Banks do allow you to stop cheque payments with a request under certain circumstances. Unlike other online payment methods, you have the option the cancel your request with a simple process. You may also have to pay a certain fee for this service.
This option is available in case you change your mind last minute about making the payment. Since defaulting on check payment is a legal offence, you can get the cheque payment stopped in time. Read on to learn the details about this to avoid any last-minute hassle.
If you have an insufficient balance or have made mistakes in writing the receiving bank details, you can immediately request for the cheque payment to be stopped. You need to submit a request to stop the process online or at the bank.
You can easily cancel a cheque payment for any valid reason by mentioning it in your request. Some reasons you can give are:
Once you have a valid reason, you can use to stop a cheque payment by choosing from the following methods:
If your bank allows you to make a request through net banking, then you can follow these steps:
If you are unable to place the request online, then you can also call customer care to stop cheque payments. Here are the steps to follow:
You can personally visit your bank to stop the cheque payment process. You have to give a written request regarding this process. The request letter can follow this format.
With the following information, your bank can successfully stop the cheque payment.
To successfully stop a payment, you need to consider these aspects:
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Once the bank receives your request, it considers the reason. If found valid as per banking regulations, it honours the request and stops the payment.
No, stopping a cheque payment is legal when done as per regulations. The bank will proceed to stop the payment if your request is valid.
You can visit any branch of your bank and submit your request to stop cheque payments. Apart from this, you can also call customer care or use digital banking to restrict the process.
The process itself does not harm your credit score unless you are restricting any loan payments or any credit card bill payments.
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