Until that point, a payor may issue a stop payment order on the check, transfer the funds to another account, or even liquidate the bank account.
Thus, 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," the court said.
The stop payment order was received by your bank, Feb 8, 2016, he told RCBC president and CEO Lorenzo Tan.
To this query, the RCBC chief invoked the Bank Secrecy Law and and declined to reveal specific details about the transaction, but offered an explanation of general procedures pointing to the responsibility of the branch manager to execute the stop payment order.
The new implementation would help the bank provide services such as account inquiry, funds transfers, bill payment, chequebook request and stop payment orders
The company offers Web design and development, Web hosting and security, as well as cash management services such as bill payment, balance inquiry, money transfers between accounts, stop payment orders
, email, online credit and loan applications, check reorder and ACH origination.
Enhanced services include sending ACH files, keying stop payment orders
and initiating wire transfers.
With WEBS(R), commercial customers can--with complete security--review balances, look at checking account activity, get transaction details, issue stop payment orders
and send wire transfers, from the computers in their offices.
The Ultra-Voice remote banking system is a new addition to the Ultra-Access(R) suite of remote banking products and provides over 100 specific inquiries and transactions to any member with a touch-tone telephone including account inquiries, stop payment orders
, funds transfer, loan application status, interest and dividend updates, check re-ordering, automatic bill payments and loans by phone.
Account services that are now available across the state lines include deposit functions, maintenance transactions such as stop payment orders
, complete loan services from application to disbursement of funds, balance information, transaction history and interim statements.