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JAMB Commerce 2000 Question 22

Question 22

Banking

A bank form used to transfer money from personal to creditor's account is called

  1. A.debit transfer form
  2. B.credit transfer form
  3. C.customer transfer form
  4. D.bank transfer form.
Show the answer and explanation

Answer: B (credit transfer form)

Explanation

The credit transfer form instructs the bank to pay money from the customer's account into the accounts of his creditors.