Common use of Stop Payment Order Clause in Contracts

Stop Payment Order. You have the right to stop payment on any check drawn on your account that has not been paid or certified. An oral stop order lapses after 14 calendar days unless it is confirmed in writing within that period; a written stop order is effective for six months. Renewals must be made during the period that the stop payment order is effective and must be in writing. A written stop order, renewal, or revocation will be valid upon delivery to the Bank. In order to place a stop payment order, you must inform the Bank of the exact amount of the item, the payee, the number of the check and the number of the account. The Bank will not be responsible if the information you give is not correct or if you fail to give any other reasonable information regarding the item and the stop payment cannot be completed. The Bank is entitled to a reasonable period of time after you give a stop order to notify its employees. If the Bank recredits your account after paying a check over a valid and timely stop order, you agree to transfer to the Bank all of your rights against the payee or other holder of the check, and to assist the Bank in legal action taken against that person later on. A release or cancellation of a stop order may be given by any person who is authorized to draw checks against the account. Stop payment orders on cashier’s checks, certified checks or money orders are not permitted. The Bank has the right to impose a stop payment fee in request to all stop payment orders. The amount of the current stop payment fee will be posted at the Bank’s offices and on a schedule of the Bank’s current fees. The Bank may charge this amount against your account for each stop payment order. You agree that you are liable for any loss, cost or expense, including reasonable attorney’s fees, incurred by the Bank in respect to stop payment orders. Further, you authorize the Bank to deduct any such loss, cost, or expense from your account without prior notice.

Stop Payment Order. You have the right to stop payment on any check drawn on your account that has not been paid or certified. An oral stop order lapses after 14 calendar days unless it is confirmed in writing within that period; a written stop order is effective for six monthsmonths or a longer period if stated in the Bank’s written confirma- tion to You. Renewals must be made during the period that the stop payment order is effective and Xxxxxxxx must be in writingwriting and may be made from time to time. A written stop order, renewal, renewal or revocation will be valid upon delivery to the Bank. In order to place a stop payment order, you You must inform the Bank of (1) the name of the person who signed the check, (2) the name of the payee, (3) the date and exact amount of the item, the payee, (4) the number of the check check, and (5) the number of the accountaccount on which the item was drawn. The Bank will not be responsible if the information you You give is not correct or if you You fail to give any other reasonable information regarding the item and the stop payment cannot be completed. The Bank is entitled to a reasonable period of time after you You give a stop order order, to notify its employees. If the Bank recredits your account after paying a check over a valid and timely stop order, you You agree to transfer to the Bank all of your rights against the payee or other holder of the check, check and to assist the Bank in legal action taken against that person later on. A release or cancellation of a stop order may be given by any person who is authorized to draw checks against the account. Although an oral stop order lapses after 14 calendar days unless it is confirmed in writing within that period, the cancellation of that oral stop order must be given to the Bank if You wish to have the check paid, even after the 14-day period. The Bank will not be responsible if You have given an oral or written stop order to the Bank and its effective time lapses and the Bank refuses to pay the check upon receipt, unless You have given the Bank a release or cancellation of the stop order. Stop payment orders on cashier’s checks, certified cashiers checks or money orders are not permitted. The Bank has the right to impose a stop payment fee in request to all stop payment orders. The amount of the current stop payment fee will be posted at the Bank’s offices and on a schedule of the Bank’s current fees. The Bank may charge this amount against your account for each stop payment order. You agree that you are liable for any loss, cost or expense, including reasonable attorney’s fees, incurred by the Bank in respect to stop payment orders. Further, you authorize the Bank to deduct any such loss, cost, or expense from your account without prior notice.