BANKING AFFAIRS

Detailed explanation-1: -It means that instruction of “ Stoppage” of cheque by drawer to his banker before deposit of cheque by the payee or holder in due court amounts to criminal act under provisions of Section 138 of the Negotiable Instruments Act, 1881.

Detailed explanation-2: -A customer thus, has a right to give notice to his Bankers to stop payment of a cheque which he has issued. Generally a written notice, signed by the drawer is sufficient to stop the payment. A stopped payment is usually requested if the cheque has been declared missing or lost.

Detailed explanation-3: -Stopping electronic payments works the same way as stopping payments on a check, and an account holder can request a stop payment by calling the bank. Banks require customers to give verbal instructions at least three days before the payment is charged and follow up with a written confirmation within 14 days.

Detailed explanation-4: -To stop payment on a check, go to a bank branch or contact the bank by phone and speak to a human being, not a recording. Request a Stop Payment Order. Make sure to report the check number, the amount, the recipient’s name, and the date on the check. Follow up in writing.