A cheque drawn by a bank on itself is a?

Assessment: WAEC SSCE - Commerce - 1995 (Objective) Subject: Commerce

Question 1 Report

A cheque drawn by a bank on itself is a?
Answer Details
A cheque drawn by a bank on itself is a bank draft. It is a payment instrument where the bank guarantees payment of the specified amount to the payee. The bank draft is paid for upfront, and the amount is deducted from the customer's account. This payment instrument is usually used for large transactions, and it provides a secure means of payment since the bank is responsible for ensuring that the payment is made.
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