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Stop Payment Form or Actual Reg?

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Our stop payment forms for paper checks/ACH entries have the clause "an advance notice of three banking days is required prior to expected transfer date to fulfill stop payment requests." Is this stipulation a Reg or something we may have incorporated at some point?

It's something that, I believe, your bank inappropriately added to your stop payment form. The only place it would be appropriate is a stop order for a pre-authorized (recurring) EFT from a consumer's account. In all other cases, the deadline for a stop order is that it must be received in sufficient time for the bank to act on it.

First published on 6/21/10

First published on 06/21/2010

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