Have you ever accidentally written a check for the wrong amount or to the wrong person? Stopping payments on checks you wrote that were later lost, stolen or written in error may help you avoid those unwanted transactions. But the stop-payment process can have time-sensitive limitations and fees depending on your financial institution.
Let’s examine stop payments, when you may want to initiate them, how the process works and tips for completing the requests.
What does it mean to stop payment on a check?
A stop payment is when you formally request that your bank or other financial institution cancel a check. But stop payments have limitations:
- You generally can’t initiate a stop payment once a check begins processing
- Stop payments don’t apply to cashier's checks or money orders
- You must be the account holder to stop a payment
Can you stop payment on cleared checks?
No, typically, you cannot stop a payment if the check has already cleared. Clearing means the money needed to deposit your check has already arrived successfully at the receiving party’s account. If you suspect the payment you wanted to stop was unauthorized, contact your financial institution immediately for next steps.
Reasons to stop a payment on a check
Stop payments may be useful for preventing these scenarios:
- You suspect a fraudster or thief has stolen checks
- You wrote a check incorrectly or mailed it to the wrong location
- Your account has insufficient funds
- You no longer need to purchase whatever the check went toward
- The check’s recipient lost the check, or it never arrived at its destination
How to stop a payment
To request a stop payment, you can follow these general steps:
- Check your bank's process: Depending on your financial institution, you may be able to stop a payment online, through your mobile banking app or by calling or visiting a branch.
- Gather your check details: Provide your institution with the correct check number, the exact amount, the date it was written and payee name.
- Follow up if needed: Verbal stop-payment requests generally only last 14 days unless followed up in writing. Written requests typically last 6 months. Your institution can explain how long the stop payment will remain in effect and whether you can renew it.
- Monitor your account: Check your transaction history after the stop payment to help catch unexpected activity and verify that the stop payment processed correctly.
