BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
a supplementary credit card
|
|
|
a cheque issued by a bank or finance institution which functions as capital
|
|
|
a certificate issued by a bank or finance institution in lieu of cash
|
|
|
a prepaid instrument issued by a bank or finance institution which can be substitute of cash
|
Detailed explanation-1: -They work similarly to cash. It is like prepaid money is stored in these checks that can be used to purchase goods or services in the local currency. In addition, they protect against loss or theft because the check holder shows identification and signature proof to cash the check.
Detailed explanation-2: -A traveler’s check is for a prepaid fixed amount and operates like cash, so a purchaser can use it to buy goods or services when traveling. A customer can also exchange a traveler’s check for cash.
Detailed explanation-3: -Traveler’s cheque is a fixed denomination note issued by non-banking financial institutions (generally called traveler’s cheque issuer) for facilitating international travelers to carry and pay traveling costs safely in their travel.
Detailed explanation-4: -Some banks allow account holders to deposit Travelers Cheques-including foreign currency Travelers Cheques-to their bank account. Please check with your bank if they allow deposit of Travelers Cheques. Clearing fees may apply.