Financial institutions charge a fee for an overdrawn account because _____.

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jlwilliams2022 jlwilliams2022

12-11-2021
SAT

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Financial institutions charge a fee for an overdrawn account because _____.

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Martebi Martebi · Answer 1 · 2021-11-16T19:17:17+01:00

Overdraft fees are the fees an individual incurred when they spend more money than they have available in their bank account. Financial institutions charge a fee for an overdrawn account because the individual do not have enough cash in the account to cover a payment made.

Therefore, As part of an overdraft protection service, the bank covers the difference for you and banks usually charge about $35 per instance, showing that one can be charged multiple overdraft fees in a single day.

A bank charges an overdraft fee if a purchase by a customer will overdraw their account. The bank tend to cover the overdraft so the transaction goes through.

This transaction only takes place if there is a transaction against your account that takes the balance of your account below zero.

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