ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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may have restrictions and/or penalties for taking out money.
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is money added to a checking or savings account.
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A check returned by the bank because there was not enough money in the account.
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deducts money from an account and electronically transfers it to another party.
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Detailed explanation-1: -Suppose a cheque bounces due to insufficient funds or other technical reasons, such as signature mismatch. In that case, their respective banks charge for both the defaulter and the payee. The penalty charges for cheque outward return close to ₹300 for most banks, while cheque charges inward return about ₹ 100.
Detailed explanation-2: -Overdraft: A check written on a checking account in which there are insufficient funds to cover the check.
Detailed explanation-3: -A bounced check is slang for a check that cannot be processed because the account holder has nonsufficient funds (NSF) available for use. Banks return, or “bounce", these checks, also known as rubber checks, rather than honoring them, and banks charge the check writers NSF fees.
Detailed explanation-4: -Insufficient account balance – If there is not enough balance in the drawer’s account to make the payment of the cheque, the bank will reject and return the cheque to the payee with a memo stating insufficient funds to pay the cheque amount.