How To Void A Check

January 25, 2023by admin0

how to void a cheque

A void cheque is often requested by an employer so it has the banking information it needs  to facilitate setting up direct deposit of your pay into your bank account. First, your online banking portal may be able to provide you with a void cheque on demand. You may be able to save the pre-made void cheque as a PDF and then send that via email to whoever needs your void cheque. Alternatively, you can print the void cheque and provide it to whoever needs it (e.g., your employer to set up a direct deposit). A voided check is simply a paper check with the word “VOID” written across it, often in big letters, indicating without a doubt that it shouldn’t be used for making a payment. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.

  1. Banks and credit unions are well instructed in methods of protecting personally identifying information and they will know the best way to send the letter safely to the intended party.
  2. Take a blank cheque from your checkbook and write VOID across the front of it.
  3. If you’re going to provide the voided check electronically, don’t just send it out in the open, in a standard email message.
  4. An overdraft drops your bank account balance below zero, and can result in fees and interest.

Mistakes to Avoid When Handling a Void Cheque

If you’re going to provide the voided check electronically, don’t just send it out in the open, in a standard email message. Take steps to hide your account information from thieves and hackers. For example, consider encrypting the image or uploading it to a secure file vault. If you’re self-employed, a freelancer, or you run a business, you may have certain clients whom you work with on an ongoing basis. To simplify and speed up payment, you may set up an electronic billing and payment arrangement with that client.

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Despite being an invalid form of payment, a voided check, which shows your bank’s routing, account and check numbers, can play an important role in setting up various financial transactions. It can serve as a conduit for establishing direct deposits, ACH transfers or to schedule electronic payments from a checking account, whether for personal or business use. Requesting a voided check is the usual way employers set up direct deposit into their employees’ checking accounts. Employees prefer direct deposit because it’s instantaneous and eliminates the need to wait for a paper check to clear their accounts. Companies may require a voided check to set up direct deposit for employees or to establish automatic bill payments.

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These three numbers are found on the bottom of every cheque and tell the receiver the information they need from the void cheque. A void cheque is a regular cheque with the word VOID written across the front of the cheque. The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers.

how to void a cheque

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This will ensure it reaches the intended place without passing through third-party hands. If in person is not possible, a fax delivery is preferred to email. After all, an email can be forwarded, exposing your check information to unintended parties. The word “Void” should stand out from the pre-printed information on the check, so it’s clear to anyone that the check’s invalid. If you make the lettering too fine, or you use a highlighter, a potential thief may be able to either erase or cover your writing, simply copy the check and make the highlighting disappear.

Here’s everything you need to know about what a void cheque is, what it’s used for, and more. Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful. The article was reviewed, fact-checked and edited by our editorial staff prior to publication. Voiding the cheque ensures that you aren’t sending out a “blank cheque” that criminals could fill in and use to withdraw money from your account. The point is a potential thief can gain instant access to what is probably your primary financial account. This will open the possibility of accessing your money or even stealing your identity for other purposes.

Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.

Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Most checks are good for six months, but banks might still cash checks that are past this expiration date. Some checks might explicitly state a different period, such as three months or a year. You can also ask for a paper copy of the Payroll, Direct Deposit, or Pre-Authorized Payment Form at your CIBC Banking Centre. Using the online form saves time and lets you type in your information.

By writing “void” on a personal cheque, you eliminate the ability for any recipient to cash it. Since there is no cash value and you haven’t signed or dated it anywhere, it will not expire. You may have to get creative, wait for checks, or find an alternative way to link your bank account. This is a seldom-discussed aspect of voided checks, but it’s critically important for protection from identity theft.

Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.Here is a list of our banking partners. As paper checks become less common in banking, organizations that normally require a voided check may be more receptive to another method. Try those first and you avoid the risk of your sensitive financial information falling into the wrong hands. Voiding a check is a common practice used to nullify incorrect checks and set up direct deposits or bill payments. The process is fairly straightforward, but it’s important that you do it carefully to avoid someone using your check fraudulently.

In lieu of a voided check, you may also be able to provide documents such as a direct deposit slip that can provide the key financial information for the transition. You may need to void a check when you make an electronic financial transaction. A voided check includes banking information required to ensure correct electronic banking transactions for people who pay bills online and or are paid via direct deposit. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.

In today’s rapidly digitizing world, it’s easy to dismiss the relevance of a physical cheque. However, the void cheque remains an indispensable tool in various financial transactions. Understanding its multiple applications can offer clarity about its continued importance. If you don’t have a physical adjusting entry for prepaid expense cheque to void, you can print one online via your online banking portal. Instead of using forms, which require you to void a traditional check, try logging into your account (or ask if there’s an online system). In most cases, you need to provide your bank account information in an online form.

One of the most common uses for a voided cheque is to provide up direct payroll deposits with an employer. The payroll department will use the banking information listed on the cheque to electronically transmit your wages to your bank account. Voiding ensures that you’re not giving a blank cheque that could be misused. A void cheque is essentially a cheque that has “VOID” prominently inscribed on it. This single word nullifies the cheque, preventing any unscrupulous attempts at misuse. Yet, it still displays all the necessary banking information such as transit, institution, and account numbers.

Once you have the voided check you need, consider scanning or photocopying it. You may need to provide voided checks numerous times in the coming years. When an original check is not required (for example, if you’re going to fax in the instructions or submit an electronic image of your check), you can use the same copy repeatedly. You may also be able to set up deposit or withdrawal instructions using a deposit slip instead of a voided check. A pre-printed deposit slip might be required—not the blank ones you grab at the bank and fill out by hand. You may have several of these pre-printed slips in the back of your checkbook.

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