You need the name or names of the owners of the account on which the check was written. This includes all names on a joint or company account. You will also need your phone number and the address as it appears on the check. Make sure you write down the account number on which the check was drawn, the check number, and the date written on the check. You also need to have the amount for which the check was written and the name of the party to whom the check was made payable. Your bank will also ask you the reason for the stop payment request, so make sure you know why.
The cancellation does not take effect immediately. It generally happens at the end of the following business day in most cases. If it has not cleared, no information is needed from the recipient of the check before making a stop payment.
If you know there will be a fee, you may not want to place a stop payment because of the extra cost. If a check is worth less than the amount of the fee, let the payment go through. If you receive an overdraft fee, it is about the same price as a stop payment fee at most banks. Be aware that overdraft fees can be incurred again and again if the money is not replaced.
If you want to close your account, the bank will have a manager or a loss-prevention specialist to help you. They can flag your account for special care. They can also help you to transition to a new account as necessary.
Save your time and theirs by preparing first. The average amount to cancel a check at the bank is $30 to $35. Check with your bank to find the exact amount you will have to pay. You shouldn’t have a problem stopping payment. The bank is obligated to take the request regardless of the reason you give. They usually just want to know if they need to be on the lookout for fraud.
This option may result in fees $5-$10 lower than in person. You can typically find this option from your online banking homepage. If you cannot find it, enter “Stop Payment” in the search box and follow the links to “Request Stop Payment. ” Then you can enter the above information.
You will need to do this 3 business days before the payment is due. This allows time for the cancellation to be processed. A computer in responsible for taking care of this process. This means that the information needs to be complete and correct. There will not be a person there to figure out the missing information.
Make sure you know when the stop payment will be lifted. This will help you avoid unpleasant surprises in case the check is cashed after this time has gone by. You may also want to place a new stop payment if needed after this time period.
If you need to keep the check for your records, you should void the check. Do this by writing VOID in big letters across the check. You should also draw an X from corner to corner. This will make sure that the check can never be cashed. If you don’t need to keep the check, tear it up. You should not just throw it in the trash. It could be found by someone and cashed after the stop payment date has passed. There may be some legal ramifications if you stop payment of a check. Make sure you understand the liability of such an action before you go through the trouble of cancelling the check.
