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Stop Payment Electronic Payment

Electronic payments encompass a variety of payment methods.  You can set up recurring electronic funds transfers to pay bills or you can use a debit card to purchase something with funds directly from your bank account. 

Stop Payment Is Limited

You are limited when it comes to stopping payment on an electronic payment.  You cannot stop an electronic funds transfer that was used at the point of sale.  This means that if you purchased something with a debit card, you cannot stop payment on the transfer even if the money.  You will need to go through the store's normal return policy procedures.

You can stop payment on electronic fund transfers that were pre-scheduled to pay a third party as long as you give your bank sufficient notice.  

How Much Advanced Notice is Necessary?

You may stop an electronic funds transfer by notifying the bank three days prior to scheduled transfer.  You may make the request orally or in writing. Some banks may request that you confirm the request in writing within 14 days if you have given the stop payment order orally. 

What to Do for an Error Involving an Electronic Funds Transfer?

Though you can't stop payment on an electronic transfer made at the time of purchase, your bank is obligated to investigate any errors that you notify them about.  By law, you have 60 days from the time you receive your bank statement containing the error to notify the bank to start an investigation.  Once the bank has been notified they have 10 days in which to conduct an investigation.