Definition Of ‘Cancel’
Cancel means cancel, revoke, or cancel an order that was previously issued. In this case it is used as a verb. As a noun, it means an order that is contrary to the previous order. In the financial world, therefore, usually applies to payments this means a customer of the Bank or financial institution, the cancellation of orders for payment, or stop payments to the other party. This can happen when the payer stops a check or stop/reverse the transfer of funds. Cancellation of payment by the customer completes the legal obligation of the Bank or institution to make the payment to the party, as originally specified by the customer.
Breaking Down The ‘Cancel’
In Finance, so it is usually used in the context of termination payments. In the case of a cheque, the customer can cancel the payment at any time before presented a check stop-payment order. With regard to electronic transfers of funds, if funds have not been transferred, the order to cancel is to cancel the original funds, the order of transmission. If the funds were already transferred, the financial institution starts the process, reverse transfer of funds.