How to Cancel a Bank Check: Steps and Fees
Understand the complete process of cancelling a bank check to secure your financial transactions and manage unexpected changes.
A bank check represents an instruction to your financial institution to disburse funds from your account to a designated recipient. This includes various forms, such as personal checks, which you write yourself, or official checks like certified checks and cashier’s checks, which are guaranteed by the bank. Situations may arise where stopping payment on a check becomes necessary, perhaps due to it being lost, stolen, or containing an error in the amount or payee. Understanding the process for cancelling these different types of checks can help safeguard your funds.
Information Needed to Cancel
Before initiating a cancellation request, gathering specific details about the check is important. You will need to identify the exact type of check involved, whether it is a personal check, certified check, or cashier’s check. Having the check number is crucial, along with the precise amount written on the check. Knowing the full name of the payee and the exact date the check was written or issued are also essential pieces of information. Finally, you should have the account number from which the check was drawn and a clear reason for the stop payment request, such as the check being lost, stolen, or containing an error.
Steps to Submit a Cancellation Request
Submit your cancellation request to the bank. Most financial institutions offer several contact methods, including phone, online banking portals, or in-person visits to a branch. Phone requests may require navigating automated menus, while online banking often has a dedicated section for stop payment requests. Official checks, such as certified or cashier’s checks, often require a waiting period or an indemnity bond before a stop payment or replacement is issued. You will likely need to complete and sign a formal stop payment order form.
Fees and Effective Periods
Financial institutions typically charge a fee for placing a stop payment order. These fees commonly range from $15 to $35. The duration for which a stop payment order remains effective also varies, though it is generally for a period of six months if confirmed in writing. An oral stop payment request is usually effective for 14 days and requires written confirmation to extend its validity. The stop payment order typically becomes effective immediately upon request, though some banks may require receipt of a signed form.
What Happens After Your Request
After submitting your request, the bank should provide a confirmation of the stop payment order, which may include a confirmation number. If the check is presented for payment after a valid stop payment has been placed, the bank is generally obligated to reject it. If the original check was lost or stolen and subsequently cancelled, the process for obtaining a replacement check will vary depending on the type of check. For cashier’s checks, a declaration of loss is typically required, and a waiting period, often 90 days, may apply before a refund or replacement is issued, sometimes requiring an indemnity bond. Monitor your bank statements to ensure the cancelled check is not improperly cashed.