Which is true of overdraft protection (ODP)?It is required by law for most accounts.It is a free service available for most accounts.It can prevent a bank charge for insufficient funds.It can prevent an on-line account from getting hacked.
The statement “It can prevent a bank charge for insufficient funds” is true of overdraft protection (ODP)
The statement “It can prevent a bank charge for insufficient funds” is true of overdraft protection (ODP). Overdraft protection is a service offered by banks that allows account holders to withdraw funds from their accounts even if there are insufficient funds available.
When a transaction is made that exceeds the available balance in the account, usually the bank would charge an overdraft fee. However, with overdraft protection, the bank covers the transaction and prevents the account holder from incurring an overdraft fee for insufficient funds.
It is important to note that overdraft protection is not required by law for most accounts, as stated in the first statement. Additionally, it is not a free service available for most accounts, as stated in the second statement.
Regarding the last statement, overdraft protection does not prevent an online account from getting hacked. It solely deals with overdraft fees and allowing transactions to go through despite insufficient funds. Online account security is a separate matter and requires measures such as strong passwords, two-factor authentication, and regular monitoring.
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