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Extension of First Overdraft
- When
- 31 May 1728
- Where
- Edinburgh
The Royal Bank of Scotland granted William Hogg access to £1,000 credit, establishing the overdraft as a banking innovation.
On 31 May 1728, the bank extended credit to William Hogg, a merchant on Edinburgh's High Street. This transaction allowed him access to £1,000 and is historically cited as the invention of the overdraft in modern banking.
Sources
- Royal Bank of Scotland Wikipedia, revision of 2026-09-07
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.