A cheque which the bank refused to pay because the drawer had insufficient funds in his account is?

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

Question 1 Report

A cheque which the bank refused to pay because the drawer had insufficient funds in his account is?

Answer Details
A cheque which the bank refused to pay because the drawer had insufficient funds in his account is known as a bounced cheque. This happens when the bank is unable to honour the payment due to insufficient funds in the account of the person who issued the cheque (drawer). A bounced cheque is also referred to as a dishonoured cheque or a returned cheque. The bank will mark the cheque as "bounced" and return it to the payee, and the drawer may have to pay additional fees or penalties to the bank.
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