If you issue a cheque from your business account and you need to cancel the transaction for any reason, you may want to need to do a stop payment. Your bank may assess a charge for this service, but the process is uniform across different financial institutions.
- Gather the cheque number, payee, and amount – the bank needs this information.
- Call your bank or look at your online activity to make sure the cheque has not posted.
- Ask the bank to issue a stop payment.
- Make sure you have ample funds in your account to cover the stop payment fee.
- If relevant, notify the recipient of the cheque that you have stopped payment.
