example: "I was very upset when my goldfish died".
7 debt: "Debt" is the best answer here. To be "in debt" is to "owe" someone something, especially money, which you need to pay back. When we say "I am in debt", we usually mean that we owe money to the bank. This might be because we borrowed money to pay for university studies, or because we spent more money than we earned in a certain month. Note that the "b" in "debt" is silent: it is pronounced like "dett". Example: "I have been in debt ever since I bought my yacht".
Exercise 2
Icarus mentions "outstanding loans" in his email.
"A loan" is money .
In this context, an "outstanding loan" refers to a loan .
In this context, an "outstanding loan" refers to a loan .
Icarus mentions "outstanding loans" in his email.
"A loan" is money borrowed from the bank or elsewhere 1.
In this context, an "outstanding loan" refers to a loan which hasn't yet been paid off 2.
In this context, an "outstanding loan" refers to a loan which hasn't yet been paid off 2.
1 borrowed from the bank or elsewhere : A "loan" is a sum of money given or lent to an individual or a company from a lending institution, usually a bank. "Loans" are given with terms and conditions for repayment: the time frame for repayment, interest, etc. Note that a loan is not necessarily money, and not necessarily from a bank. For example, "my brother loaned me his leather jacket for my date".
1 placed in stocks and bonds: A "loan" is not money placed in stocks and bonds. Money placed in stocks and bonds are generally referred to as "investments".
1 charged for overdrawing an account: A "loan" is not the money charged for "overdrawing" an account. To "overdraw" an account means to withdraw or "take out" more money than exists in the account. Many banks charge a fee for overdrawing an account. These fees are called "overdraft" fees.
1 placed in real estate: Money placed in real estate is not called "a loan", however it is possible to take out a loan for an investment in real estate. "Real Estate" refers to the property industry: buying, selling, renting apartments and homes, developing land, etc.
1 given as a grant or subsidy: "Loans" are never "grants or "subsidies", which refer to sums of money given by the government or educational institutions to finance research projects, studies, etc. "Grants" and "subsidies" are generally given to qualified applicants who make a strong argument for the value of their research. Educational grants are often called "scholarships. A 'subsidy" is money which is given (generally by the government) in support of an enterprise regarded as being 'in the public interest"
2 which hasn't yet been paid off: The adjective "outstanding" has several meanings, however in a financial context, when we talk about "outstanding loans" or an "outstanding debt" we are referring to a loan which has not yet been paid, or fully reimbursed. The phrasal verb "to pay off" has two meanings: it means to fully pay a debt or loan, OR "to bribe", which is to pay someone (usually an authority) in exchange for a favor or service.
2 for overseas investments: An "outstanding loan" is unrelated to any overseas investments. Although a loan might be given to someone for "overseas investments" the term "outstanding" does not indicate this. "Overseas" is synonymous with "abroad" and refers to a location in a different country than that of the speaker uses as a point of reference.
2 for exceptional transactions: Although in a different context, "outstanding" can express the sense of "excellence" or even being "exceptional", in a financial context, the term expresses a very different meaning.
2 for customers with excellent credit: Although in a different context, "outstanding" can express the sense of "excellence", in a financial context, the term expresses a very different meaning.
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