- Stop Payment
- A request made to a financial institution to cancel a check or payment that has not been processed yet. A stop payment order is issued by the account holder, and can only be enacted if the check or payment has not already been processed by the recipient.
Issuing a stop payment order often costs the bank account holder a fee, which is levied by the financial institution. There are several reasons that a stop payment order may be requested. For example, the account holder may have sent a check for the wrong amount, or may have canceled a purchase after having put the check in the mail.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
stop payment — n: a depositor s order to a bank to refuse to honor a specified check drawn by him or her Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. stop payment … Law dictionary
stop payment — stop′ pay′ment n. bus an order by the drawer of a check to his or her bank not to pay a specified check • Etymology: 1915–20 … From formal English to slang
stop payment — noun a depositor s order to a bank to refuse payment on a check • Hypernyms: ↑order, ↑purchase order … Useful english dictionary
stop payment — /ˈstɒp peɪmənt / (say stop paymuhnt) noun an order by the drawer of a cheque to a financial institution not to pay a specified cheque … Australian English dictionary
stop payment — noun Date: circa 1919 a depositor s order to a bank to refuse to honor a specified check drawn by him or her … New Collegiate Dictionary
stop payment — an order by the drawer of a check to his or her bank not to pay a specified check. [1915 20] * * * … Universalium
stop payment — An order given a depository institution not to pay out cash for a check; often used when the check has been stolen or lost. Bloomberg Financial Dictionary … Financial and business terms
stop payment — instruction to not honor a check … English contemporary dictionary
stop payment order — Revocation of a check; a notice made by a depositor to his or her bank directing the bank to refuse payment on a specific check drawn by the depositor. Dictionary from West s Encyclopedia of American Law. 2005. stop payment order … Law dictionary
stop-payment check — check that a bank refrains from honoring … English contemporary dictionary