Stop payment

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Related to Stop payment: Stop Payment Order

Stop payment

An order given a depository institution not to pay out cash for a check; often used when the check has been stolen or lost.

Stop Payment

An order to a bank or other financial institution not to make payment on a check drawn on that account. For example, suppose Bob writes a check to Joe. Bob may go to his bank and stop payment, which means that Joe will not be able to collect the funds written to him. Generally speaking, one stops payment on a check when it has been lost or stolen.

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References in periodicals archive ?

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.

Pressed further if RCBC's head office sent the stop payment order to Maia Santos-Deguito, the manager of its now controversial Jupiter St.

'RCBC allowed fund withdrawal despite stop order from NY bank'

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.