Somerset Savings Bank

Stop Payment Disclosure

To be effective, a stop payment order must be received in time to give us a reasonable opportunity to act on it before our stop payment cutoff time. Your stop payment order must precisely identify the check number, date, and amount of the item. Stop payments cannot be placed on transactions processed with a Visa Check Card or for pre-authorized ACH withdrawals that come out of your account. To stop a pre-authorized ACH withdrawal, you need to contact us at 732-560-1700 during business hours.

A STOP PAYMENT FEE WILL BE CHARGED FOR EACH STOP PAYMENT AS DISCLOSED IN THE ACCOUNT DISCLOSURE.

Before placing your stop payment, verify the check(s) has not been paid. If a check has already cleared and you attempt to place a stop payment, the stop payment will not be honored; however the stop payment fee will apply. Any stop payment placed after 8:00 pm EST Monday through Friday will take affect the next business day.

You agree to abide by the rules and regulations as established by the Uniform Commercial Code or other laws governing stop payment orders. You also agree to hold the Bank harmless for the stop payment amount and for all expenses and costs incurred for refused payment of the item. Stopping payment on an item does not relieve you or any other signer from liability to a person who has taken it for value in good faith.

Stop payment orders are effective for 6 months after the date accepted and will automatically expire after that period unless renewed.

For more details contact our Customer Service Center at 732-560-1700.