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stop payment

 
Dictionary: stop payment

n.
An order to one's bank not to honor a check one has drawn.


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Investment Dictionary: Stop Payment
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When a bank account holder instructs his or her financial institution not to honor payment.

Investopedia Says:
Stop payments are issued after a check has been delivered, but before the receiving party has cashed it.

Related Links:
This owner's manual will show you what to expect from your bank. Your First Checking Account
Teach your children to save up to meet their spending - and saving - goals. Opening Your Child's First Bank Account


Banking Dictionary: Stop Payment
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Order by the writer of a check that payment should not be honored. Stop payment orders directing the drawee to dishonor a specific check may be given by telephone or in writing. Under the Uniform Commercial Code, stop payment orders that have been confirmed in writing by the check writer or maker are valid for six months.

Idioms: stop payment
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Instruct a bank not to honor a check one has drawn, as in If that check was lost, we'll have to stop payment on it before issuing another. This usage was first recorded in 1722.


 
 

 

Copyrights:

Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.  Read more
Investment Dictionary. Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved.  Read more
Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.  Read more
Idioms. The American Heritage® Dictionary of Idioms by Christine Ammer. Copyright © 1997 by The Christine Ammer 1992 Trust. Published by Houghton Mifflin Company. All rights reserved.  Read more