To void a check, simply write the word “VOID” over the area where you would normally fill in all the information. Be careful not to write over those important bank numbers at the bottom of the check. Some financial institutions let you “preview” your checks on your bank or credit union’s website before you order them online.
Another use for a voided check is to set up direct deposit payments, usually for payroll payments from your employer into your checking account. The employer needs a voided check in order to extract the bank account information from the bottom line of the check. Yet another use for a voided check is when a lender wants to use it to set up an automated loan payment. As was the case with direct deposit, the lender will want to use the bank account information listed on the bottom line of the check.
Use a Printed Deposit Slip
Although the primary purpose of a check is to facilitate a money transaction, voided checks exist for several reasons. One group of motives derive from errors or changes in the transaction. For example, some information was wrongly written or the check is not needed any more because the transaction was cancelled. But another common reason is simply to send reliable information about the banking account to another person or organization. A voided check is simply a check that has the word VOID handwritten or printed on it. When a check has the word VOID printed across it, it’s rendered unfit for any transactions.
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. https://www.bookstime.com/ You may be asked to provide a void cheque when setting up a payroll deposit or automatic payments. Since your account information is printed on each cheque, the void check can be used to set up an electronic link to your bank account.
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This is because it is an easy and convenient way for the employer to have access to your bank information without requiring you to make a money transfer. To void a check, you’d have to cancel it before the recipient had deposited it. Before giving an employer a voided check, it can make sense to first make a copy of the check, so that you know how the check was used. 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. Even if you don’t use checks all that often, knowing how to void them is an essential skill.
Wise is an online account that lets you spend abroad with your Wise card. To protect your account, we follow a set of rules set by regulatory agencies in… The only way to give yourself peace of mind is to void the check and then throw it out or shred it.
What is a voided check?
But if you aren’t active online for your finances or feel uncomfortable with that, then a voided check will work too. Some places may require a voided check to receive your account information and even get set up an electronic transfer of your money too. If you’re going to send the voided voided check means check electronically it may be a little risky to send it through a normal email sender. If possible, send the image through a secure and encrypted sending platform. You may also be able to set up deposit or withdrawal instructions using a deposit slip instead of a voided check.
A voided check contains the word ‘VOID’ across the front end of the check. The word void indicates that the check cannot be accepted for the payment purpose. By voiding the check, it can be prevented to use as a blank check. In other words, if a thief gets hold of the voided check then also it cannot be misused by entering payee information and entering large values.