Many companies and websites allow you to set up an electronic bank transfer entirely from your online banking. There might also be situations like my example above, where a voided check is just the quickest and the best option to set up payroll. As checkbooks become a bit more obsolete, it’s still good to have them at your disposal and you might what is a voided check be surprised how many people are still writing checks consistently. And although I am a millennial, I still remember using a “voided check” to set up payroll at one of my first jobs during college. Then, you can send the remaining $200 to your savings account. You don’t have to think about the extra money or manually move it to the account.
Then, it will contact the bank that received the erroneous deposit and request that the money be returned. Finally, once the money is returned, your company will send it to you.
What Is A Kid’s Bank Account?
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You may need to void a check to set up automatic transactions, like direct deposit of paychecks to your checking account. You might need to use a voided check to set up an electronic link to your checking account. Most likely you’ll need to set up this link to get your paychecks through direct deposit, or to set up a recurring payment like your monthly bills.
Why Would I Need to Void a Check?
But another common reason is simply to send reliable information about the banking account to another person or organization. Depending on your online banking portal, you may be able to print your void cheque online. To check, log into your online banking portal and go to your chequing account. If there is an option to print a void cheque, you’ll find it in your account details. Usually, you’ll be able to print a cheque directly to form a PDF which allows you to email it directly to the recipient without ever having to touch a physical cheque.
There are several situations in which a voided check might be used. The most obvious one is when a mistake has been made when writing a check, such as stating the wrong payee or amount to be paid. Writing “Void” across it prevents someone from using the check to falsely extract money from the person’s checking accounting.
Alternatives to Void Cheques
Read on for a few scenarios where a voided check is necessary. Balancing a checkbook and keeping track of all your expenses are great ways to start on the path to budgeting. Get started with a step-by-step guide, and take control of your money. No matter the reason for needing to trash a check, it’s a good idea to void it first just to be safe—yes, even if you’re planning to rip it up. However, you don’t want to take any kind of chances when it comes to your banking information. From there, grab a permanent marker and write in big, bold, clear print with plenty of spacing to cover the entire face of the check the word V O I D. It is very useful in passing the banking information to another party.
- Alternatively, you can print the void cheque and provide it to whoever needs it (e.g., your employer to set up a direct deposit).
- When I first learned about voiding a check from my parents as I needed to set up my direct deposit from my first job, I was a bit confused.
- This allows them to enter all of your account information and confirm that your paycheck is going into the correct account.
- Make a note of “VOID check” to make sure you know why that check is skipped when you’re balancing your checkbook.
It is best to permanently deface or destroy a voided check, so that no one can present it to a bank at a later date and expect to be paid for it. If the check is not currently in the company’s possession, then contact the bank and authorize a stop payment on the check . If you write “Void” on a check, always use ink; someone could erase a “Void” mark made with a pencil and then try to cash the check. Once it has been appropriately voided, a check cannot be used. If there is an option to print a void cheque, you’ll find it in your account details.
Legit Ways to Make Extra Cash
So you wrote a check and gave it or sent it, but now you need to cancel 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. A void cheque is a regular cheque with the wordVOIDwritten across https://www.bookstime.com/ the front of the cheque. The team at WealthRocket.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
It’s a paper check that has the word “VOID” written across it. A voided check is used by banks and other financial institutions, as well as employers, to set up links between accounts for electronic deposits. You may need a voided check to set up a bank account, direct deposit, or automatic bill payment. You may also decide to void a check if you filled it out wrong or completed a mobile deposit and want to make sure it can’t be used again. The most common use for a voided check is to establish a direct deposit¹. If you’re going to receive payments from an employer electronically, you can send them a voided check, so they have all of your bank information.