BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Use of a credit card to purchase a specific item
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An automatic loan made to an account to cover checks written
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Percentage of interest you earn on your checking account
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Protection against theft of your ATM and debit cards
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Detailed explanation-1: -Overdraft protection lets you link accounts so you can transfer funds to your checking account if a check, debit card or ATM transaction exceeds the Available Balance in your account.
Detailed explanation-2: -Overdraft protection works by linking another deposit account, a line of credit or a credit card to your checking account. Then, whenever you withdraw more money than you have in your checking account, funds are automatically transferred from the linked account to your checking account so the transaction will clear.
Detailed explanation-3: -Overdraft protection is an agreement with the bank or financial institution to cover overdrafts on a checking account. This service typically involves a fee and is generally limited to a preset maximum amount.
Detailed explanation-4: -Overdraft protection is an automatic loan made to your checking account whenever your account does not contain enough cash to cover the checks that you have written against it.
Detailed explanation-5: -Overdraft Protection covers all transaction types – including, for example, ATM and debit card transactions, checks, Bill Pay, and recurring electronic payments.