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WAEC Commerce 2001 Question 20

Question 20

Banking

The authority given to a bank to make regular payments on behalf of a customer for a specific purpose is known as

  1. A.bank draft
  2. B.credit transfer
  3. C.standing order
  4. D.certified cheque
Show the answer and explanation

Answer: C (standing order)

Explanation

A standing order instructs the bank to make fixed regular payments for the customer.