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 usually made if a cheque is lost, stolen, issued with incorrect details, or if the account holder decides to cancel the payment for a valid reason. The letter serves as an official record of the stop payment request and provides the bank with the necessary details to process the instruction.
A cheque stop payment request can be made in various situations, such as:
The cheque was issued to the wrong account
The amount written on the cheque is incorrect
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, cheque details (such as cheque number and date), the recipient’s information, and the reason for the stop payment request. This letter is then submitted to the bank to prevent the cheque from being processed.
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