Longman Dictionary of Contemporary English homepage

overpay

 verb
     
o‧ver‧pay past tense and past participle overpaid
1 [transitive] to pay someone more money than they deserve [≠ underpay]:
Most big companies continue to overpay their top executives.
2 [intransitive and transitive] to pay too much money for something [≠ underpay]:
Try to recover any tax you have overpaid.
—overpayment noun [uncountable and countable]
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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