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WAEC Commerce 1997 Question 7

Question 7

Banking

An overdraft can only be granted to the holder of a

  1. A.fixed deposit account
  2. B.savings account
  3. C.loan account
  4. D.current account
  5. E.deposit account
Show the answer and explanation

Answer: D (current account)

Explanation

An overdraft lets a current account holder draw cheques for more than his balance.