The phrase "overdraft limit" refers to the maximum amount of money a person can borrow from their bank account when they don't have enough money in it. It is like a temporary loan provided by the bank. Full definition
The bank can remove your courtesy overdraft limit at its discretion. (univest.net)
There is a daily overdraft limit of five (5) charges per day. (greatsouthernbank.com)
You of course would need to speak to your bank to come up with an agreed overdraft limit and to see if they will accept your application. (ultimatemoneyblog.com)