How long after a purchaser cancels a joint account should the bank act?

The timeframe outlined in the correct answer is important in the context of banking regulations, particularly concerning joint accounts. When a purchaser cancels a joint account, the bank is required to act within 15 days to process the cancellation and provide any necessary confirmations or information about the closure to the affected parties. This timeframe helps ensure that all parties involved in the joint account are adequately informed and that any financial obligations or transactions are managed promptly to prevent misunderstandings or complications.

The requirement for timely action also reflects regulatory standards aimed at protecting consumers and maintaining the integrity of banking operations. It ensures that any funds, checks, or pending transactions can be assessed and handled appropriately. Thus, the 15-day period serves as a reasonable standard for banks to adhere to in maintaining transparency and efficiency during the account cancellation process.