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  5. An overdraft is

An overdraft is

Commerce
WAEC 2011

An overdraft is

  • A. amount permitted to be withdrawn in excess of one's deposit
  • B. excessive cash withdrawn by commercial banks from the Central Bank
  • C. credit balance standing in the name of a customer
  • D. special deposits made by commercial banks
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Correct Answer: Option A
Explanation

The term bank overdraft refers to a withdrawal of money that is greater than the available balance in an account.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts