Can I stop payment on a cheque? How do I stop or cancel a cheque?
If your cheque has gone astray, it is possible to prevent payment of the cheque by giving a stop payment instruction to your bank.
You may give the instruction by phone, but your bank would require you to confirm your stop payment instruction in writing.
In addition, you will be charged a fee for this service.
However, if you issue a stop payment instruction due to insufficient funds in your account, you can be charged a penalty.
If you repeatedly issue stop payment instructions when you have insufficient funds, your account may be closed by your bank. Such action is taken to ensure that cheques are accepted as a reliable mode of payment.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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