Obi received a cheque for #1000 from Mr. Ade and this cheque was stolen. He...

Commerce

JAMB 2024

Obi received a cheque for #1000 from Mr. Ade and this cheque was stolen. He must

A. inform Mr. Ade to tell his bank to stop payment
B. inform his bank to stop payment
C. simply ask Mr. Ade for another cheque
D. tell his bank to add the amount to his bank balance

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Correct Answer: Option B

Explanation

When a cheque is stolen, it is crucial to take immediate action to prevent any unauthorized transactions. By informing his bank to stop payment on the stolen cheque, Obi can protect himself from any potential financial loss or fraudulent activity. The bank can then put a stop payment order on the cheque, ensuring that it cannot be cashed or processed.

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