Stop Payment - Check Card Transaction - John Burnett

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Stop Payment On Check Card Transactions?
by John Burnett, BOL Guru
BIO AND CONTACT INFO

Question: Can a customer place a stop payment on a Visa Check Card transaction? If so, when and how?

Answer: Individual Visa/Mastercard debit card transactions are not subject to a right of stop payment. But if a cardholder has authorized a series of charges to the card (e.g., to pay monthly Internet Service Provider (ISP) fees), there is a right, under Regulation E, to cancel that authorization.

Your bank may set up a "stop" on the customer's account to facilitate the return of EFTs for lack of authorization, but it's not a true "stop payment."

First published on BankersOnline.com 8/18/03

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