Stop Payment

A formal request to halt a check or payment that has yet to be processed is known as a stop payment. The account holder may issue a halt payment order, but it cannot be implemented until the recipient of the check or transaction has not yet been processed.

The institution usually charges the owner of the bank account a fee (usually $30) for executing a stop payment order. There are numerous grounds for requesting a stop payment order. The account holder might have mailed a check for the incorrect amount or canceled purchases. On occasion, the financial firm will not be able to stop the procedure if requested improperly.