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JAMB Commerce 2007 Question 35

Question 35

Banking

Which of the following requires payment into the payee's account?

  1. A.Crossed cheque.
  2. B.Traveller's cheque.
  3. C.Open cheque.
  4. D.Certified cheque.
Show the answer and explanation

Answer: A (Crossed cheque.)

Explanation

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