Which of the following means of payment makes the bank both the drawer and drawee

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

Which of the following means of payment makes the bank both the drawer and drawee

Answer Details
The means of payment that makes the bank both the drawer and drawee is a bank draft. A bank draft is a type of check that is guaranteed by the issuing bank, and it is a prepaid instrument. The bank creates a draft, which is similar to a check, and it is made payable to the beneficiary. The issuing bank is responsible for making payment on the draft, so it is both the drawer (issuer) and the drawee (recipient of payment). This makes the payment secure and reliable since the bank guarantees payment.
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