Question

Overdraft protection means the bank will protect your funds from excessive taxation.

a. True
b. False

Answer 1

That statement is true.

When you sign for a overdraft protection, the Bank would send many notification on your account to prevent you from using more money for consumption that you actually have in the bank.

This would help you to prevent excessive taxation because the amount of money used for personal consumption is not eligible for tax deduction.

Answer 2

The correct answer is (a.) True. Overdraft protection means the bank will protect your funds from excessive taxation. This protection is most likely to be offered by small business since it helps them to gain additional income fees.