BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Dishonor
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Sight Draft
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Time Draft
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Stop Payment Order
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Detailed explanation-1: -A stop payment is a request from an account holder to a financial institution, such as a bank or credit union, to not process a payment. The payment may be a paper check or an automatic debit payment, like those you set up for a recurring subscription or bill.
Detailed explanation-2: -A customer thus, has a right to give notice to his Bankers to stop payment of a cheque which he has issued. Generally a written notice, signed by the drawer is sufficient to stop the payment.
Detailed explanation-3: -To Whom It May Concern: I am sending this stop payment order to instruct you to stop making payments from my bank account [xxxx-xxxx] to [Company name]. My account number with the company is [xxxx-xxxx].
Detailed explanation-4: -What is a stop order? A stop order is an agreement between you and your bank. You instruct the bank to make a series of future-dated repeat payments on your behalf. You can instruct the bank to cancel the stop order at any time.