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JAMB Commerce 2012 Question 13

Question 13

Banking

Which of the following is a characteristic of a bearer cheque?

  1. A.It is made with transverse lines.
  2. B.It is made payable to whoever presents it.
  3. C.It is made without transverse lines.
  4. D.It is only payable into the payee's account.
Show the answer and explanation

Answer: B (It is made payable to whoever presents it.)

Explanation

A bearer cheque is paid to whoever holds and presents it at the bank.