How to Stop Payment on a Check
Have you ever written a check, and then found out the item you wrote the check for was defective, or wasn’t what they seller promised? You may want to stop payment on the check. Here’s how to do it.
As soon as you realize that you need to stop payment on a check you wrote, call your bank or credit union immediately, and make an oral request to stop payment on the check. There is always a charge for making a stop payment ($25 to $30 is typical), so make sure you are serious about it. When you call the bank or credit union, ask the customer service agent how much the fee for placing a stop on the check will be.
Confirm that you want the stop payment placed, and give the agent details about the check (tell them the check number), the amount, and the payee so there is no confusion.
Then, as soon as you get off the phone, write a letter (mail it or deliver it in person) and put your request to stop payment in writing. Either include payment for the stop payment, or give authorization to debit your account. As always, make sure you have sufficient funds to cover the charge (or risk bouncing the fee, and ending up on the ChexSystems list).
In your letter, make sure to clearly identify yourself and your request. Also, make the request clear — tell the bank exactly what you want them to do. For example, tell them “This is a request that you STOP PAYMENT on Check #434, dated 05/4/2009 in the amount of $98.87″. You are NOT authorized to pay this check. Enclosed is my payment of $30.00 to stop payment on this item. This letter is a written confirmation of my oral request made on 05/4/2009 (given to Mr. Tom Jones of BigBank).”
Also, be aware that stop payments on a check may only last for a specific period of time (for example, six months to one year). If the person you wrote the check to might try to represent the check for payment after that period, you may need to worry about resubmitting or renewing your stop payment request. Discuss this with the bank’s customer service representative to be sure.
Good luck. Always try to avoid these situations, but know that if you need to, you can stop payment if you act quickly enough.
Have you ever written a check, and then found out the item you wrote the check for was defective, or wasn’t what they seller promised? You may want to stop payment on the check. Here’s how to do it.
-->
Related ChexSystems Banking Information:
{ 1 trackback }
{ 0 comments… add one now }