I have a joint account with my father and one time I lost the cheque written by my father. I did not know what to do in that situation, so I called my banker cousin and asked him in case of joint account who can stop the payment? He told me about the stop payment of a cheque order.
NoBroker InstaCash Loan
Get upto Rs. 10 Lakhs Instantly in your Bank Account with hassle free auto repayment.
Instant approval and disbursement
Interest rate starting 12.99%
Want to Get Rewards on Paying Rent using a Credit Card? Then Check Out NoBroker’s Rent Payment Services!
Pay Your Water, Electricity, and Piped Gas Bills through NoBroker Timely and Safely!
A stop payment of a cheque order is a formal request made to the bank to either cancel a cheque or an unprocessed payment. The account holder generally makes this request and is enacted when the payment is unprocessed by the recipient. When the account holder requests the bank to stop the payment of a cheque, they have to pay a fee of Rs.100-500. This fee can differ from bank to bank.
There can be different reasons to stop payment of cheques like misplaced cheques, human error while writing a cheque, etc. To submit a request to stop the payment of a cheque, you need to contact the customer care team or use online services or visit the bank’s branch.
Who Can Stop The Payment Of Cheque Individual:An individual account holder will have to submit the request to stop cheque payment
Joint Account:Any or all account holders can submit the request to stop cheque payment
Company:Any authorised signatory can submit the request to stop cheque payment
Partnership FirmsAnyone or all partners can submit the request to stop cheque payment
Proprietorship:The proprietor needs to submit the request to stop cheque payment
Read more:
How to write a letter for stop payment of cheque?
How to stop cheque payment in SBI?
Does cheque bounce affect CIBIL score?
How long does it take for a cheque to clear?
Now you now in case of joint account who can stop the payment.
Your Feedback Matters! How was this Answer?
NoBroker Cash Loans
✔
Max Funding✔
Lowest Interest Rates✔
Quick Sanction✔
Doorstep Assistance✔
No Hidden Charges
Get Cash Loan
Apply Now
Know your Borrowing Capacity
Check Eligibility
Compare Loans
Calculate Your EMI Now
Who can stop the payment of cheque?
Babita
31 Views
1
2 Year
2022-08-18T18:37:01+00:00 2022-08-18T19:10:13+00:00Comment
Share