ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the average fee that a bank charges for an overdraft?
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$10
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$35
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$25
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$20
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Explanation:
Detailed explanation-1: -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-2: -Multiplying the daily ending balance on your Overdraft Line of Credit by the daily periodic rate. Daily periodic rate is calculated by dividing the current APR by 365 – or 366 in a leap year. More items
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