The fees charged on postal order by the post office is _____?

Assessment: JAMB UTME - Commerce - 2017 Subject: Commerce

Question 1 Report

The fees charged on postal order by the post office is _____?
Answer Details
The fee charged on postal orders by the post office is called "poundage." Poundage is a small commission or fee that is charged as a percentage of the total value of the postal order. For example, if you purchase a postal order for $100, the post office may charge a poundage fee of 50 cents or 1% of the total value. The exact amount of poundage charged can vary depending on the value of the postal order and the policies of the specific post office. Poundage is a way for the post office to cover the costs of processing and handling the postal order, as well as to generate revenue for the post office. It is a common practice for financial institutions to charge small fees for services like money orders, cashier's checks, and other forms of payment.

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