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How To Stop Cheque Payments?

Updated on: 14 Nov 2024

Banks do allow you to stop cheque payments with a request under certain circumstances. Unlike other online payment methods, you have the option the cancel your request with a simple process. You may also have to pay a certain fee for this service.

This option is available in case you change your mind last minute about making the payment. Since defaulting on check payment is a legal offence, you can get the cheque payment stopped in time. Read on to learn the details about this to avoid any last-minute hassle.

How to Stop Payment of Cheque?

If you have an insufficient balance or have made mistakes in writing the receiving bank details, you can immediately request for the cheque payment to be stopped. You need to submit a request to stop the process online or at the bank.

Reasons to Stop Payments

You can easily cancel a cheque payment for any valid reason by mentioning it in your request. Some reasons you can give are:

Stolen cheque
Insufficient balance
Payment disputes
Changes in financial situation
Mistakes made in the cheque

Stop Payment of a Cheque: Request Modes

Once you have a valid reason, you can use to stop a cheque payment by choosing from the following methods:

Online Request

If your bank allows you to make a request through net banking, then you can follow these steps:

Login to your online banking app/ website
Go to the payments section
Select the ‘Stop Payment’ option
Submit your request

Contact Customer Care

If you are unable to place the request online, then you can also call customer care to stop cheque payments. Here are the steps to follow:

Make the call
Share your request
Follow their guidelines
Submit your request

Visit the Bank

You can personally visit your bank to stop the cheque payment process. You have to give a written request regarding this process. The request letter can follow this format.

Date
Addressing the manager
Name of the Bank
Branch Name and Address
Subject: E.g. Request to get the cheque payment stopped
Salution: E.g. Respected Sir/Ma’am
Body: Add every detail like:
- Cheque bearer’s name
- Amount on the cheque
- Account holder’s name
- Cheque number
- Cheque issue date
- Mention the reason for stopping the payment
Closing note: E.g. Thank you
Account holder’s name and signature

With the following information, your bank can successfully stop the cheque payment.

Things to Consider Before Your Request for Stop Payment

To successfully stop a payment, you need to consider these aspects:

Stop Payment Fees: The fee to stop the cheque payment depends on the bank and can go up to ₹500
Quick Action: In such cases, time is of the essence, so you must choose the fastest method available
Legal Process: This is a legal process; as such, the reason should be valid

Knowing how to stop payment of a cheque is vital to avoid legal trouble if you have insufficient balance in your account. In this case, if you require added support, you can apply for instant cash. With the Fibe Instant cash Loan, you can get up to ₹5 lakhs with reasonable interest rates. Apart from a flexible tenure of up to 36 months, you can also repay early with no foreclosure charges.

To keep everything on track, you can download our Personal Loan App and calculate your monthly loan disbursal effectively. You can also register on our website to get the process started.

FAQs on Cheque Payment

What happens when we stop a cheque payment?

Once the bank receives your request, it considers the reason. If found valid as per banking regulations, it honours the request and stops the payment.

Is it a criminal offence to stop a cheque payment?

No, stopping a cheque payment is legal when done as per regulations. The bank will proceed to stop the payment if your request is valid.

Can I stop a cheque payment at any branch of my bank?

You can visit any branch of your bank and submit your request to stop cheque payments. Apart from this, you can also call customer care or use digital banking to restrict the process.