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#829892 - 10/05/07 02:07 PM Stop Payment on Official Check
ComplyOhMy Offline
Platinum Poster

Registered: 12/07/05
Posts: 514
Loc: Lexington, Kentucky
What are the acceptable reasons for putting a stop payment on an official check? We have a customer in here who is in a dispute with a customer he had an official check issued to and now want a stop payment put on an official check. Is that an acceptable reason or does it have to be lost or something like that? I need feedback immediately if anyone out there could PLEASE help me!!!!

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#829955 - 10/05/07 02:54 PM Re: Stop Payment on Official Check [Re: ComplyOhMy]
Skittles Online
10K Club

Registered: 09/10/02
Posts: 12356
Loc: KY
You need to search to find many previous threads.

You cannot put a stop payment on an official check. Again, I repeat, you cannot put a stop payment on an official check. The check is not the customer's check, but written, signed and guaranteed by the bank.

If the check is lost, the bank should wait 90 days and 'replace' the check.
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'Remember that today while you are safe, comfortable and warm somewhere a Kardashian/Jenner is starving for attention.' TR

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#829976 - 10/05/07 03:05 PM Re: Stop Payment on Official Check [Re: Skittles]
ApacheBelle72 Offline
Platinum Poster

Registered: 09/07/06
Posts: 652
I completly agree. That is what our bank does.

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#831003 - 10/09/07 02:30 PM Re: Stop Payment on Official Check [Re: ApacheBelle72]
John Burnett Offline


10K Club

Registered: 10/27/00
Posts: 32375
Loc: Cape Cod
Please take a look at this BOL Article.
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John S Burnett
BankersOnline.com

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#834440 - 10/15/07 10:19 AM Re: Stop Payment on Official Check [Re: John Burnett]
Bailey. Offline
Power Poster

Registered: 11/03/06
Posts: 4558
Quote:
In forty-eight states, UCC section 3-312 allows the remitter or payee of an official bank check (cashier's check, teller's check, certified check) to declare that the check is lost, stolen, or destroyed, and to enter a claim asking the bank to replace the check or otherwise reimburse the claimant. That claim "matures" after ninety days from the issue or certification date of the check. Then, if the original check hasn't been paid earlier, the bank can pay the claim.


I have a question about this statement. Are you saying that, even if the lost/stolen/destroyed indemnity is valid in my state, and signed by the customer, the bank is still not allowed to reissue funds until 90 days has passed?

I ask because I've seen it policy that, once that indemnity is signed, the bank will reissue funds immediately.

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#834464 - 10/15/07 10:34 AM Re: Stop Payment on Official Check [Re: Bailey.]
Skittles Online
10K Club

Registered: 09/10/02
Posts: 12356
Loc: KY
I believe that generally if the customer obtains an indemnity bond, the bank will re-issue before 90 days.
_________________________
'Remember that today while you are safe, comfortable and warm somewhere a Kardashian/Jenner is starving for attention.' TR

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