STOPPAYMENT Meaning and
Definition
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Stop payment refers to a financial transaction wherein the payer instructs their bank or financial institution to cancel or terminate the payment instructions issued to a specific check or electronic transaction from being processed. In other words, it is an order given by the payer to halt the payment that has not yet been fulfilled. This request is typically made to prevent the recipient from receiving the funds and to avoid potential fraud or loss.
A stop payment can be initiated for various reasons, such as when a check is lost or stolen, to correct errors in the payment information, or in cases where the payer wants to cancel the payment due to a dispute with the recipient. The payer must contact their bank or financial institution and provide specific details about the payment in question, including the transaction number, check number, or payment reference. The institution will then place a hold on the payment, preventing it from being processed until further notice.
It is important to note that a stop payment request does not guarantee that the funds will not be debited from the payer's account. If the payment has already been processed or the check has been cashed, the request may not be successful in retrieving the funds. Additionally, financial institutions may charge a fee for placing stop payment orders.
Common Misspellings for STOPPAYMENT
- atoppayment
- ztoppayment
- xtoppayment
- dtoppayment
- etoppayment
- wtoppayment
- sroppayment
- sfoppayment
- sgoppayment
- syoppayment
- s6oppayment
- s5oppayment
- stippayment
- stkppayment
- stlppayment
- stpppayment
- st0ppayment
- st9ppayment
- stoopayment
- stolpayment
Etymology of STOPPAYMENT
The word "stoppayment" is a compound word formed by combining "stop" and "payment".
The word "stop" comes from Middle English stoppen, which originated from Old English "stoppian" meaning "to stop up, block, or close". It has roots in the Proto-Germanic word "stuppōną". Over time, "stop" developed various related meanings, including the sense of halting or interrupting something.
The word "payment" comes from Middle English "paiment", derived from the Old French word "paiement" meaning "payment, repayment, or reward". It ultimately traces back to the Latin word "pacāre" meaning "to pacify" or "to settle".
When combined together, "stop" and "payment" create the compound word "stoppayment".
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