NPA by Bank
This query is : Resolved
19 June 2021
Our Company having CC and OD account but due to some circumstances our account NPA and bank issue letter to our customer for stop payments which credited another bank.
We are having same bank (which used CC & OD ) another Escrow account and our some customer make payments in escrow account but bank issue a letter stop payments .
It is correct or not bank has issue letter stop payments in escrow account which same bank and same branch.
Request you please give your opinion.
L.D Dharmadhikari
Our Company having CC and OD account but due to some circumstances our account NPA and bank issue letter to our customer for stop payments which credited another bank.
We are having same bank (which used CC & OD ) another Escrow account and our some customer make payments in escrow account but bank issue a letter stop payments .
It is correct or not bank has issue letter stop payments in escrow account which same bank and same branch.
Request you please give your opinion.
L.D Dharmadhikari
CA R SEETHARAMAN
(Expert)
19 June 2021
Bank can't issue stop payment letter to your customers. It requires legal backing by a court order.
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