I recently had to get Chase Bank to do a Stop Payment on a check I sent to the state for an estimated tax payment which never was received after six weeks. The state people told me it was time to put the Stop Payment and issue another check. I had to pay Chase $30.00 for the Stop Payment and sent another check which the state had cleared on our account within a week.
I just received a letter from Chase concerning the Stop Payment notifying me that it is only good for 365 days and after that if I want it to continue, I must pay another $30.00 to continue the Stop Payment. I thought once we put a Stop Payment on a check, that check is basically cancelled so I was wondering how your banks handle your Stop Payments. Do you have to pay another fee after a year to continue you and why would I need to continue a Stop Payment? My understanding of the Chase letter was that after a year if the check is sent through, it will be paid unless I put another Stop Payment on it. Is this the way it really works with your banks? Thanks for any information you can share about this.
