A customer has a monthly insurance premium set up to automatically be debited from his or her checking account. The customer comes into the bank and wishes to place a stop payment on the ACH draft. If we load a stop payment order to their account, what should our expiration date be? Our normal expiration date on a check is 6 months. Our deposit operations department seems to think we can only guarantee a stop payment on a draft for 1 month. Is this correct and what regulation answers this question?
When placing a stop payment on a check, how many days is the hold if the customer only gives a verbal authorization? Is it the same amount of days for ACH items?
Do you have a list of valid reasons for a stop payment on a check? I know lost, stolen, etc. I have some clients requesting stop payments because they wrote the check but don't have the funds to cover it, and others are requesting stop payments because of a dispute with work. They are trying to avoid the NSF charges of the bank.
What are the requirements for stop payments on interest checks? Would interest checks fall under the definition of official checks?
How will customers be able to put a stop payment on a Check 21 check if there is not going to be float?
I had to put a stop payment on a personal check (on 10/25/2004) I wrote to a merchant (on 10/24/2004) due to the cancellation of the order. However, two days after the stop payment was placed, the bank issued the payment to the merchant (on 10/27/2004). When I inquired with the bank, they said that I placed the stop payment on the check, but the merchant had actually done an ACH withdrawal using the check 21 system and I should have placed a stop pay on the ACH withdrawal. When I called up to put the stop payment order, the representative never mentioned to me that there are two ways of clearing the check and whether I want to stop both. Since I wasn't aware of these methods until now, I just told him the information I had. Now, bank is refusing to even investigate. What are the rules regarding stop pay when the merchant is using check 21 system? What are my options now? Is there a government site that I can refer to? From what I read on the internet, check 21 was not effective until 10/28/2004. Appreciate your help in this matter.
Are there limitations as to the number of Stop Payments that a bank will allow and can a bank refuse to do a Stop Payment on a check if the bank knows that the account holder just wants to delay payment?
If a money order is drawn on your bank, can a stop payment be placed for any reason, or is it treated like a bank check where a stop payment can be only placed if the check is lost or stolen? Is there a UCC ruling on this issue?
Can a business customer stop payment on payroll checks?
Question: Is it a requirement somewhere that a customer has to sign a stop payment order form?