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JAMB Commerce 2014 Question 28

Question 28

Banking

A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is

  1. A.overdraft.
  2. B.advance.
  3. C.interest.
  4. D.commission.
Show the answer and explanation

Answer: A (overdraft.)

Explanation

An overdraft lets a current account holder draw more than he has in the account.