Stop That Payment!


Presented by: John Burnett
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Not so long ago, stopping payment was an easy thing. The payment was either a check or an ACH item, and all you had to do was make sure you selected the right form for the customer to complete. Now, check conversions and image presentments have thrown confusion into the mix, making the handling of stop payments more complex.

The use of ACH transactions by consumers has made it more important than ever that bankers understand the relationship between Regulation E's stop payment provisions and ACH rules. It's also important that bank employees understand the relationship between revocations of preauthorized EFTs and stop payments.

Bankers must also understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment. Not all payments can be stopped, and it's important that bankers know which items will almost always get them into trouble if the bank refuses payment. Failure to understand this concept can lead to lawsuits, increased legal costs, and significant losses.

In this webinar, John will cover:
  • The most common payment methods
  • The difference between oral and written stop payments
  • What happens after a stop payment has expired
  • The extent of the bank's exposure if it misses a valid stop payment order
  • How stop payment orders can be lifted or revoked
  • Who has the authority to issue a stop payment order
  • How ACH stop payment rules work
  • When and how you may be able to return an ACH debit subject to a stop payment that your bank "missed" and paid
  • How to deal with claims that an official check has been lost, stolen or destroyed
  • When to refuse a request to stop payment on an official check
  • Stop payments and overdrafts
  • Why a depositor may have to pay, even after payment has been stopped
  • When a stop payment order arrives too late
Participants in the webinar will better understand how to respond when their customer says, "Stop that payment!"

About the Speaker: John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

He was a member and Chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events. As a BOL Guru, John assists bankers handle common and uncommon compliance challenges on the site and its paid subscription service,

This program was recorded in its entirety in May 2021. The CD-ROM includes program slides, materials (if available) and

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  • Model: cd_stoppay0721
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 26 May, 2021.

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