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WAEC Commerce 2019 Question 48

Question 48

Banking

A customer who wishes to withdraw an amount greater than the balance in his current account would apply for

  1. A.a standing order.
  2. B.an overdraft.
  3. C.a loan.
  4. D.a credit transfer.
Show the answer and explanation

Answer: B (an overdraft.)

Explanation

An overdraft allows a current account holder to draw more than the balance in the account.