Common use of Stop Payments Service Clause in Contracts

Stop Payments Service. This Service allows you to place stop payment requests for a specified period of time, cancel a stop payment request, and review current stop payment requests. You must designate all of the following information (or such lessor combination as we may specify at the time): Account number, check number, EXACT amount of check (dollars and cents), payee name(s), and issue date. We will have no liability for paying a check on which you have placed a stop payment request when any required information is missing or inaccurate. Your stop payment request will expire automatically after the period of time you designate (up to the maximum period we permit, which shall not be less than 12 months; if you do not designate a period, we will apply the standard period established in our sole discretion). If a single check or series of checks have been lost or stolen, you must notify us of the loss or theft and close the Account, because stop payment requests may be insufficient to protect you and the Bank. If you fail to notify us of the loss or theft of checks, you may become liable for their unauthorized use. Please note that this Service is not effective in stopping the payment of checks that have been converted to electronic transactions by the payee. It is your responsibility to determine, through any of the methods we have made available, the status of the check prior to placing a stop payment request. We recommend that you not issue any replacement check for two (2) Business Days after placing any stop payment request with us. If the check for which the request is being placed has already cleared, and you reissue the check, the Bank has no liability for paying either or both checks. You agree that we may rely conclusively on any stop payment request placed through this feature on the Accounts that you use with this feature. We have no duty to verify the authenticity of a stop payment request or the authority of the person placing it, and a stop payment request on a check is effective regardless of who signed the check. A stop payment request made after the Cutoff Time will be considered placed on the next Business Day. Additional terms appear in your Deposit Account Agreement.