Financial Tip From The Clip Protect Your Money by Countermand if Necessary In the financial world, a countermand is specifically applicable to payments. A customer of a financial institution can revoke instructions to pay, or stop payment to another party. Countermand of payment by the customer ends the legal duty of the financial institution to make the payment to the party as originally specified by the customer. In the case of a check payment, a customer can countermand the payment at any time before the check is presented, through a stop-payment order. For electronic fund transfers, if the funds have not yet been transferred, a countermand order would cancel the original funds transfer order. If the funds have already been transfered, the financial institution would initiate the process to reverse the funds transfer.
Posted on: Thu, 11 Sep 2014 16:29:31 +0000
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