Stop Payments

A stop payment instructs the Credit Union not to pay a cheque.

Features

On Member Cheques

• Stop payments are issued if a cheque is lost or stolen, a pre-authorized debit is cancelled, or goods and/or services were unsatisfactory or not delivered.
• Only a cheque that has not been paid can be stopped.
• All cheques are stopped by amount, then checked for payee and date. If the amount differs the stop payment will not be in effect.
• The member may cancel stop payments, when the cheque is stopped and returned or 6 months from date on cheque.

On Primary Orders

• A stop payment is issued only if the cheque is lost of stolen.
• The purchaser signs a “Bond of Indemnity”.

On Certified Cheques

• A stop payment is issued if the payor returns the cheque to cancel the certification, or if the cheque is lost or stolen. The payor signs a “Bond of Indemnity”.

Price

• As per service charge schedule.