Or maybe you wrote a check for $1,000 but you only intended for it to be $10 and spelled out this amount. Chances are the check won’t go through at the bank because of the discrepancy. Dynamic platform dedicated to empowering individuals with the knowledge and tools needed to make informed investment decisions and build wealth over time. For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online.
What Are Voided Checks?
Voiding a check is often done when you want to ensure that a specific check cannot be cashed or deposited. Just make sure not to hide your account and routing numbers at the bottom of the check. The person getting the check needs these numbers for direct deposit or other financial services.
Use a Printed Deposit Slip
If the check is stale but has not yet expired, confirm with the issuer whether their account still has sufficient funds. A voided check is a check written or partially written but then canceled or deleted by the maker of the check. If you use one of these forms, double-check to make sure you got all the information right before submitting it. If you make a mistake, you won’t get your paycheck as scheduled.
Definition and Purpose
Some companies allow you to set up payments or direct deposits with a deposit slip for your checking or savings account. It is essentially a check with the word “VOID” written across a blank or partially written check. The word “VOID” indicates that the check cannot be accepted for payment. The word “VOID” also disables the check from being used as a blank check. In other words, the check cannot be cashed even if someone completes the check.
- When it comes time to balance your checkbook, you won’t drive yourself crazy trying to remember why there’s a missing check number and what happened to the check.
- We’ll never steer you in the wrong direction just because a company pays us.
- Although it might sound complicated, voiding a check is actually quite easy.
- However, a voided check can still be used to gather information about a person’s bank details such as bank account number, routing number, and check number.
- That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives.
Becoming financially independent involves knowing how to deal with your finances and checks. Certain financial transactions will require you to use a void check and you should be aware of what that entails. If you still don’t know how to void a check, fear not because we’re here to help you with the process. Even with improvements in electronic payments, Grocery Store Accounting banks and service providers still request voided checks.
Worse, the money could go into someone else’s account and you might be unable to recover it. It may seem pointless to enter a check that no one will ever cash, but it will save you hassle later on. When it comes time to balance your checkbook, you won’t drive yourself crazy trying to remember why there’s a missing check number and what happened to the check. Alternatively, you can write “void” in each field of the check separately. Before giving an employer a voided check, it can make sense to first make a copy of the check, so what does voided check mean that you know how the check was used.
- Another important thing is to use a black marker or a pen that can’t be erased, making it easier for thieves to use it as a blank check.
- If you’re setting up bill payments through online banking, you don’t need a voided check.
- Even if your bank agrees to honor the check, the issuer’s account may not have the necessary funds.
- To enroll, your employer will give you a form that includes information for you to enter your banking information and preferred account(s) that funds should be deposited to.
- Your eligibility for a particular product and service is subject to a final determination by Citibank.
Being informed and prepared will make it easier for you to deal with voided checks. A voided check is a simple and safe option to share your banking details. This method still works well, even with the rise of retained earnings electronic transactions. When you void a check, it is no longer valid for money transactions. If you’re setting up bill payments through online banking, you don’t need a voided check.
