Stop Payment Requests definition

Stop Payment Requests. Stopping the payment of a check is different from the cancellation of a ▇▇▇▇ payment. Once the ▇▇▇▇ payment has been debited from your account, you CANNOT cancel or stop a ▇▇▇▇ payment which has been paid electronically. You may be able to stop an Online Banking ▇▇▇▇ payment paid by paper draft by contacting us by telephone before the paper draft has cleared. (You will have to contact us by telephone to determine if the paper draft has cleared.) If the paper draft has not cleared, we will immediately process your stop-payment request and charge your account the appropriate stop payment fee. We will notify you immediately if the paper draft has already cleared. To be effective, this type of stop-payment request must precisely identify the name of the payee, the payee-assigned account number, the amount and scheduled date of the payment, and the confirmation number from the Current Business Day transaction menu. If you make your stop payment request, we may also require you to put your request in the form of a paper writing and get it to us within fourteen (14) days after you call. You will incur stop payment fees as disclosed in the Schedule of Account Fees for the applicable account. Stop payment fees for Online Banking ▇▇▇▇ payment paper drafts will be assessed in addition to the stop payment fees for the applicable account.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Stop Payment Requests. The Service's ability to process a stop payment request will depend on the payment method and whether or not a check has cleared. The Service may also not have a reasonable opportunity to act on any stop payment request after a payment has been processed. If you desire to stop any payment that has already been processed, you must contact Customer Service. Although the Service will make every effort to accommodate your request, the Service will have no liability for failing to do so. The Service may also require you to present your request in writing within fourteen (14) days. The charge for each stop payment request will be the current charge for such service as set out in the applicable fee schedule. PROHIBITED PAYMENTS: Payments to Billers outside of the United States or its territories are prohibited through the Service. EXCEPTION PAYMENTS: Tax payments and court ordered payments may be scheduled through the Service, however such payments are discouraged and must be scheduled at your own risk. In no event shall the Service be liable for any claims or damages resulting from your scheduling of these types of payments. The Service Guarantee as it applies to any late payment related charges is void when these types of payments are scheduled and/or processed by the Service. The Service has no obligation to research or resolve any claim resulting from an exception payment. All research and resolution for any misapplied, mis-posted or misdirected payments will be the sole responsibility of you and not of the Service.

Stop Payment Requests. The Member may request the Credit Union to countermand or issue notice of stop payment on any instrument issued on member’s account. The Member understands that the Credit Union will use commercially reasonable efforts to process the Member’s request but that if unable to do so before the instrument is debited from the Member’s account, or its instructions are disregarded, that Member will remain responsible for that instrument.

Examples of Stop Payment Requests in a sentence

• Other Payment Service payments may be cancelled by the Sender as set forth in Section 6 (Payment Cancellation, Stop Payment Requests and Refused Payments for Other Payment Services) below.

• Cancellation is addressed more generally as to the Other Payment Services in Section 6 (Payment Cancellation, Stop Payment Requests and Refused Payments for Other Payment Services) below.

• Cancellation is addressed more generally in Section 6 (Payment Cancellation, Stop Payment Requests and Refused Payments) below.

• Other Payment Service payments may be cancelled by the Sender as set forth in Section 6 (Payment Cancellation, Stop Payment Requests and Refused Payments) below.

• You understand and agree that Stop Payment Requests will not take effect unless you provide all the information requested by the Stop Payment screens and provide such information exactly as it appears on the check, including, but not limited to, the account number, check number, amount, payee and date.

• You may only submit Stop Payment Requests for checks that have not yet posted to the Account.

• Conversely, Stop Payment Requests that we receive after that cut-off time will take effect on the next Business Day.

• Company agrees to reimburse the Bank for all expenses and loss resulting from refusing payment pursuant to Stop Payment Requests, or if by reason of such payment other items drawn by Company are returned unpaid because of insufficient funds.

• Company acknowledges Stop Payment Requests are effective for six (6) months, from date of Bank accepting Stop Payment Requests, and may be renewed for an additional six (6) month period by a writing given to the Bank within a period during which the original Stop Payment Request is in effect.

• Failure to furnish such information shall relieve Bank of any liability for any payment made contrary to Stop Payment Requests.

More Definitions of Stop Payment Requests

Stop Payment Requests. The ▇▇▇▇ Payment Service's ability to process a stop payment request will depend