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JAMB Commerce 1994 Question 25

Question 25

Banking

Drawing two parallel lines across a cheque means that it has to be paid into the account of the

  1. A.payee
  2. B.drawer
  3. C.drawee
  4. D.payer.
Show the answer and explanation

Answer: A (payee)

Explanation

A crossed cheque cannot be cashed over the counter; it must be paid into the payee's bank account.