a bank draft is a cheque drawn by a bank on?
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option B
Explanation:
A bank draft is a cheque drawn by a bank on its own funds. A banker's draft, also known as a banker's cheque, is like asking a bank to write a cheque for you. You give them your money and they give you a cheque for that amount to give to the person you're paying. For this reason, they do not bounce because of a lack of funds.
A bank draft is a cheque drawn by a bank on its own funds. A banker's draft, also known as a banker's cheque, is like asking a bank to write a cheque for you. You give them your money and they give you a cheque for that amount to give to the person you're paying. For this reason, they do not bounce because of a lack of funds.