How to Place a Stop Payment on a Paper Check:
- The financial institution must fill out a stop payment form and email it to TMG.accounting@coop.org. When emailing the form, the subject line should state “URGENT - Balcon Stop Payment for: <cardholder last name and amount>”.
Stop payment request forms must be received at least 30 days after the date on the balance consolidation check if the reason for the stop payment is due to nonreceipt by the lender. To confirm if a check has cleared, submit an email request to TMG.accounting@coop.org. The email subject line should state: “Status on balance transfer - <cardholder last name>”. Include in the email the cardholder's last name, last four digits of the credit card number, dollar amount of check, and check number.
Note: The cardholder will be referred to the financial institution if they contact us to place a stop payment on a paper check.
- We will review the information and confirm that the check has not cleared. All stop payment request forms received by 4:00 pm CT will be processed the same day.
- Once confirmed, a stop payment will be placed on the balance consolidation check and we will notify the financial institution.
- The financial institution will process a reversal adjustment to undo the balance consolidation transaction on the cardholder’s account.
- If applicable, a new balance consolidation transaction will be processed by the financial institution.
- There is a $30 stop payment fee charged to the financial institution through supplemental billing for a stop payment.
Note: A stop payment cannot be done on an ACH balance consolidation. The cardholder must request a reversal from the merchant. If an ACH balance consolidation transaction is returned, we will adjust the cardholder's account.
