Many people often ask what is a voided check. Save yourself some time and trouble by depositing your paycheck directly into your bank account. Setting up direct deposit. It can be a bit overwhelming if you’ve never done it before. Most employers will ask you to fill out a form to set up direct deposit, but they’ll also ask you to send them a voided check.
That’s because a check gives your employer all the info they need to make sure your paycheck gets deposit. If you don’t already have a check, you can order one online. In this article, we are going to provide you with all the needed information about this topic so continue reading.
What Is A Voided Check?
A check that has been voided has the words “VOID” written across it. This means that it can no longer uses as payment. By voiding a check, you ensure that it will not used by the criminals, such as scammers, who may write in large amounts for themselves.
A check can also contain important information, such as routing numbers and account numbers, which can be used in electronic financial transactions. Hence if you are making an electronic financial transaction, you may also require a void check.
How To Void A Check?
Since you want to know what is a voided check, we figured out that you might be also interested to know how to void a check. If you want to stop other people from taking money out of your account, therefore it’s important to void a check. Here are the 3 easy steps to void a check:
- Step 1
For the first step in order to do it right, make sure that you choose a use a blue or black pen.
- Step 2
For the second step, write “VOID” in big letters on the front. You can also write it smaller on the date, payee, amount, and signature lines, as well as the amount box.
- Step 3
For the third step, when you’re done, make a copy of the check for your records and note the check number. If you’re using duplicate checks, make sure the same word appears on the duplicate check too.
Also, do not cover up your routing or bank account numbers when you void the check. These numbers are important for tracking your bank account so you can send or receive payments.
Some Reasons To Use A Voided Check
Many people would ask what is a voided check used for. There are some reasons for using a voided check. Here we are going to tell you what are those reasons:
1) For Direct Payments
You may need to void a check if you want to set up electronic payments, whether for personal use or for business purposes. For instance, if you own a business, and your vendors prefer electronic payments, therefore you may want to void a check to set up automated payments.
2) For Direct Deposit
Direct deposit can speed up the process of getting paid, but your employer also need some information from you to begin the process. This information includes your bank account number and your bank routing number. Voiding a check is an easy way to provide these details.
3) General Bill Payments
If you need to pay your mortgage or car loan online, you may need to submit a void check to set up payments from your checking. Voided checks are often uses for these regular payments.
What Is A Voided Check For Direct Deposit?
Now we are going to tell you what is a voided check for direct deposit. If you don’t have any paper checks, don’t worry! You can still take advantage of direct deposit by getting a check that’s are void. Here are the steps which you have to follow:
- Just go to the bank and ask a teller if they can print one.
- Ask if they have any instructions on setting up direct deposit.
If your employer doesn’t require a check and instead uses a form, you’ll need some info from the bank to fill it out. The informations are:
- You’ll need your routing number
- Your bank account number
- The name of the bank
- The city and state of your bank
Why Companies Need Voided Checks?
We already gave you the answer to what is a voided check and now we are going to tell you why companies need voided checks. If you’re an employer, you’ll probably want to use a blank check to set up a direct deposit for your payroll. But if you’re a service provider, you’ll probably want to set up a blank check for your direct debits too.
That’s because when you use a blank check, you don’t have to worry about a transcription or any other kind of error. Hence a blank check gives you all the info you require, like any routing numbers and account numbers.
Can I Deposit A Voided Check?
A voided check cannot be deposited. A voided check may be accepted for a short period of time at an ATM. Once an error is detected, the cleared funds are removed from the recipient’s bank account and sent back to the original check holder. A fee may be charged for the cleared funds. If a check clears, customers may file a claim upon receiving their statement.
Are Voiding Checks Safe?
A check that has been voided that are not also accepted for payment. You are not also able to filled out, cashed or withdrawn from the account. Personal information, such as account number and address, may still be included in the check. Hence aware of the identity of the person to whom the check is issued and to protect the check is must and it were a checkbook.
Conclusion
This article starts with a question that asks what is a voided check and we gave you a proper answer to that question. To wrap it up all we can say is that a check that is already address as void can be a critical factor in the establishment of financial transitions such as payroll direct deposits.
Properly voiding a check by writing “VOID” in capital letters on the documents minimizes the risk of the check being cashed. Alternatively, you may not be able to submit documents such as a “direct deposit slip”. That can also provide the essential financial data for the transition.
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