Are you interested in How to Stop Payment on a Check? You should wait for a check is very easy but stopping the payment on that check is not the same as issuing it in the first place.
Everybody loves a check because it makes life easier instead of you handling a physical amount of cash you can simply receive a check and go to the bank to deposit it or cash it. But if you have accidentally sent a check to someone or you want to stop a check you have sent to someone this article on how to stop payment on a check is for you.
Have you ever tried we don’t win a check or cash it out at the bank and who discovered that it bounced this might be because the issue of that she has made a stop payment order? One stops payment order has been made on a check it means only one thing which is that that shirt is no longer viable to be cashed out.
What is a Stop Payment order on a check?
After issuing a check to somebody that has been signed by you for that person to go to the bank to withdraw the only way for that person not to withdraw the shake is if issue a stop payment order or there’s no money in your account. A stop payment order is basically the only way you can use in telling your bank not to honor a check or to stop the payment of that check.
It is only the check issuer that has the power to issue a stop payment order on a particular shake and all that can only be possible if the person has not yet withdrawn or cashed it out. Of course, if the check has already been cashed out it will be impossible for the bank to issue a stop payment order because it has already been cleared.
How does a stop payment order on a check work?
From what I said above we have already established the fact that to stop a payment order on a shake it must have not been cleared or cashed out. Now the check issuer needs to contact their financial organization and provide information about that particular shake that he or she wants to cancel. When setting details about the check are provided to the bank then the bank will flag the check from being cashed out.
The bank will continue to look for the check for up to six months if they cannot find it immediately after which they will cancel the stop payment order on it. There are a number of reasons for a person to issue a stop payment order on a check which we are not going to bother listing but one such reason is when a check gets lost.
How to Stop Payment on a Check
Requesting a stop payment order for each check is as easy as it can get all you need to do is have the information of that shake in hand. It is the information from that check that you are going to be using to contact your bank so that they can locate that specific check and stop payment on it. Also, keep in mind that it is only a check that has not been cashed that you can issue a stop payment order.
The below process clearly states everything you need to do to issue a stop payment order on a check:
- First of all, you need to contact your bank by calling their customer care or visiting a bank branch.
- Now make your intentions clear that you are about to issue a stop payment order on a check.
- The bank is definitely going to ask for the details of the shake so give it to them.
- That is not because you also need to follow up on your stop payment order in writing.
- Finally, pay the fee associated with the stop payment order and you are done.
Once that is done the check will be flagged and will not be paid if it has not already been cashed out.
What is the Cost of a stop Payment Order on a check?
Generally, the fee for a stop payment order charged by your bank is usually $30 ever in some cases it might be more or less. Another thing to note is that depending on the type of your account and how where you have been a customer to the bank they might waive the fee or reduce it. It is also worth mentioning that he might have a reduced fee if you cancel online or by phone.
How long does a stop payment order last?
Assuming that the check that you have issued a stop payment order for has not been cashed out the stop payment order will last for six months before it expires. If that check has not been cashed out within the six-month period you will likely need to pay another fee to continue your stop-payment order on that check. However, video banks differ in their policy on stop payment orders on checks.
Can you stop payment on a check online?
It is very much possible to stop a payment order on a check online as long as you know the proper channels to go to. In fact, you can even reduce the fee you will pay in the stop payment order of the check if you go through online or call their customer care. So the answer to that question is yes it is very much possible to stop payment online on a check.
What are some reasons to stop payment on a check?
There are so many reasons why a person would want to stop a payment order on a shared some of his reasons include:
- Incorrect information on a check.
- A check was mailed to the wrong address.
- A lost or stolen check.
- Insufficient funds in a bank account.
- A dispute over a purchase or services rendered and others
These are some of the reasons to issue a stop payment order on a check.