A stop payment is a request made to a financial institution to cancel a check or payment that has not yet been processed. A stop payment order is issued by the account holder and can only be ...
When you stop payment on a check, you ask your bank to deny that payment. If anybody tries to deposit or cash the check after your request, the bank should not honor it. Instead, the check will be returned as if it bounced.
A stop payment is an instruction you give to a bank or financial institution to cancel the payment of an "item," which may be in the form of a check, electronic payment or some other type of bank draft. Learn more at Quicken.com!
A stop payment is a request for a bank to stop a check or recurring debit payment that's waiting to be processed. Stop payment requests can only be made by the account holder who sent the original payment, and must be made before the check or payment has been processed.
An order to a bank not to honor the payment of a check after it has been delivered but before it has been cashed. “ The stop payment was made on the check, fortunately the bank had stated the check had not been cashed yet ...
If you’re worried that one of your checks was lost in the mail or stolen, you can cancel payment on the check through your bank. Some banks will require you to make a stop payment request in writing, while others let you make the request over the phone or online. Be prepared to pay a fee.
A stop-payment order may be renewed for additional six-month periods by a record given to the bank within a period during which the stop-payment order is effective. (c) The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer.
An order to a bank or other financial institution not to make payment on a check drawn on that account. For example, suppose Bob writes a check to Joe. Bob may go to his bank and stop payment, which means that Joe will not be able to collect the funds written to him. Generally speaking, one stops payment on a check when it has been lost or stolen.
Stop payment is an order issued to a bank by an account owner not to pay a check written on their account. Stop payment orders are primarily governed by state laws and bank regulations, which vary by state and bank. Banks typically charge a fee to stop payment on a check already issued to a payee.
Stop payment definition is - a depositor's order to a bank to refuse to honor a specified check drawn by him or her.