Stop Payment

A request made by a financial institution to cancel a check or payment that has not completed processing, typically prompted by the account holder.

More Details

A stop payment is a request to cancel a check or other payment that has been issued but has not yet been processed or cashed. This request is typically made by the account holder or the person who issued the payment.

Example

You realize that you made a mistake when writing a check to pay your rent, so you call your bank and request a stop payment on the check. The bank cancels the check and prevents it from being cashed, so you are able to issue a new check with the correct amount.

Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.