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What does 'overdraft' mean?
What does 'overdraft' mean?
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Practice Questions
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Q1
What does 'overdraft' mean?
A type of loan
Exceeding the available balance in an account
A bank fee
A savings plan
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Overdraft means exceeding the available balance in an account.
Questions & Step-by-step Solutions
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Q
Q: What does 'overdraft' mean?
Solution:
Overdraft means exceeding the available balance in an account.
Steps: 4
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Step 1: Understand that a bank account has a balance, which is the amount of money you have.
Step 2: Know that an overdraft happens when you spend more money than you have in your account.
Step 3: Realize that this means you are 'over' your available balance.
Step 4: Understand that banks may allow this but usually charge fees or interest.
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