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Stop payments, overdrafts, and your cutoff hour

Question: 
Can a depositor stop payment on a check that overdraws her account?
Answer: 

If the customer’s request for the stop payment is made before your cutoff hour on the business day after presentment (when you’re deciding whether to pay or bounce the check for the overdraft), the request is timely, and you should accept it. Be sure you understand what your bank’s cutoff hour is.

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Learn more about John Burnett’s webinar Stop that Payment

First published on 08/04/2019

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