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JAMB Commerce 2001 Question 22

Question 22

Banking

Bank Giro is a method of settling debt from a

  1. A.customer to a bank
  2. B.bank to a customer
  3. C.customer to another
  4. D.bank to another.
Show the answer and explanation

Answer: C (customer to another)

Explanation

Under bank giro a customer fills one credit transfer form and his bank pays money into the accounts of the people he owes, so debts pass from one customer to another.