How To Stop Paid Cheque Payment Through ATM Machine?
How to Stop Payment on a Lost Check
If you have a checking account with a United States bank, federal law provides you the right to stop payment on a lost check – but you have to act fast. You need exact information about the check, and you must visit a bank branch in person to complete the stop payment orderbeforethe check is presented to the bank.Depending on the circumstances in which you lost the check, you may want to consider closing your checking account or reporting possible identity theft.
Canceling the Check
Check your account statement.Before you initiate a stop payment on the check, you need to make sure it has not yet gone through. If your bank has already accepted the check, a stop payment won't do you any good.
- Typically it's easier to check your recent transactions on your online account, or on your banking mobile app if you have one.
- Make sure the check has not cleared, and also check your pending transactions to make sure it hasn't been presented yet. If the check does not appear, take action to initiate the stop payment order immediately.
- If you lost a checkbook, or a series of blank checks, be aware that a stop-payment order may not resolve your problems. Your best solution may be simply to close your bank account.
Contact your bank.The moment you discover that a check is lost, gather information about the check and call your bank's customer service number as soon as possible. Most banks have a toll-free number with operators available 24 hours a day, seven days a week.
- Typically, you will need your bank account number, the number of the check, the exact amount for which you wrote the check, and the exact name of the person or business to which you wrote the check.
- If you have a joint account, you can stop payment on the check even if the other account owner wrote it. However, you probably will need to provide that information as well.
- The operator will take the information and let you know what you need to do next.
Go to a branch in person.While you can initiate a stop payment over the phone, typically you must go into the branch nearest you and complete some official paperwork before the stop payment goes into effect.
- If you don't go to the bank to authorize the stop payment order in writing within 14 days of the date you called the bank, the order will lapse. Keep in mind that these are calendar days, not business days.
- The bank typically will have forms for you to fill out and sign to put the stop payment order into effect. Make sure you get copies of everything you sign for your records. you may want to create a separate file to keep all information associated with your stop payment order, so you have everything together.
- You will have to pay a fee to place a stop payment order – typically about the same amount as you would pay for a returned check. You may have to pay the fee separately, or the bank may simply withdraw it from your checking account (provided the funds are available).
Monitor your checking account.Even if you have a stop payment order in effect, the bank still may pay the check if it is presented. Under the law, the bank can still do this if the stop payment order was not received in time, or if you didn't provide full and correct information about the check.
- For example, suppose you wrote a check to a company called "Jerry's Jams and Jellies, LLC," and that's the name you put on your stop-payment order. However, you actually wrote the check to "Jerry's Jams." Your stop-payment order might not stop that check from going through. At that point, you would need to contact the bank. If they tell you that the information on the stop-payment order was insufficient, you can argue that they reasonably should have known that "Jerry's Jams" was the same thing as "Jerry's Jams and Jellies, LLC."
- The check also might go through anyway if, for example, you entered the wrong check number, or you wrote the wrong amount on the stop-payment order. Keep in mind this doesn't need to be a significant difference – if you were off by even a few pennies, the bank may still honor the check despite your stop-payment order.
Mark the expiration date on your calendar.In most cases, your stop-payment order will expire six months from the date it was issued. At that point, you'll need to assess the situation and decide whether you want to renew the stop-payment order for another six months.
- Keep in mind that if you decide to renew the stop-payment order, you typically must go to a bank branch again in person to sign the official forms, and you'll have to pay another fee.
- Under federal law, banks are not obligated to pay a check that is more than six months old. However, the still may charge your account.If the check is still unaccounted for, you may want to renew your stop-payment order.
Closing Your Account
Assess the potential damage.The fees for a stop-payment order may be so high relative to the face value of the check that a stop-payment order doesn't make any sense. Or, if one or several checks were lost or stolen, the potential financial harm may be great.
- If the costs outweigh the benefits of getting a stop-payment order, it may make more sense for you simply to close your checking account. Although switching bank accounts can be a hassle, you won't have to continue to pay stop-payment fees, or have to worry about whether that check will go through anyway.
- Closing your checking account also might be a good idea if the check was for a significant amount of money. Although the stop-payment fee is relatively low in that case compared to the amount of the check, if the check was honored anyway it would be a much bigger deal.
Visit a bank branch in person.If you decide you want to go ahead and close your checking account and open a new one, you should speak to someone at the bank in person. They will get the paperwork you need and help you do this more efficiently.
- Make sure to bring with you information about your account, such as your account number, and a government-issued photo ID. You may want to check with your bank before you go to make sure you don't need anything else, such as proof of your address.
- If you have any other checks out, or purchases that haven't hit your account yet, you may want to make a list of them so you know how much money to keep in your old account. Despite this, your bank may require you to keep a specific minimum amount of money there for 30 days before they finally close the account.
- If you have a joint account, the other account holder typically will need to be present when you make arrangements to close the account.
Set up a new checking account.Generally, it's a good idea to go ahead and set up a new checking account while you're waiting for confirmation that your old checking account ha fully closed. That way you can start the process of switching things over.
- For example, if you get paid by direct deposit, you may want to start having your checks deposited in your new account rather than your old one.
- With some banks, you can go ahead and set up a new checking account online, but you may want to do it in person regardless so you can explain your situation.
Destroy your old checks and debit cards.Once you have a new checking account, you want to make sure that you don't use your old checks or debit cards by mistake. Not only do you risk a returned check, but your bank may extend the waiting period before your account is closed.
- Make sure you dispose of old checks and debit cards properly so you're not at risk if they fall into the wrong hands. Use a paper shredder, if you have one, or cut them up into tiny pieces.
Transfer recurring payments.If you have any subscriptions or bills set up on automatic payment, you'll want to switch these over from your old account to your new one. Check your most recent account statement and make a list.
- If you have recurring payments that only happen every few months, you may want to go back several account statements to make sure you have everything.
- Your bank also may be able to provide you a list of recurring payments you've authorized. If you have a joint account, you also want to check with the other account holder to make sure they don't have any recurring payments authorized.
Move your funds.Once your bank finally closes your old account, they'll send you a letter confirming the account has been closed, typically with a check for your final balance.
- You can simply deposit that check in your new account, or you may be able to make arrangements with your bank to have the final balance in your old account automatically transferred to your new one.
Reporting Possible Identity Theft
Monitor your accounts.Particularly if you've lost more than one check, or if your purse or wallet was lost or stolen, you need to be vigilant for other possible unauthorized activity. If you spot anything unusual, notify the bank or credit card company as soon as possible.
- Keep in mind that you're not liable for unauthorized charges, but you have to act quickly to ensure that the entire amount is refunded to you.
- If you lost any credit or debit cards, you may want to go ahead and cancel them and have new cards issued, just to be on the safe side.
Create a file to organize your information.If you suspect your identity has been stolen, take a moment to gather everything in one place and make log sheets that you can use to keep track of phone calls, emails, and other interactions with bank, credit card, or government officials.
- As you go through this process, you need to get written documentation of every interaction that takes place. Since you may have to provide the same information to more than one person, it's a good idea to keep it all together.
- Set up a filing system for originals of all correspondence and other personal documents, as well as copies. Print a blank calendar that you can use to mark deadlines related to the possible identity theft and have all of those in one place.
Get a copy of your credit report.Under federal law, you are entitled to one free credit report each year. Use this free credit report to determine if there has been unauthorized activity that affects your credit, such as someone opening a new credit card in your name.
- You can get your annual free credit report at www.annualcreditreport.com. This is the only official website to order your report, and was set up by all three credit reporting agencies together. The website also has information about how to identify unauthorized transactions and other ways to spot identity theft.
- If you spot unauthorized or incorrect activity on your credit report, contact the credit reporting agency that issued the report and follow their instructions to correct the listing or get it off of your credit report.
- Keep in mind that if there's something unauthorized on one agency's report, it may be on all three. Not all companies report to all three agencies, but many do. And while the one agency may remove the item, they aren't responsible for alerting the other agencies to the problem. If you find problems on one report, you probably need to check the other two as well.
Set an initial fraud alert on your credit.There are three nationwide credit reporting agencies in the United States. You only have to contact one of them to place a fraud alert. The one you contacted is then responsible for contacting the other two.
- You can contact Equifax at 1-800-525-6285, Experian at 1-888-397-3742, or TransUnion at 1-800-680-7289. Say that you are a victim of identity theft, and ask to have a fraud alert put on your credit file. There is never a fee for having a fraud alert put on your credit file.
- Once your initial fraud alert is in effect, it will stay on your report for 90 days. During that time, any business must verify your identity before issuing credit in your name. An initial fraud alert also entitled you to one free credit report from each of the three credit reporting agencies.
- After the 90 days is up, you can renew it for another 90 days if you want.
Submit an identity theft complaint to the Federal Trade Commission (FTC).If you have discovered identity theft, you should report it to the FTC. Once you have your FTC affidavit, you should report the incident to the police (if you haven't already).
- You can create a complaint and affidavit with the FTC by visiting IdentityTheft.gov. From the home page, just click the link that says "Get Started." You also can make your report by calling 1-877-438-4338.
- Before you start your complaint, get all the information together that is associated with your identity theft. This should be easy if you've created a separate file. When you create your affidavit with the FTC, you will need to include as much detail as possible.
- On the website, you also can create your own personal recovery plan. Based on your situation, the FTC provides information and steps you need to follow to undo the damage.
- This article deals with the stop-payment practices of U.S. banks, and your rights under U.S. law. If you live in another country, contact a customer service representative of your bank or speak with an attorney to find out what you need to do.
Video: How to Cancel a Cheque? - Stop Cheque Payment in 2018
Make a Bold Statement with Lippy Moisture Matte Lipstick from Butter London
Firsts and Lasts
7 Hair Hacks for Dealing With Crazy Summer Humidity
Grilled Chipotle London Broil
How to Check Your RV Battery
Anita Dobson: I Feel So Blessed To Enjoy Step-Grandchildren
What Your Orgasms Say About Your Relationship
Study: Why You Should Turn Off Your Phone At 9 PM
5 Myths About Psoriatic Arthritis
The future of Blue Apron
What’s the Difference Between Being Pre-Qualified and Pre-Approved for a Mortgage
Only Kate Moss Could Get Away With Wearing This Coat
The Psychological Benefits of Yoga
My husband gave me an STD
Thinning Up Top Here Are 5 Ways to Get Thicker, Fuller Hair