Preheat oven to 350 degrees
Add flour, baking soda, baking powder and salt to a medium-sized mixing bowl.
Add butter, vanilla extract, and sugar to another medium bowl.
Use your electric mixer to beat butter, vanilla extract and sugar until light and fluffy.
Add eggs to the butter mixture, one at a time, mixing well after each addition.
Add half the dry mixture to the wet mixture and stir until combined.
Add half of the milk and stir until combined.
Repeat with remaining ingredients.
Fold in chocolate chips and maraschino cherries.
Spray a 9×5 loaf pan with non-stick baking spray
Pour the batter into a 9×5 loaf pan.
Bake for 45-50 minutes or until a toothpick inserted into the center comes out almost clean.
Remove from oven and allow to cool on a wire cooling rack.
When almost completely cooled, spread glaze over top and let set.
Drizzle with melted chocolate, if desired.