Stop Payment
A stop payment is an instruction to a bank to prevent a specific check or payment from being processed. It must be placed before the item clears.
Stop payments typically carry a fee and may expire after a set period. They are commonly used for lost checks or disputes with a payee.
Related Terms
Check
A check (or cheque in British English) is a written order instructing a bank to pay a specific amoun...
Check Clearing
Check clearing is the process of moving funds from the payer's bank to the payee's bank for a check ...
NSF
Non-Sufficient Funds
NSF refers to the status of a checking account that does not have enough money to cover a transactio...
Overdraft
An overdraft occurs when withdrawals from a bank account exceed the available balance, resulting in ...
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