Should You Pay to Stop Payment?

Some banks charge more than $30 to stop a payment. That's a lot of money but, if you've lost a check, it's probably worth the cost to protect your account from fraud, advises CNBC personal finance expert Carmen Wong Ulrich. Many banks will even refund the fee if you're canceling the transaction due to a loss rather than lack of funds, so make sure you ask your financial institution about it. Watch the video to see Carmen's tips for protecting your account from a missing check.

 
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