What Are The Advantages Of Cheques Compared To Commodity Money?


4 Answers

Aisha Profile
Aisha answered
Following are the advantages of using Cheques:
- Cheques are more secure than money because if they are stealed you can immediately inform the bank and stop the transaction.
- They are secure mode of payment in a transaction as if the goods delivered are not satisfactory, you can cancel or stop the payment.
- Post dated Cheques are very beneficial as they are used to ensure that the services or goods are supplied properly.
Anonymous Profile
Anonymous answered
Portability meaning that it can be easily moved from one destination to another in order to carry out transactions.commodity money on the other hand is tedious to transport because of its size and weight making it difficult to carry out transactions.
Lily James Profile
Lily James answered

A Check is basically a negotiable instrument. It instructs a financial institution mostly a bank to pay a specific amount of money to a specified demand account which is in the maker/depositor's name.

There are a number of advantages of using checks over commodity money such as:

- Checks are more secure

- Only the person or entity specified on the check can cash it.

- Is ideal for business payments, when post dated checks are given for services to be rendered or goods to be supplied.

Piuc Carter Jr. Profile
Piuc Carter Jr. answered
What is the future money

Answer Question