BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your account would be closed
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You will likely be charged an overdraft fee for EACH transaction and also will need to repay the bank for the amount overdrawn ($29)
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Because you requested overdraft protection, the bank will not allow you to overdraw your account, so your debit card will be denied in these 3 instances
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The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed
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Detailed explanation-1: -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-2: -Whether you apply for a bank account online or in person, you’ll need a government-issued ID and personal details, such as your Social Security number, on hand. You might also be asked to fund your account with an initial deposit.
Detailed explanation-3: -You’ll need to provide personal information, such as your name, address and birthday, plus your social security number. In some cases, the bank may run a credit check, but it will likely be a soft pull that doesn’t hurt your credit. You can double check the terms before opening an account to verify this.
Detailed explanation-4: -Overdraft fees occur when you don’t have enough money in your account to cover your transactions. The cost for overdraft fees varies by bank, but they may cost around $35 per transaction. These fees can add up quickly and can have ripple effects that are costly.