A cheque drawn by a bank on itself is a/an

Assessment: WAEC SSCE - Commerce - 2012 (Objective) Subject: Commerce

Question 1 Report

A cheque drawn by a bank on itself is a/an

Answer Details
A cheque drawn by a bank on itself is known as a bank draft. It is a type of cheque where the bank itself is both the drawer and the drawee. The bank draft is usually issued for large amounts of money and is considered to be a secure method of payment because the funds are guaranteed by the bank. When a bank draft is presented for payment, the bank is obligated to honor it, as it is effectively paying itself. This is in contrast to a regular cheque, which may bounce if the drawer's account does not have sufficient funds. Overall, a bank draft is a reliable way to transfer money, particularly for high-value transactions.
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