Giving permission to withdraw money by an amount more than deposited to is known as ........

Giving permission to withdraw money by an amount more than deposited to is known as _________

Advance

Overdraft

Loan

None of these

- Advance: This usually refers to a payment made ahead of time before the actual due date. It differs from withdrawing more money than you have.

- Overdraft:

- An overdraft occurs when you withdraw more money from your bank account than you have deposited.

- It's similar to a short-term loan provided by the bank.

- This service often incurs additional fees or interest.

- It's common with checking accounts.

- Correct Answer: Overdraft

- Loan:

- A loan is an amount borrowed from a lender, which you pay back with interest over time.

- It is a structured financial agreement and differs from withdrawing excess funds from your account.

- None of these: This option would indicate that none of the above descriptions fit.

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