a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	stop-payment order
B	cashier check
C	certified check

Explanation:

Detailed explanation-1: -A stop payment is a request for a bank to stop a check or recurring debit payment that’s waiting to be processed. Stop payment requests can only be made by the account holder who sent the original payment, and must be made before the check or payment has been processed.

Detailed explanation-2: -A stop-payment order is a request that the bank not honor a specific check. The usual reason for stopping payment is that the check has been lost or stolen. Most banks charge a fee for stopping payment on a check.

Detailed explanation-3: -If you suspect a check has been lost or stolen, you first need to contact your bank. If the check hasn’t already been cashed, then you can request that they put a stop payment on it. It’s a formal request that the check not be paid out by the bank if it’s deposited or presented to be cashed.

Detailed explanation-4: -refuse to cash my check? There is no federal law that requires a bank to cash a check, even a government check. Some banks only cash checks if you have an account at the bank.

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