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JAMB Commerce 2008 Question 27

Question 27

Banking

A crossed cheque with the inscription 'not negotiable' must be paid into the

  1. A.current account of the drawer
  2. B.current account of the payee
  3. C.savings account of the payee
  4. D.fixed account of the payee.
Show the answer and explanation

Answer: B (current account of the payee)

Explanation

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