- 1). Reconcile your checkbook with the bank ledger or online banking transaction details to establish the check number that needs a stop-payment. Write down the check number, the name of the payee, the amount and any other details you remember such as the date of the check or notes in the memo line.
- 2). Read your financial institution's fee schedule. Banks and credit unions give new customers fee schedules at account opening that list possible charges including stop payment fees. In the absence of a fee schedule, go online to the financial institution's website and look for the information. Call the bank and ask if the fees are not listed online. Ensure sufficient funds are available in the account to cover the fee.
- 3). Contact the financial institution. Some banks have hotlines specifically for stop payments, so ask for the appropriate department when calling to avoid repeating the scenario to multiple people. Provide the bank employee with all of the relevant information about the check. Write down their name and any information they provide such as a reference number for the stop payment.
- 4). Monitor the bank account to ensure the check does not clear. If the item does clear the account, contact the bank and file a transaction dispute. The dispute investigation will determine the reason the check cleared and depending on the cause, the bank or the customer will incur the monetary loss.
previous post
next post