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JAMB Commerce 2005 Question 49

Question 49

Banking

One advantage of a crossed cheque is that it can

  1. A.only be paid into a savings account
  2. B.be cashed over the bank's counter
  3. C.only be paid into the owner's account
  4. D.be cashed by anyone
Show the answer and explanation

Answer: C (only be paid into the owner's account)

Explanation

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