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WAEC Commerce 2019 Question 20

Question 20

Banking

An instruction to a bank to make regular payment to a third party on behalf of a customer is

  1. A.standing order.
  2. B.money order.
  3. C.money transfer.
  4. D.credit transfer:
Show the answer and explanation

Answer: A (standing order.)

Explanation

A standing order tells the bank to pay a fixed amount to someone at regular intervals.