Banking · Joint Accounts and Stop Payment
Arjun and Priya hold a joint savings account operated on an 'Either or Survivor' mandate. Arjun issues a cheque for Rs. 1,00,000. Priya sends a written stop-payment request before the cheque is presented. What is the bank's legal responsibility?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank must pay the cheque because only the signer (Arjun) can stop payment.
- 2The bank must stop payment because any joint account holder has the legal right to stop payment on the account.✓
- 3The bank must seek written consent from Arjun before stopping payment.
- 4The bank must freeze the account and refer the matter to court.
Correct answer
The bank must stop payment because any joint account holder has the legal right to stop payment on the account.
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