ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When you go into the negative amount (deficit) in your bank account
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When you go into the negative amount (surplus) in your bank account
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When you spend too much money at once
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None of the above
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Detailed explanation-1: -A bank account overdraft happens when an individual’s bank account balance goes down to below zero, resulting in a negative balance.
Detailed explanation-2: -If your balance goes into overdraft, the funds are transferred automatically to your checking account to cover the difference. In other cases, the bank won’t return the transaction and process it, which means you’ll be charged fees until you deposit money to cover the difference.
Detailed explanation-3: -You have a negative bank account, or overdraft, when your account balance is less than zero. This happens when you try to make a payment that’s larger than the amount of money in your account.
Detailed explanation-4: -An overdraft is a negative balance in your account. An overdraft occurs when you spend more money than you have available in your checking account and the Bank pays your transaction anyway.