In connection with a checking account at a bank,what is an overdraft?
A) It is a check written that the bank does not pay due to insufficient funds in the account.
B) It is a negative balance caused by a bank paying a check when there are insufficient funds.
C) It is a postdated check for a larger amount than the drawer's checking account balance.
D) It is any kind of loan at a bank where a customer also has a checking account.
E) It is a deposit by a customer that is later returned because of insufficient funds.
Correct Answer:
Verified
Q55: When a drawer makes out an incomplete
Q56: When a check is presented for payment
Q57: Which of the following is true of
Q58: Which of the following is a characteristic
Q61: In January of 2001,Fred had a cocktail
Q62: Which of the following is true about
Q63: If a party presents a check containing
Q65: Barry writes a check to Larry,but before
Q84: When a bank has wrongfully dishonored a
Q115: Why does the law generally place the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents