You should keep track of your spending because if you spend more money than you have in your bank account it is considered a ..... and usually will cause a fee.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

You should keep track of your spending because if you spend more money than you have in your bank account it is considered a ____ and usually will cause a fee.

A	Balance
B	Withdraw
C	Bankruptcy
D	Overdraw

Explanation:

Detailed explanation-1: -An overdraft allows you to spend more money than you have in your bank account-up to a limit agreed with your bank. You only pay interest on the overdraft money you use.

Detailed explanation-2: -Overdraft fees are incurred when you spend more money than you have available in your bank account, and banks typically charge around $35 per instance, meaning that you can be charged multiple overdraft fees in a single day.

Detailed explanation-3: -An overdraft lets you borrow money through your current account by taking out more money than you have in the account – in other words you go “overdrawn”. There’s usually a charge for this. You can ask your bank for an overdraft – or they might just give you one – but don’t forget that an overdraft is a type of loan.

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