What is meant by a Bank overdraft?
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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. Basically, an overdraft means that the bank allows customers to borrow a set amount of money
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Explanation:
Bank overdraft is the facility given to the current account holders. They can use excess amount for specific time period. It is like temporary loan facility that bank gives to the businessmen for their regular transactions.
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