Asked by Clayton Carter on May 12, 2024
Verified
A stop payment order should list which five items?
Stop Payment Order
A request made to a bank by an account holder not to pay or cancel payment on a check or pre-authorized electronic payment that has not yet been processed.
Payee Name
Payee Name is the name of the individual or entity entitled to receive payment on a financial document, such as a check or transfer.
Check Amount
The check amount is the sum of money written on a check that the drawer directs the bank to pay the payee.
- Gain an understanding of the judicial repercussions tied to stop-payment directives on checks, including mandatory alerts and liability of banks.
Verified Answer
RP
rajveer PooniaMay 12, 2024
Final Answer :
A stop-payment order should list:
(1) The date of the check;
(2) The name of the payee;
(3) The amount of the check;
(4) The number of the check; and
(5) The checking account number.
(1) The date of the check;
(2) The name of the payee;
(3) The amount of the check;
(4) The number of the check; and
(5) The checking account number.
Learning Objectives
- Gain an understanding of the judicial repercussions tied to stop-payment directives on checks, including mandatory alerts and liability of banks.