An overdraft is

Assessment: WAEC SSCE - Commerce - 2011 (Objective) Subject: Commerce

Question 1 Report

An overdraft is

Answer Details
An overdraft is a financial arrangement between a bank and a customer, where the bank allows the customer to withdraw more money than they have in their account, up to a certain limit. In other words, it is a form of short-term loan where the customer can withdraw money they don't currently have, as long as they agree to pay interest on the overdraft amount. Therefore, is the correct answer: "amount permitted to be withdrawn in excess of one's deposit".
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