Can a company make a stop payment on a check that has already cleared?
With one exception, the answer is no. To stop a payment means to prevent the payment from occurring. Something that has already happened can't be stopped.
Here is the exception. Suppose that the check arrived at the bank it was drawn on from another bank, and it posted to the drawer's account on Monday, June 22, 2009. There is a short time window available on Tuesday, June 23, prior to the bank's cutoff hour during which payment is not considered final on the check, and a stop payment would still be effective. After the cutoff hour, the stop payment request would be too late. The cutoff hour cannot be earlier than an hour after the bank opens for business, and will be no later than the hour at which the bank closes.
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With one exception, the answer is no. To stop a payment means to prevent the payment from occurring. Something that has already happened can't be stopped.