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WAEC Commerce 2015 Question 38

Question 38

Banking

Which of the following is used for making payments to many people in a single cheque?

  1. A.Debit transfer
  2. B.Certified cheque
  3. C.Bank draft
  4. D.Credit transfer.
Show the answer and explanation

Answer: D (Credit transfer.)

Explanation

With a credit transfer (bank giro), one cheque pays many people through their bank accounts.