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Stop Payment
A request made by a financial institution to cancel a check or payment that has not completed processing, typically prompted by the account holder.
More Details
A stop payment is a request to cancel a check or other payment that has been issued but has not yet been processed or cashed. This request is typically made by the account holder or the person who issued the payment.
Example
You realize that you made a mistake when writing a check to pay your rent, so you call your bank and request a stop payment on the check. The bank cancels the check and prevents it from being cashed, so you are able to issue a new check with the correct amount.
Related Terms
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.
Club Account
A type of savings account that is managed by a group of individuals for the purpose of saving money for a specific goal or event.
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.