UCONN Home Stop Payment Law

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The receipt shall set forth the following information, as applicable. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the stop payment law financial institution orally or in writing at least three business days before the scheduled date of the transfer.

The person initiating an electronic fund transfer to collect a fee for the return of an electronic fund transfer or a check that is unpaid, including due to insufficient or uncollected funds in the consumers account, must obtain the consumers authorization for each transfer. You will get a [monthly] [quarterly] account statement stop payment law (unless there are no transfers in a particular month. If the amount of the fee may vary due to the amount of the transaction or due to other factors, the posted notice may explain how the fee will be determined, but the notice provided to the consumer must state the dollar amount of the fee if the amount can be calculated at the time the notice is provided or mailed to the consumer.

For any gift certificate, store gift card, or general-use prepaid card produced prior to April 1, 2010, the effective date of the requirements of paragraphs (c)(3), (d)(2), (e)(1), (e)(3), and (f) of this section is January 31, 2011, provided that an issuer of such certificate or card. A financial institution may combine the required disclosures into a single statement for a consumer who holds more than one account at the institution.

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