12) What is meant by ‘Bank overdraft’?
Answers
Answered by
1
Explanation:An overdraft is an extension of credit from a lending institution that is granted when an account reaches zero. ... Basically, an overdraft means that the bank allows customers to borrow a set amount of money. There is interest on the loan, and there is typically a fee per overdraft.Apr 20, 2020
MARK ME AS BRAINLIEST
Answered by
2
Hello !
Bank Overdraft
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn".
Hope It Helps u :)
Similar questions