How to Cancel a Cheque? - Stop Cheque Payment? - YouTube

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Namaskar, my name is Mukul

And you are welcome to the Asset Yogi

Where we unlock the knowledge of finance

I have made a video on how to write a cheque previously

We have seen what things we should keep in mind when we write a cheque in that

Many subscribers requested me to make a video on

how to cancel a cheque and how to stop a cheque payment

We will merge both these topics in this video

See both are different things

Canceling a cheque is a different thing and stopping a cheque payment is a different thing

You cancel the cheque when you have to give account details to someone

You put the stop to the cheque payment

when you have already issued the cheque to someone

But it hasn't been cashed yet

And you don't want it to get cashed

due to some reasons

So in this video, first we will see in what situations do you have to cancel the cheque

What is the method of canceling a cheque?

So that you will be saved from a fraud

Because sometimes the canceled cheque is misused

Then we will see in what situations do you have to stop the cheque payment

And what are the methods of stopping cheque payments?

Keep watching the video from the start till the end

Let's start.

Firstly we will see why do we need a canceled cheque

In what situations do we need to give it to someone?

Like when you take a loan

Then sometimes you opt for Electronic Clearance System

Or you have to pay the EMI

Then the banks ask for your account details

Then you have to give your canceled cheque

Then if you take a mutual fund or insurance

Then they take a canceled cheque for their KYC compliances

If you open your Demat account

If you invest in shares

Then the stock brokerage website

whoever is opening your account

Or the bank takes a canceled cheque from you for your account details

If you withdraw your provident fund

Then also your company takes a canceled cheque for your account details

Wherever you want your money

If you purchase a consumer durable or purchase an electronic item

For example, TV or fridge and you bought it on the EMI

Then also the canceled cheque is taken for your account details.

The bank just wants to make sure that you have a genuine bank account

And you can pay your EMI from there.

Or if you want to give bank account details somewhere

Then also you can give a canceled cheque. Assume you are a landlord

And if you want to rent your house to someone, then also you can

give a canceled cheque so that the tenant will get the account details.

And he can transfer the money to your account.

So these are the reason why you issue a canceled cheque

So the question that arises here is how can we write a canceled cheque

So there is a very simple and easy way to write a canceled cheque

Draw two lines and write canceled in between

This is the right way to give a canceled cheque to someone

Along with this, I will give you two more tips

The first thing is that you shouldn't sign the canceled cheque

Never sign a canceled cheque. If you have signed in this way

Then you should cross it

Or it is best if you don't sign it Because a canceled cheque can be misused.

Sometimes, some agent may come to you and give the pen to you

And says to give the canceled cheque

And sometimes the ink of the pen is erasable

They rub the canceled cheque afterward

And they can fill up anything in that and misuse it.

And you have already signed in this way

Then it can be misused for sure.

So what do you have to do?

As I have told you, you have to draw to two lines and write canceled in between

That's it. You don't have to do anything more than that

And second, use your pen

Use the pen that you have. Don't use anyone else's pen

Because a lot of frauds of this kind is seen nowadays

So this is a simple way of giving a canceled cheque to someone.

Now we will talk about stop cheque payment

When do you stop cheque payment?

As we talked about the canceled cheque, you haven't issued the cheque

And nobody's name has been written on it

And you have given the canceled cheque to give the account details to someone.

We put the stop cheque payment when you've already issued the cheque to someone

And you want to stop the cheque before the cheque gets cashed.

In what situations can you stop the cheque?

Like in the case where you had to get the goods and services

They are not delivered.

Then, in that case, you will have to stop cheque payment

Or if there is not enough balance in your bank

Maybe there isn't enough balance in your account on the day for which

your cheque is issued. It's better to stop the cheque payment than the cheque getting bounce

And inform the person to whom you have issued the cheque.

If the cheque gets bounced then it is a punishable offense

So it's better to stop the cheque.

And assume you have already made the payment in some other way

And maybe you have issued the cheque

Then in that case also, you may need to stop cheque payment

Maybe you have already made the payment through net banking

Credit card or cash. Then in that case also you can stop the cheque.

So what is the way of stopping the cheque?

So you can stop the cheque in two or three ways

First, you can do it through net banking

You can do it through mobile banking

You can call on the customer care number and select the IVR options.

And put the stop on the cheque payment.

You can also stop the cheque by going to the ATM

Or you can stop the cheque by going to any branch of the bank.

And a nominal fee of 50 to 100 Rs

is charged to you. Whatever the charges of

stopping the cheque payment are. You have to pay them.

The main thing you need to know about this is the cheque number.

You have to quote this 6 digit cheque number whether you do it

by net banking, mobile banking, or any other options.

You should know the cheque number and which cheque number you have to stop.

I will show you the demonstration quickly how can you stop the cheque

through mobile banking. Firstly, log in to your mobile banking

See I have the account in Axis bank so I have logged in on the mobile banking

Let's go to the main menu.

See you are getting services and support here. After clicking on that

We will get all the services and support

We will click on the services here. See we are getting all these options here.

We will click on the cheques here. See we are getting two options here

Request cheque book or cheque status/ stop cheque

We will click on the stop cheque

After that, you can select your account here.

And you will get the date range.

And you are guessing that you had issued the cheque between these dates

So you can select your date range.

And the important thing is you have to put your cheque number here.

So put your 6 digits cheque number here. For example 024563

I am taking a hypothetical number.

After entering your number you have to click on submit.

Your request will be sent and the bank will stop your cheque.

So this was the method to stop the cheque.

It is a very similar way you will get the same options in net banking too

And I have only shown you the Axis bank

There are similar options available in every bank.

You can find them very easily.

I think after watching this video, you understood that in what situations

do we have to cancel the cheque and how to do it ideally

And in which situations do you have to stop the cheque.

And how to do it.

I hope you liked the video then like and share it.

If you have any suggestions or you want to suggest any topic for the future videos

Then comment below.

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So let's meet in the next video

Till then keep learning, keep earning

And be happy as always.