Guaranteed Check Stop Payment

Guaranteed Check Stop Payment

We must wait 90 days before placing a stop-pay on a Guaranteed Check. You will need to go to MNACCK #17 to see the status of the check. If it hasn’t cleared, the member will need to sign a “Declaration of Loss” form and send it to Accounting. Once Accounting receives the signed form, the stop-pay will be set up. Accounting will then credit the savings or checking account and an MSO or teller can cut another check. Exceptions to this policy should be very rare and do require approval from the VP of Operations and the Compliance Officer. A tracker explaining why and an account comment will need to be placed on the account. If an exception is approved and the check is stopped before the 90 days, the MSO will need to charge the $15 stop pay fee. The MSO will also need to let the member know that they are liable for those funds if the original guarantee check clears prior to the 90 days. The member can avoid this fee by bringing the original check in to be voided at any time. Last Updated: 2016