Best way to stop an echeque payment? Help!

[Chachachan]

Hello! I’ve made a payment via echeque that I wish to take back, however it seems I cannot do this and was recommended to ask the other party to cancel the transaction instead. After contacting the other party they insisted they cannot cancel the payment either and asks us to wait until the payment passes through and they’ll give a refund. Despite the reassurance I am still wary since I don’t know/trust the other party well, I’ve moved the money from the bank account to another one and switched preferred accounts as well just in case. I’m not sure if that’s the right thing though? Anyone have any insights? It would ease my anxiety greatly.

[Teslafan101]

You are in Australia.

if you were in USA,look at the status of the transaction,if it said completed or processed,it means Paypal's bank has already sent the transaction to ACH(AUtomated clearing house via Fed Reserve system) and should hit your bank with 24-48 hours.

You said you have moved fund out of your bank account,then it is NSF and you will be charged a fee by your bank,and Paypal will give you a black mark,if it happens too many times,Paypal will delink your bank account.

Your recipient is correct,they cant cancel an echeck before they even see it in their account,when it does,they can hit refund button,since you have removed the fund,they will be notified by Paypal not to ship your item because the echeck reqeust failed.  

Australia may differ,you have to do your own research,Iw ould move the money back to your bank account if it is not too late

[kernowlass · Accepted solution]

@Chachachan 

They are correct they can't cancel an echeque but once cleared they can issue a refund.

If you have removed the bank account before the echeque has cleared then it may just fail.