How to Stop a Bank Draft From a Checking Account
Bank drafts must be approved by the account holder on the account from which funds are being withdrawn. A bank draft is a form of payment directed from one bank to another against an account. While the account holder must initiate the draft, there are instances in which companies or thieves are defrauding the account holder. In this case, the account holder may wish to stop the automatic draft from his or her account.
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Things You'll Need
- Telephone directory
- Checking account number
- Social Security number
- Drafter contact information
Instructions
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How to Stop a Bank Draft
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Contact your bank. Your bank can be helpful in researching how the draft originated, as well as where the money was transferred. You may be able to call your bank because most banks have customer service departments that work around the clock for your convenience. So, if you suspect fraud, you may want to contact the bank immediately. If not, you may want to visit your bank and talk to your personal banker regarding the draft. Whether it is a draft you originated or not, the personal banker has the means to stop the draft immediately or report it to the fraud department so that your money can be returned to you.
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Contact the company drafting the payment out of your checking account. Your bank will know who is taking the draft out of your account and can provide you with information to contact the company. If the bank was not successful in stopping the draft, the company drafting the payment may be able to tell you why it is drafting the money. If the company cannot provide proof that it has the right to draft the money, it may be able to stop the draft from your checking account. Without consent for the draft, the company can face legal consequences, so it should be willing to stop the draft if it has no right to the money.
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Close your account. If neither the bank or the company can stop the draft from your checking account, you can close your account. This gives you the right to withdraw the funds available in your account. If no money is available, the draft cannot be honored by the bank. If the account is closed, it will prevent current and future drafts from the account.
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