A Cheque Stop Payment Letter is a formal request submitted by an account holder to their bank, instructing the bank to halt the payment of a specific cheque. This request is typically made when a cheque is lost, stolen, issued with incorrect details, or when the account holder decides to cancel the payment for any valid reason. The letter serves as an official record of the stop payment request and provides the bank with necessary details to process the instruction.
A cheque stop payment request can be made in various situations, such as:
When the cheque was issued to the wrong account
When the amount written on the cheque is incorrect
When the issuer wishes to cancel the payment due to non-fulfillment of a service or delivery
The stop payment letter typically includes the issuer’s name, account number, details of the cheque (such as cheque number and date), the receiver’s information, and the reason for requesting the stop payment. This letter is submitted to the bank to prevent the cheque from being processed.
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