Common use of Stop Payment Order Request Clause in Contracts

Stop Payment Order Request. You may request a stop payment order on any item payable from your account (ACH transactions, checks, and share drafts) on your account. To be binding an order must be dated, signed, and describe the account and item number and the exact amount. The stop payment will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and you state the number of the account, number of the item, and its exact amount. For ACH transactions, we must receive a written request at least three (3) business days preceding the scheduled date of the ACH transaction. You understand that the exact information is necessary for the Credit Union to identify the item. If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment on the item/s. If the stop payment order is not received in time for us to act upon the order, we will not be liable to you or to any other party for payment of the item. In addition, we may request a copy of your written cancellation notice to revoke an ACH transaction with the receiver. If we re-credit your account after paying a item over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all of your rights against the payee or other holders of the item and to assist us in any legal action.