Cheques are widely used for making payments no only in India but in other countries too. But what if the issuer of the cheque wants to stop the payment after he issues the cheque? In this case, the issuer of the cheque can stop the payment by contacting the bank where he holds the bank account. In today’s article, I will be telling you the steps to stop cheque payment in IDFC First Bank. There are multiple methods that can be followed by the bank account holder to stop the payment.
IDFC First Bank which is one of the best private that is operating in India offers a wide range of services to its account holders. I am one of the happy account holders of this bank and I am quite satisfied with the services. What about your experience with this bank? You can share it by commenting down below. When you have made up your mind to stop the cheque payment you should have a clear reason why you are doing it. Because, if you try stopping the payment of the cheque for the wrong reason then you might end up facing issues.
But before we proceed to the further part of this article let me tell you a few things about the bank where you hold your bank account, which is about the IDFC First Bank.
About IDFC First Bank
|Type of the Bank||Private Bank|
|Traded As||BSE: 539437
|Industry||Banking and Financial Services|
|Predecessor||IDFC Bank and Capital First Limited|
|Head Quarters||Mumbai, Maharashtra|
|Chairman (January 2020)||Rajiv Lall|
|MD and CEO (January 2020)||Mr. V. Vaidyanathan|
|Products||Consumer banking, Corporate banking, Wholesale banking, Mortgage loans, Private banking, Wealth management, Investment banking|
|Revenue (2017)||₹85.3272 billion|
|Operating Income (2017)||₹30.30 billion|
|Net Income (2017)||₹10.20 billion|
|Total Assets||₹1.12160 trillion|
|Number of Employees (July 2018)||7,043|
|Customer Care Phone Number (toll-free)||1800 419 4332|
|Customer Care E-Mail ID||[email protected]|
When Can You Stop the Cheque Payment?
You can stop the cheque payment at any movement of time before it is encashed by the receiver. But the only thing is you should have a proper reason to stop the payment. Because it would be illegal if you are stopping the payment without any valid legal reason.
When You Can Not Stop the Cheque Payment?
The payment of the cheque can not be stopped if the cheque has already been encashed by the receiver of the cheque. Here the meaning of the term Encash is the cheque which was issued by you has already been converted into cash by the receiver.
Once it is encashed the equivalent amount of money will be deducted from your bank account provided that you should have sufficient balance for the transaction to take place. If in case you don’t have sufficient balance in your bank account then your cheque will be bounced.
How to Stop Cheque Payment in IDFC First Bank?
Now we know quite many things about stopping the payment of the cheque which has been issued by you from your bank account. Let us now know more about the procedures which you can follow to stop the payment in the IDFC First Bank.
As I have already mentioned that there are multiple methods which can be followed by you to stop cheque payment in IDFC First Bank, I have discussed them below.
If you want to use this method then you have to send the SMS from the mobile number which is registered with your bank account, the bank will not take any kind of actions for your request if you don’t send this SMS from any mobile number other than your registered mobile number.
The customer care executive will ask you a few questions like your full name, your mother’s name, etc. before they proceed with the procedures. This is to verify if you are the real owner of the bank account.
But here you should not one thing and that is no one from the bank will ever ask you to provide your username, password, OTP, ATM card number or ATM PIN Number. If you ever receive any such calls, SMS or E-mail then you should not respond.
This is how you can stop cheque payment in IDFC First Bank, I hope you are clear with all the information that is mentioned by me in this article. If you are facing any kind of difficulties then you can comment down below. I will be more than happy to help you out with your banking needs.