Question

stion 9 For how long is an oral stop payment order valid? Oa 14 calendar days. b. 30 calendar days Oc. 90 calendar days Od. 6 months (4 points) Not Yet Answered Time remaining 2424 stion 10 ABC Bank sent Joanne, a depositor, her January statement on January 31. Assuming ABC Bank exercises ordinary care in paying Joanne's checks, within what length of time will Joanne have to notify ABC bank of any instruments containing alterations or unauthorized signatures included in her January statement? a. Ten days Ob Areasonable period of time, not to exceed 30 days Oc 60 days Od One year (4 points) Time remaining: 224 Not Yet Answered

Answer 1

Hi There,

Here is my answer to the question asked.

1. The correct option is A. 14 Days

A stop payment order is a request to cancel a payment before it’s been processed. Payments include personal checks and ACH payments, like recurring monthly bill payments.

The oral stop payment order time is 14 days only.

2. The correct option is B. Reasonable period of time not exceeding 30 days

If the Customer default to examine and report to the bank and If the drawer of the check fails to promptly examine his bank statement and report the alterations within a reasonable time (not to exceed 30 days) ,then he can not pass on loss to the banker.

In the given case., ABC bank sent statement to Joanne on 31st January and Joanne can report any issue within 30 days from date of sent of statement by bank to him. He can raise issue before 2nd March ., otherwise he can not claim bank for any issue about the statement.