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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
Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.
Available Balance
The amount of money that is currently accessible in an account and can be used for transactions.
Withdrawal
The removal of funds from a bank, savings, or investment account, as allowed by the terms and conditions of that account.