WAEC Commerce 2012 Question 27

Question 27

Banking

A written instruction by a current account holder to his bank to debit his account at regular intervals with a specified amount for a given period is known as

  1. A.standing order.
  2. B.money order.
  3. C.bank draft.
  4. D.overdraft.
Show the answer and explanation

Answer: A (standing order.)

Explanation

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