How to Stop Payment on an Earnest Money Check
An earnest money check is one given to a seller from a buyer when putting an offer on a home. This check is given as a method of promising the seller that the buyer genuinely intends to purchase the property, therefore giving the seller an added reason to want to accept the purchase offer. If you change your mind about the home prior to the offer being accepted and want to cancel your check to ensure it is not cashed, you must contact the bank where the check was written.
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Instructions
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Call or visit the bank that holds the account on which you wrote your earnest money check. For example, if your check was written from your checking account at the Bank of ABC, you need to contact the Bank of ABC.
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Inform the bank employee to whom you are speaking that you want to cancel an earnest check. Provide the bank with the account number from which you wrote the check, the check number, the amount of the check and the name of the payee.
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Pay any fees associated with cancelling your earnest check. Some banks will automatically debit your account for the amount of the fee. Wait while the bank completes the process of placing a stop payment on your check.
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Tips & Warnings
Some banks allow you to place a stop payment using your online banking -- others do not.
You can call your real-estate agent and/or the sellers in possession of your earnest check and request they not cash or deposit it, but the only way to ensure the check is not cashed or deposited is to notify your bank that it is not to be honored if someone attempts to do so.
References
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