ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Your bank can ask you to pay off all of the money you owe them at any time. They might do this if you keep going over your agreed limit.
Detailed explanation-2: -Most consumer advocates recommend against getting overdraft protection for ATM and debit card transactions. If you want to get overdraft protection for debit card and ATM card transactions, you must opt into your bank’s coverage.
Detailed explanation-3: -What is overdraft protection? Overdraft protection is a service provided by your bank that ensures your transactions are covered if you have insufficient funds in your checking account. The bank will automatically move funds you have available in another linked account to the overdrawn account.
Detailed explanation-4: -Consumer banks used to automatically add overdraft protection to all checking accounts, but now this is a feature you must opt into or formally accept.