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#1477854 - 12/08/10 06:37 PM Stop payment
slrmm530 Offline
Junior Member
Joined: Jun 2006
Posts: 26
We accept verbal stop payments on share drafts. We then mail out a form for the member to sign and return. We have on the form that the stop may be removed if the sign form is not returned in 14 days. But we do not track them so the stops will stand on for 6 months regardless of if we have a signautre. Is this ok? As a side note we do allow the member to put a stop on through our homebanking and telephone system with out signatures.
Thanks

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#1481947 - 12/16/10 09:26 PM Re: Stop payment slrmm530
madukes Offline
Diamond Poster
madukes
Joined: Jul 2009
Posts: 1,448
Flyers Country
Our procedure is the same (I do not know if we remove the stop if the signed authorization is not received). I think you could probably end up getting into trouble if you do remove a stop and the check was paid because of it - but this is just my opinion.

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#1482069 - 12/17/10 01:40 AM Re: Stop payment madukes
Deputy Dawn Offline
Gold Star
Deputy Dawn
Joined: Feb 2007
Posts: 484
Pennsylvania
We set the release for the stop payment for 14 days. When the signed stop payment form is returned, we update the release date for 6 months.

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