Question

A written stop-payment order is: Multiple Choice valid for only 14 days and cannot be extended...

A written stop-payment order is:

Multiple Choice

  • valid for only 14 days and cannot be extended further even if written instructions are given to the bank by the customer.

  • valid for only three months unless confirmed in writing.

  • not valid for more than 48 hours.

  • valid for six months, and can be extended for another six months if written instructions are given by the customer.

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Homework Answers

Answer #1

Answer:

Option D: Valid for six months, and can be extended for another six months

Explanation:

Stop payment order is a request made by the account holder to a financial institution to cancel a cheque that has not been yet processed by the financial institution.

The stop payment order is valid for six months. It can be extended for another six months if a written request is made.

Hence,

Option 'D' is correct and rest all are incorrect.

In case of any doubt, please feel free to comment.

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