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GCE Commerce 1989 Question 63

Question 63

Banking

Which of the following is not a means of effecting payments through a current account?

  1. A.Cheques
  2. B.Standing orders
  3. C.Giro system
  4. D.Credit transfer
  5. E.Credit Card
Show the answer and explanation

Answer: C (Giro system)

Explanation

Cheques, standing orders, credit transfers and card payments are drawn on a current account; the giro system (the post office giro) works outside the current account.