How Much Does It Cost to Cancel a Check?

It is sometimes necessary to prevent a check you have written from being processed. This action, known as placing a stop payment order, can be undertaken for various reasons. You might need to cancel a check if it was written for an incorrect amount, made out to the wrong individual or entity, or if the physical check has been lost or stolen. Initiating a stop payment is also an option if you are involved in a dispute with the payee, or if you simply change your mind about a payment.

Understanding Check Cancellation Fees

Financial institutions commonly charge a fee for initiating a stop payment order. These fees are not uniform across all banks and credit unions, varying based on the specific institution and sometimes the type of account held. Typically, the cost for a stop payment order can range from approximately $15 to $35. Some premium checking accounts may offer waivers for these charges, or the fee might be reduced if the request is made through online banking rather than in person or over the phone. Consult your bank’s fee schedule or customer service for the exact cost.

The Process of Canceling a Check

Begin by confirming that the check has not already been processed by checking your account activity online or through your bank’s mobile app. Gather all necessary information related to the check you wish to cancel. This includes your checking account number, the specific check number, the exact payment amount, the payee’s name, and the date the check was issued.

With these details, contact your bank to request a stop payment. Most banks offer online, phone, or in-person options. Follow up any verbal request with written confirmation for proper documentation. Obtain a confirmation number or written verification for your records.

Timely Action and What to Know

The effectiveness of a stop payment order depends entirely on initiating it before the check has cleared your bank. If the check has already been cashed or deposited, a stop payment order will likely be ineffective, as the funds will have already been disbursed from your account. While some checks can clear within 24 hours, especially with mobile deposits, checking your account status immediately is important.

A stop payment order typically remains active for a specific period, generally six months for written requests. Verbal requests may expire after 14 days unless followed by written confirmation. Banks require precise details, such as the check number, exact amount, payee, and date, to successfully identify and halt the payment. After placing the order, continue to monitor your bank statements to ensure the check does not clear, and be aware that renewing the stop payment order after its initial expiration may incur an additional fee.