How to Write a Void Cheque and What to Do With It
As a millennial, I have never sat down and balanced my chequebook. But there have been times when I have needed to provide a void cheque. If you are also in need of one, here is what you need to know to make sure you are voiding the cheque properly and what to do afterward.
What Is a Void Cheque?
A void cheque is one that has the word “void” written across the face of the cheque. It’s an invalidated cheque that can be used to obtain the account holder’s chequing account information.
If voided properly, an invalidated cheque cannot be filled out and cashed or used as payment.
Why Would You Need a Void Cheque?
You cannot use a void cheque for payments, but there are times when it is still useful or may even be required.
Setting Up Direct Deposit
If you are setting up direct deposit with your employer, they may request a void cheque to get accurate banking information. Your employer can then deposit your paycheque into your correct account instead of issuing you a paper paycheque.
Sometimes when filling in a cheque, mistakes happen. And although you can correct minor errors on a cheque, if you make many mistakes or a critical mistake, it’s in your best interest to void the cheque and start again.
Setting Up a Pre-Authorized Payment
If you are tired of writing out cheques for regular payments, then you may be able to use a void cheque to set up pre-authorized payments. Setting up automatic payments is a great option for utility bill payments, car payments, or mortgage payments.
With a pre-authorized payment, the money will automatically come out of your account without you needing to write another cheque. Just make sure that you have the money in your account to cover the payments so that you don’t incur overdraft or insufficient fund charges.
How to Void a Cheque?
Voiding a cheque is more straightforward than writing out one for someone. All you need to do is write “void” in large letters across the face of the cheque.
Make sure you take up as much space as possible so that someone cannot try to fill it out and use it. And avoid covering the numbers at the bottom. These are the account numbers and usually the reason a void cheque is needed.
Do You Need to Sign a Void Cheque?
No, you do not need to sign a void cheque. As long as the word “void” appears across the cheque’s face in big, bold letters, the cheque will be invalid.
It is a good idea to not sign a void cheque on the off chance that someone tries to fill it out and use it. Your cheques should not be able to be used as payment without your signature.
Can You Print Out a Void Cheque Online?
Yes, many banks in Canada now have the option for you to print out a void cheque online. All you have to do is log into your online banking portal and look for the print void cheque options. Then either print out the void cheque or save it as a PDF to send it electronically.
How to Void a Cheque if You Don’t Have a Chequebook?
If you do not have a chequebook, the easiest way to get a void cheque is to print one off from your online bank account. But if your bank does not offer this as an option, here are some other things you can do.
- Ask a bank teller for a counter cheque. A counter cheque is one that is printed on demand when you visit a bank in person. Banks will usually print you a few counter cheques free of charge. But after that, they may insist that you order a chequebook for your ongoing needs.
- Use a pre-printed deposit slip. You can get a pre-printed deposit slip (also known as a direct deposit form) from your bank with all of the information a void cheque would. The only inconvenience is that you have to go into your bank to get it physically.
- Provide your banking information online. Depending on why you need a void cheque, you may be able to enter your account information online.
- Request a letter from the bank. You can request a letter from your bank that states all of your required account information. Before you decide to do this, make sure you check with whoever you are providing this information to that a letter from the bank will work as a replacement for a void cheque.
What to Do After You Void a Cheque?
After you create a void cheque, provide it to the person or company who requested it.
Because the purpose of a void cheque is to obtain accurate account information, you can reuse it as it’s not legal tender. If you can provide the void cheque electronically (either by scanning it or using the feature through your online bank account), save the original. That way, you can re-use it again and save yourself another cheque from your chequebook.
Keep track of the void cheque in your cheque register. This will make it easier to keep track of the purpose of the cheque.
And finally, make sure you keep track of your void cheques and dispose of them appropriately. Even though they are invalidated, they still have your address and banking information on them.