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Which of the following is used for a single payment of many people at the...

Commerce
WAEC 2010

Which of the following is used for a single payment of many people at the same time through a bank instead of writing separate cheques?

  • A. Debit transfer
  • B. Credit transfer
  • C. Certified cheque
  • D. Crossed cheque
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Correct Answer: Option B
Explanation

Credit transfer is a direct payment of money from one bank account to another that can be made to multiple accounts simultaneously

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