Stop Payment (Noun)
Meaning
A depositor's order to a bank to refuse payment on a check.
Classification
Nouns denoting communicative processes and contents.
Examples
- The depositor placed a stop payment on the check to prevent the transaction from going through.
- Upon realizing the error in the amount, the customer requested a stop payment on the erroneous check.
- The bank requires written confirmation of a stop payment request from the account holder.
- After reporting her wallet stolen, Sarah called her bank to put a stop payment on any outstanding checks.
- If a check is lost or stolen, a depositor may instruct the bank to stop payment on that check.