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A Loan To A Customer With A Cheque Account At A Bank In Which The Account Is Allowed To Go Into Debit Is? - Erudites Academy

A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is?

by | Dec 12 | Commerce JAMB | 0 comments

A. overdraft
B. advance
C. interest
D. commission

Correct Answer:

Option A – overdraft

Explanation

Overdraft: a deficit in a bank account caused by drawing more money than the account holds. The overdraft allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal.

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