Can you put a ACH stop payment on an item that is already in pending?
My question is concerning Stop Payments. The UCC states stops last for 6 months then expire. However my bank keeps stops on, whether ACH or paper, indefinitely. In other words they never fall off the system unless they are deleted by back office. Is this within the guidelines of the UCC and aren't we denying ourselves income by not having the 6 month expire date? Do you know if there is away to send a notice 10 days before the 6 month expire day to the customer for renewal? Our bank is in Clearwater Florida.
In Illinois, is it legal to issue a stop payment on a Cashier Check issued the same day? Is there a time frame and/or an indemnity bond requirement?
What risk would there be to taking stop payments by phone and not requiring a signature on them?
We have a customer that has written several checks to several entities over the past 3 months. He has since discovered that he has been getting scammed. We are going to issue stop payments on the checks that have not yet cleared his account. Is there any recourse for the checks that have already posted and cleared his account. We are unable to readily find an adequate return reason. Is there one?
Can a stop payment be made on an official check of the bank? Our bank changed from cashier's checks to official checks so that we could put a stop payment on them.
Is there any legal or regulatory requirement to send a customer a notice acknowledging a stop payment order.
Can we cash checks the are a few years old if they do not say "void after 90 days" on them?
We have a business customer that had placed a stop payment on a check two years ago. The stop payments expire after 6 months. The check came through and posted to their account in Feb 2012. They notified us last week that the item had cleared their account. What liability does the bank have in this situation?
A stop payment was placed on a check and the check was returned stop payment in February. The stop was then deleted from the account. The item was presented for payment a second time and paid to the account. What recourse do we have or the customer?