What is bank overdraft?
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An bank overdraft occurs when money is withdrawn from a bank amount and the available balance goes below zero.
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An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even when the account has no funds in it or insufficient money to cover the amount of the withdrawal. Basically, overdraft means that the bank allows customers to borrow a set amount of money.
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Answer:
It is an amount which we can withdraw from bank more than our account balance called bank overdraft.
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