Say you have a monthly cell phone bill that is the exact same amount every month. Instead of physically paying it off every time you get a bill, you can set up an automatic withdrawal with a void cheque. Then, when payment is needed, it will automatically come out of your bank account. You just need to ensure you have enough funds in the account to cover it (this is where overdraft protection comes in handy, too). Nowadays, most banks offer the ability to print a void cheque directly from your online bank account.
Businesses and professionals can avoid a lot of manual work and potential risks within a few clicks. They don’t have to deal with physical alterations or outdated payments. These online platforms save plenty of time with secure options for voiding checks. A void cheque is a way for an employer or company to ensure it has your correct banking details. However, if it doesn’t insist on an actual voided cheque, you can simply contact your bank to confirm transit, institution and account numbers.
- However, don’t cover the account number or routing number with blue or black ink.
- Avoid sending this information in an email due to the security risks.
- Voided checks are a great help to set up direct deposits for paychecks or one-off payments for freelancers.
- On a voided cheque, you’ll find three key sets of numbers that a company or employer will need to set up direct deposit or pre-authorized payments.
Despite the decrease in popularity for personal checks, many entities still use voided checks for many reasons. So it’s important to understand what purpose they serve and how to void a check if there’s a need to do so. Individuals or businesses might need more readily available spare blank checks. Requesting a bank to provide a “counter check” could be a good option.
Also, it gives more control because what is a voided cheque the funds are deposited at the same time every month. Also, you cannot discard it because someone may use it to withdraw funds from your account. It doesn’t affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money. Learn more about how we review products and read our advertiser disclosure for how we make money. This website does not include all card companies or all card offers available in the marketplace.
They can quickly obtain the banking information and feed it into their system to process payments faster. Cheques are not nearly as common as they used to be, so many Canadians don’t have physical chequebooks. Don’t worry, if you can’t fill out a void cheque yourself, there are still ways to get the information required for direct deposits or preauthorized payments. Setting Up Automated PaymentsThe second common reason for needing a void cheque is to set up preauthorized payments.
What is a Voided Check for Direct Deposit?
The only way to give yourself peace of mind is to void the check and then throw it out or shred it. Therefore, if you do not have the checks, you can order them online. You can detach a check from your supply and write ‘VOID’ across its front.
Write “VOID” across the front of the check with a blue or black permanent marker. Use large letters that fill up the entire check, or write “VOID” in smaller letters on the date, payee, amount, and signature lines. However, the employer needs your banking information to get the process started.
Is a voided check the same as a canceled check?
The word does not have to cover the entire face of the check, but it should be big enough so no one else can use it. Voiding a check is a simple way of providing such financial information. Alternatively, the word can be written on other check parts, such as the payee line, dateline and amount box. We can examine the report for any discrepancies or issues, and customize the report to gather more information and focus on specific details. I appreciate your efforts in following NicoleAscencionS’s answer, @J-Ro. Allow me to help you further so you can successfully reconcile your accounts in QuickBooks Desktop (QBDT).
Arranging Automatic Bill Payments:
With the routing and account numbers from your voided check, your employer can arrange to have your paycheck deposited directly into your account on payday, saving you time and hassle. A voided check is a check with the word “void” written across the front, which indicates that it shouldn’t be accepted for payment. The check can still be used to get the information needed for electronic payments. In most cases, this includes the bank, bank address, account number, routing number, and the account holder’s name and address tied to the account. You can get a void check for your checking account by writing “void” across the face of any check in your checkbook. Alternatively, your bank may provide you with a downloadable void check, which you can access from your online bank account.
Money
Your bank will most likely charge you a fee to purchase cheques and you’ll have to wait for them to come in the mail, so this may not be a good choice if you need your void cheque quickly. You may also request a letter from your bank with your vital account information, or you can get a preprinted deposit slip or counter cheque from your bank and use that instead. Instead, the receiver is most interested in a void cheque for the transit number, financial institution number, and account number. If you don’t have a check to give, ask whether you can provide a counter check, a copy of a deposit slip, or a letter from your bank. You also might be able to provide your routing and account numbers directly.
Even though fewer consumers make payments by check, voided checks remain important. That’s why it’s good to know how they work, even if you don’t frequently pay by check, so you remain protected when you use them. If you happen to need a blank voided check solely for information purposes but don’t have one at your disposal, don’t panic.
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Additionally, because direct deposits and pre-authorized payments are so popular, many online bank accounts provide a link to a form with all your banking details. Look for a link that references direct deposit and/or pre-authorized payment information after you log into your account. Instead, a void cheque is a physical check with the word “void” written across the face. That said, a void cheque is often requested when registering a new direct deposit as it ensures that the account information is copied verbatim. Finally, you can ask your employer or the business to send you a direct deposit form.
- First, your online banking portal may be able to provide you with a void cheque on demand.
- The easiest way is to just print a void cheque from your online banking portal.
- If you add one too many ‘0s’ to your check, you can’t just correct it and hope it works out.
- For all of these options, cheques with the recipient first to ensure that they will accept these alternatives.
All you need to do is draw out a check, grab a pen, and write the word VOID across it. When doing this, make sure that the writing covers all of the blank space in the check yet don’t cover the account details. Use a pen or marker that is bold and dark enough so that the writing is visible.