Even if they are turned into electronic facsimiles, the practice is generally safe. The funds will be automatically taken from your account, depending on how you set things up. You only need to sign an agreement authorizing such transactions. Writing “VOID” across the how to calculate your business valuation front of the check prevents anybody from using the check to make a standard check payment (by filling in a payee and an amount). When opening a bank account, typically documentation and proof of identity are needed to get the application and review process started.

When should you void a check?

With all these precautions, any of your attempts to erase the word “void” will undoubtedly result in disappointment. Yes, it’s the digital age, but you still need to know how to void a check. I graduated in 2003 from Carnegie Mellon University with a Masters https://www.kelleysbookkeeping.com/extension-of-time-to-file-your-tax-return/ in Software Engineering and I use my analytical skills to navigate the financial world. It’s through this education that I try to distill complex financial ideas into simple steps regular folks can use to take control of their money and build wealth.

How to Void a Check for Direct Deposit

Voiding a check can be a key step in setting up financial transitions like regular payroll direct deposits. Voiding a check properly by writing “VOID” in large letters on the documents will help reduce the risk that the check will be cashed. 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.

How to Void a Check if You Don’t Have Checks

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 https://www.kelleysbookkeeping.com/ pre-printed slips in the back of your checkbook. No two accounts at the same bank will have the same account number. The city and state of the bank is not the address of the branch you go to. It’s the city and state of the headquarters of the bank.

Deposit Slips

1. If you already sent a check that needs to be canceled, it’s obviously a little too late to write VOID across it.
2. Never give anyone a blank check, especially someone you do not know because it could be used to make a withdrawal on your account.
3. You can easily void a paycheck or other payment through QuickBooks or other accounting software.
4. If you’ve never set up direct deposit before, it can be intimidating.
5. This website is using a security service to protect itself from online attacks.

It’s typically written in large letters, so it cannot be mistaken for cash use. Voiding a check prevents the check from being used by anyone, especially thieves who could write a large sum of money out to themselves. Typically, a voided check is used to get information needed for electronic payments because it includes details such as your routing number, account number, and check number.

Should someone get the voided check, the person wouldn’t be able to cash or deposit it. 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.

Chase, for example, offers checkless checking accounts. Never give anyone a blank check, especially someone you do not know because it could be used to make a withdrawal on your account. If you can send a hard copy of the voided check via fax, so much better.

Banks typically charge a fee for these checks, which can be anywhere from a few dollars to as much as $25. But, if you normally have no need for paper personal checks, this can be a way to provide a voided one. Most employers will ask for a voided check to set up your direct deposit in addition to filling out a form. They ask for this because a check has all the information your employer needs to help ensure your paycheck is deposited in your account. If you don’t already have checks, you can order checks online. A voided check has the word “VOID” written across it, indicating that it cannot be used for payment.

All the rest, including bank name, routing number, and account number, are stated. There are instances where voided checks may still be cashed by the payee. If what you have in your possession is a slated check, the bank may grant your request for encashment. For that reason, voided checks should never be provided lightly. They should be given only to individuals who are both trusted and necessary in your life.

Many companies have no trouble reissuing a check if not more than a year or two has passed since the original date specified in the check. If you are paying via check, this should not be a problem. If it is your check, you should write yourself a new one and not waste time thinking of what-ifs.

You can ask your financial institution to send a letter providing all the same information to the party requesting your voided check. One of the advantages is your bank or credit union may send the letter directly to the party requesting the voided check, avoiding the need to send it by email. Employers may not be the only entities you’ll have a direct deposit arrangement with.

Typically, you’ll need to void a check when you need to provide new account verification for setting up a direct deposit or direct withdrawal. You can provide written informaition about your account, but many companies require the voided check for verification. If you accidentally voided a check, you can still use it to set up electronic bill payments, direct deposits in payrolls, and automated clearing house (ACH). The recipient will get your information and enter it into their system. Once you printed “void” on the check, it can no longer be used for payments.

Direct deposit will be the preferred way for those institutions to make payments and for you to receive them quickly. You may need to provide a voided check when you set up automatic bill payments, deposits from your employer, or investments from your bank account. Your bank account information appears on those checks, and whoever asked for the voided check will use those details to set up an electronic link to your bank account. There is only one hitch, you need to know how to void a check, and you may not have done that before. You may need to void a check when you make an electronic financial transaction.