What is the law on canceling a check?

Answer 1

If you have already written the check and paid it to the receiving party, then you must go to the fincancial institution where you bank and request a "Stop Payment" to be placed on it. You will need to provide your account information as well as the check number. This request must be done before the check has been cashed, or you will lose that money. If the cashed check places your account in the negative, your financial institution will mostly likely apply an overdraft fee, typically around $25.00, and will also charge a daily fee thereafter, typically around $5.00 per day. If you have other pending transactions in the works, the charges will repeat for each one individually and your account will compound at an alarming rate further into the negative.