Checkbook is very popular in the US, but our immigrants quite often many questions arise in a given situation, as the birthplace of this form of calculation is not very common. One of the most common problems in our United States, is the abolition of the cheque. Edition GoBankingRates told how just 6 steps you can cancel an already issued check.
The request to stop the payment easy to make, and the steps are generally the same for all financial institutions.
1. Decide whether to cancel the check. Before you cancel a cheque you must clearly understand why you are performing this action because most accounts will be charged a stop payment. If you are close enough to the recipient of your check, so you can ask him not to cash the check and not to destroy it? Could you ask the company that you pay by check, do not process it? Or, if you have lost a check, you might want to spend a day looking for it, than to spend the fee for the stop payment.
2. Make sure the check is not cashed. If the check is already cashed, the cheque cancellation or stop payment will not benefit you. Time is the main factor in this step because you need to give the Bank enough time to process a stop payment on the check.
3. Gather all the necessary information. If you want to stop payment on a check you issued, you must tell your financial institution the name of the recipient, the check, the account number, your check number, check date, and dollar amount.
4. Please contact your Bank. For a speedy response to your enquiry you can call your Bank, visit your Bank’s website or visit the physical office.
5. The fee for a stop payment. In most banks there is a fee for stop payments depending on the level of your account. You have to pay for the service that the process went, so do not delay your payment.
6. Please note the date of expiration of the stop payment order. Stop-payment order will be valid for six months. Such a period is set most financial institutions.
How much it costs to cancel a check?
Fee for stop-payment does not only depend on your Bank, but also on the type/level of your Bank account. For example, if you have a Bank account Advantage of a Relationship Bank of America, which is the Bank account of a higher level, you will not be charged a fee for cancelling a cheque.
While some accounts can have benefits, but most banks call out fee for this service. The average cost of cancellation of the cheque will cost you $30.
How much time you have to cancel a check?
If you want the recipient never cashed the check, it is desirable to make the cancellation as soon as possible. Keep in mind that the Bank need at least one full day for this.
Can you cancel a cashier’s check?
Although you may not stop payment on cash cheque, since it bought the banking product made from the funds of the Bank, not your account, you can fill out an official Declaration if the cashier’s check was lost, stolen or destroyed. Just enter the account number to cash a check or certified check, the check number, date of check, amount of check and to whom check was issued.
What to do if the crooks cleaned out my account?
The detection of fraudulent checks can take weeks, but the banks showing available funds from the deposited check for several days. This means that you can spend your deposited funds from the cashed check, but later you will be asked to return the amount of money your Bank. Usually it happens check fraud personal checks, and cashier’s checks.
If you are concerned that a fraudulent check has cleared your account, don’t spend funds as quickly as possible contact your Bank branch or over the phone.