Listen to a Business English Dialogue About Stop payment
Maya: Hi Aurora, have you ever had to request a stop payment in business and finance?
Aurora: No, what does it mean?
Maya: A stop payment is a request made by an account holder to their bank to cancel a previously issued check or payment.
Aurora: Oh, I see. So, it’s like putting a hold on a payment to prevent it from being cashed?
Maya: Exactly. It’s often used when a check is lost or stolen, or if the account holder needs to cancel a payment for any reason.
Aurora: Are there any fees associated with requesting a stop payment?
Maya: Yes, some banks may charge a fee for stop payment requests, so it’s essential to check with your bank beforehand.
Aurora: That sounds reasonable. How long does it take for a stop payment to take effect?
Maya: Stop payment requests typically take effect immediately, although it’s essential to notify the bank as soon as possible to ensure timely cancellation.
Aurora: What happens if a check that has been stopped is still cashed?
Maya: If a stopped check is still cashed, the bank may honor the payment, but the account holder can dispute the transaction and potentially be reimbursed for any unauthorized payments.
Aurora: Thanks for explaining, Maya. Stop payments seem like a useful option for managing payments and protecting against fraud.
Maya: No problem, Aurora. It’s essential to be aware of the procedures and fees associated with stop payments to use them effectively.