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Stop Payment Order

   Also found in: Acronyms 0.01 sec.

Revocation of a check; a notice made by a depositor to his or her bank directing the bank to refuse payment on a specific check drawn by the depositor.

An individual who writes a check can revoke it unless it has been certified, accepted, or paid. If a bank pays a check after a timely stop payment order by the depositor, the bank is usually liable to the depositor for the amount paid.



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Stop Payment Orders At least 5 working days before the payday loans are due and demandable, you can make a written request of stop payment to your bank on the check issued to cover the loan.
Albin wrote that federally insured credit unions should retain a stop payment order as an electronic record in accordance with its record retention policy.
[A] payor of a check may issue a stop payment order after the check has been written in an attempt to prevent the check from being paid and the funds from being transferred to the payee," Pariente wrote.
 
 
 
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