When someone stops payment on a check, their bank may charge them to do so, according to Bankrate. As of 2005, these charges ranged between $18 and $32 among the largest banks.Continue Reading
In addition to different banks imposing different charges, the charges vary between states. For example, Bank of America customers living in Maryland pay more than those living in California. According to those working in the industry, the fees are so high because of the administrative effort that goes into finding the payment and stopping it.
In order for a stop check order to work, the customer needs to execute it in a timely manner. In addition, they must give an accurate description of the check's recipient and how much it is worth. If the customer fails to give correct information, the bank is not liable for any money paid. Customers who call their bank and issue an oral stop check order can expect it to expire after 14 days, unless they reissue the order. In contrast, customers who put the order into writing can expect it to last for 6 months. Customers who have lost the check in question should renew their order until they find it. In addition, customers who lose a check book may wish to close their account and open a new one to prevent fraudulent checks.Learn more about Personal Banking
Under certain circumstances, you can cash a check made out to someone else. The most common method used to cash a check made out to someone else is to have them sign the back of the check. The payee's signature creates a blank endorsement, allowing anyone holding the check to cash it.Full Answer >
TD Canada Trust EasyLine offers an automated telephone service that allows account holders to pay bills, confirm account balances, transfer funds between accounts, check bill payment history and receive interim statements by fax, as of 2016. The service also connects callers with EasyLine banking specialists who offer personalized assistance.Full Answer >
A dishonored check is defined as a check that has been presented to a banking institution for payment and has been returned to the depositor due to insufficient funds. Dishonored checks are also referred to as bounced checks or returned checks.Full Answer >
A stale check is one that is presented for payment six months or more past the date on its face. Banks are under no obligation to cash a stale check unless it is a certified check; however, the institution can cash the instrument if it appears to be a payment made in good faith. Each financial institution may have its own policy on whether to pay or decline these checks.Full Answer >