BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A. is safer than paying for it with cash
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B. will give you an additional paper trail of the transaction
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C. would be similar to paying for it with a credit card
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Both A and B
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All of the above
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Detailed explanation-1: -If the check is issued to two people, such as John and Jane Doe, the bank or credit union generally can require that the check be signed by both of them before it can be cashed or deposited. If the check is issued to John or Jane Doe, generally either person can cash or deposit the check.
Detailed explanation-2: -The bank doesn’t rely on check numbers when processing checks, and it’s possible to clear multiple checks with the same number.
Detailed explanation-3: -The word “Or” allows just one party on the check to control the funds. “Or” is often a better choice for convenience of the payees. A check payable to two parties without either conjunction is subject to the interpretation of the financial institution handling the item.
Detailed explanation-4: -Write the names of both payees on the “Payable To” line. Separate the two names with either “and” or “or, ” depending on what you decided regarding how many payees should have to endorse the check. For example, if paying two individuals with different last names, write “John Doe and/or Jane Smith.”