You may have a payment arrangement set up with another person, such as a family member, a friend, or even a landlord/tenant to make recurring payments electronically. All you should see is the bank information such as your routing number, account number, and check https://businesstribuneonline.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ number, and the word ‘VOID’, which you should have written on the front of the check. In a computerized accounting system, there is usually a menu option for voiding a check, since this is a sufficiently common activity to warrant having its own routine.
Voiding a check 101
In order to send the correct information to the bank to stop payment, you will need to extract the requisite information from either a copy of the check or the check register. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
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In this guide, learn how to make a voided check and other potential factors to consider. You brew coffee at home, you don’t walk into Target and you refuse to order avocado toast. But no matter how cognizant you are of your spending habits, you’re still stuck with those inescapable monthly bills. You should also warn the payee that you have issued a stop payment.
What is a void cheque?
From employers, to payment services, to government agencies, requests for voided checks are still common. However, keep your own security in mind when sharing banking information. With the rise of online banks, your checking account may not come with a supply of paper checks.
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- In the other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.
- If you aren’t sure of any of this information or get it wrong, the check could still be cashed, and the only way to avoid financial loss would be to freeze the account.
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It’s wise to be cautious with your bank account information, so knowing the proper way to void a check could help you set up direct deposit safely and correctly. 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. When an original check is not required (for example, if you’re going to fax in the instructions or submit an electronic image of your check), you can use the same copy repeatedly. Whatever you do, never sign a voided check or write any additional information in the blank spaces provided. The purpose of a voided check is to provide your bank name, routing number, and personal account number.
Accounting for a Voided Check
When an employer or another entity requests a preprinted voided check, they are probably referring to a standard check that you have voided by writing VOID on the check. If you don’t have any checks, one of the simplest ways to get a voided check is to visit your local bank and request a counter check. You can then void this check by writing VOID across accounting services for startups the front and send it to the entity that requested a voided check. Alternatively, you may be able to print a check at home and then follow the same process. If you have already signed a check and then want to void it, you still can by writing “VOID” across the front of the check. The large “VOID” will suffice in voiding the check, no signature needed.
Make a note in your check register so that you’ll know where the check went. In the other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service https://thearizonadigest.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ provider. Find out what ACH stands for, what it can be used for, and the pros and cons of ACH transfer. Wise is an online account that lets you spend abroad with your Wise card.
Direct Deposits
