Sam is interested in buying a used car that costs $6,000. The used car salesman told...
Sam is interested in buying a used car that costs $6,000. The used car salesman told Sam that he needed a certified cheque for the full payment. Sam has never heard of a certified cheque. Explain to Sam why the used car dealership would want a certified cheque over a regular cheque. (1 mark)
Homework Answers
Certified cheque is a form of cheque under which the bank verfies that sufficient funds exist in the account to cover the cheque .and certifies at the time when cheque is written.
The car dealer wants a certified cheque over regular cheque just to verify whether sufficient balance exists in sam's bank account before the car is handover to sam and before the completion of paper formalities so as to avoid any Theft , loss or destruction.
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