Refusing Payment on Issued Check

B

The correct answer is B. Stop payment.

A "stop payment" order is a request made by an account holder to their depository institution, typically a bank or credit union, to prevent the payment of a previously issued check. This may be done for a variety of reasons, such as a lost or stolen check, a dispute with the payee, or a change in circumstances that makes the payment no longer necessary.

When an account holder places a stop payment order, the depository institution is instructed to refuse payment of the check if it is presented for payment. This means that the check will not be paid, and the funds will not be deducted from the account holder's account. However, there may be fees associated with placing a stop payment order, and these fees can vary depending on the financial institution.

An overdraft occurs when there are insufficient funds in an account to cover a transaction, resulting in a negative account balance. Overdraft protection is a service offered by some financial institutions to automatically transfer funds from a linked account to cover overdrafts. A checkbook ledger is a record of all transactions made using a checkbook.

Therefore, the correct answer is B. Stop payment, as it refers specifically to an order made by an account holder instructing the depository institution to refuse payment on an already issued check.