A stop payment is an instruction you give your bank to cancel a check or recurring electronic payment before it's processed. Once the stop payment is in place, your bank will refuse to honor that specific transaction if it comes through. You might use a stop payment if you wrote a check that got lost, if you're disputing a purchase, or if you need to cancel an automatic payment. Banks typically charge a fee for this service, usually $20-$35 per stop payment, and the request is generally valid for six months.

Keep in mind that stop payments aren't instant - you need to act quickly and provide specific details like the check number, exact amount, and recipient's name. For recurring electronic payments, it's often better to cancel through the merchant directly first, then use a stop payment as a backup. If you're stopping payment due to a dispute, make sure you understand your rights and any alternative solutions before paying the fee.