How to Revoke or Cancel a Check

Aug 27, 2022 By Triston Martin

When making a purchase or payment for a service, a check is a frequent payment method. Typically, the recipient would cash the bill at the bank, where they would get the monies immediately or after a certain length of time. If a check is lost or stolen, the payor is responsible for taking swift action to stop payment.

A Step-by-Step Guide to Reversing a Check Payment

When a payor discovers a lost or stolen signed check, they may do a few things to prevent the statement from being cashed. The first step is to request that the bank suspend payment on the cheque.

The stop payment tells the bank to disregard the price if the check has not yet been processed. The bank needs the check number, the amount of the review, and the name of the individual or business the statement was written to put a hold on payment.

Requests to cancel a check made verbally or electronically must be followed up with an official written request filed to the bank within 14 days. The cease payment request will be denied if the bank does not receive written confirmation within 14 days.

Determine If Payment Was Processed

To begin cancelling a check, you must ensure that the bill has not cleared your bank account. Once a review is cashed or processed, the bank cannot reverse the payment. You must move if you don't see the amount in your transaction history. It may be only a few minutes until the cheque is deposited.

Be Prepared With Your Account And Check Numbers

Get your account number and the check number ready since these will be required for the bank to complete your request. The amount and the beneficiary of the funds may also be required.

The bank might ask for details on the cancellation of the cheque. Did you make a mistake with the amount or the payee? Is there something you disagree with about this exchange? Or maybe someone stole the cheque. The bank may need to do more than suspend one payment if you're worried about a missing chequebook.

Make Arrangements With Your Bank For Payment

It would help if you got in touch with your financial institution after all the information you needed. You may not find the precise phrase "check cancellation" on your banking institution's website, even if that is what you need to do. If "stop payment" appears, the transaction has been halted. It achieves the same result in that you are preventing the monies from leaving your account. You should cancel a check online if your bank allows it for two reasons:

  • It's in writing
  • It might end up costing you less.

If a Chase client cancels a check online or uses an automated system rather than phoning a human representative, the consumer can save $5. The number on the back of your debit card should be called if you cannot use your bank's online services.

Know How Long Your Request Is Valid

A temporary suspension of payments is possible. Please find out how long it will take for your request to be fulfilled. Policies typically expire after six months, and so do the corresponding inspections. Still, there are a few notable outliers. You should still verify your account activity after cancelling a check to be sure the cancellation was recorded correctly.

Payment Reversal Charges

If you need to cancel a check, you may incur a cost from your bank of up to $30. Different fees may be involved based on the customer making the cancellation request or the payment method used. Some banks, for instance, may levy no or little costs so long as the request is submitted electronically but may levy much heftier fees if the consumer interacts with a customer service representative in person or over the phone.

To further incentivize account holders who often write checks, certain financial institutions provide discounted rates for account holders that fall into a specific account category. If more than one check needs to be cancelled, the associated fines might pile up.

Be Alert

To avoid becoming a victim of identity theft, a person whose checks were stolen should diligently watch their credit reports over the next several months, even after the reviews have been cancelled, to prevent their account from being drained. Since many of the top credit monitoring services also provide identity protection features, they might be handy in this regard.

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