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Bank giro is a system where?

CommerceJAMB UTME 1997


Bank giro is a system where?


commercial banks can give loan to all customers
a central bank opens account for commercial banks
a customer uses cheque to pay serveral bills
a customer closes his account by writting cheque

The correct answer is D.


This question is asking about the meaning of "bank giro". Bank giro is a system where a customer can pay multiple bills using a single cheque. It is a convenient way of paying bills without having to write separate cheques for each payment.

Option A is incorrect because bank giro is not related to giving loans to customers. Option B is incorrect because it refers to a different banking system where the central bank opens an account for commercial banks. Option D is also incorrect because bank giro does not involve closing an account by writing a cheque.

Therefore, the correct option is Option C, where a customer can use a single cheque to pay multiple bills through the bank giro system. It is an efficient method of paying bills and saves time and effort for the customer.

In Commerce, it is important to understand different banking systems and methods of payment. Bank giro is one such method that can be used for bill payments. To learn more about this, please read the relevant sections of the recommended textbooks.

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