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What is the reason for overdraft charges from a bank?
Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.
Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
What is a bank rate?
A bank rate is the rate at which a central bank charges interest when it lends money to another bank.
What is the name of The lowest level of interest that a bank charges for lending money?
bank rate
People who have money in the bank are called?
they are called depositors because they deposit their money in the bank. they are also called bank clients.
What are additional charges paid to the bank called?
Banks usually call these charges "fees".
Why do bank impose fees and charges on overdrafts?
that's how they make money
What is the fee payed for the use of money?
Generically, Bank charges and Interest.
Does the bank take money from your account?
Yes, the bank can take money from your account for various reasons such as fees, charges, or if you have authorized a payment or transfer.
Charges that your bank must pay if you use an ATM that is not owned by your bank are called?
interchange fees
Is the price of money borrowed or saved called interest loan or money supply?
The price of money borrowed is called interest. When you borrow money, you pay interest to the lender as the cost of using their funds. Conversely, when you save money in a bank, you may earn interest on your savings. Money supply refers to the total amount of money available in an economy, which is a different concept.
How does a bank take money from an account?
A bank can take money from an account through various methods such as fees, charges, withdrawals, or transfers authorized by the account holder.
