In the digital age, the void cheque remains a necessary tool for a variety of transactions. A few years ago, you would scribble “void” or “specimen” on a paper check and that was it. Today, it comes mostly in digital form. Generally, this is a PDF format to be downloaded from our financial institution’s secure website (online banking) or mobile application.
But what exactly is a void cheque for? How do you get one from your financial institution (NBC, BMO, CIBC, Desjardins, Tangerine, TD, etc.)? These are just a few of the questions you’ll find the answers to in this article.
First of all, a simple reminder of what a void cheque is. Basically, it’s a copy of a cheque used to share information about a given chequing account.
Ultimately, it allows an individual or organization to transfer (deposit) money directly into the linked account. For example, if you start a new job, the human resources department will ask you for a void cheque to deposit your pay directly into your account.
Today, few employers or suppliers pay their employees or customers by physical cheque. Everything is done online – or almost! For this reason, knowing how to find your void cheque is essential.
Rest assured. Providing a void cheque does not allow anyone to withdraw money from your bank account. It can only be used to deposit funds. In order for a bank or bill issuer to withdraw money from your bank account, you must complete a pre-authorized debit agreement (electronic, in writing or by telephone) in addition to providing your void cheque, to give permission for withdrawals.
Essentially, the void cheque is designed to collect or share the following banking information:
You may be asked for this information in a variety of circumstances: setting up direct deposits, receiving an overseas payment, programming a recurring payment into your account and more.
The transit number (or identification number) is made up of 5 digits and represents the number of the bank branch. When combined with the institution number and account number, it identifies the exact location of a bank account for direct deposits or money transfers.
The institution number consists of 3 digits and represents the number of the financial institution. When combined with the transit number (or identification number) and the account number, it can be used to establish direct deposits, among other things.
As mentioned above, your void cheque is available online. You can access it easily via your financial institution’s secure website or mobile application. In fact, it’s in the same place as where you carry out your online banking transactions: bill payment, Interac transfer, etc.
However, the steps for obtaining it vary slightly from one bank to another. That’s why we’ve provided you with instructions on how to get yours from your bank or credit union.
Here’s how to get your void cheque if you’re a National Bank (NBC) customer:
What information it offers:
The Bank of Montreal (BMO) void cheque is also available online, by following these steps :
CIBC offers a cheque specimen through its online platform. Here are the steps to follow to obtain one:
Are you a member of Desjardins? You can obtain a void cheque on AccèsD in a few simple steps:
Once again, it’s very easy to generate a void cheque online with TD:
With Tangerine online banking, you can quickly obtain a void cheque for your chequing account. Here are the steps to follow:
The Wealthsimple platform allows you to quickly obtain a void cheque for your high-interest chequing account (Wealthsimple Cash). Here are the steps to follow:
In short, you always have easy access to your void cheque, regardless of your financial institution. For example, you can obtain or share your banking information with your employer (e.g., to deposit your pay) or a service provider (e.g., to pay your mortgage, electricity bill or insurance premiums).
Rest assured that this document is secure. It cannot be used to withdraw money from your account. It can only be used by a person or organization to deposit money into your account.
A void cheque is a copy (paper or digital) of a cheque used to share account banking information. This allows a person or organization to transfer money directly into the linked account. For example, your employer can deposit your pay directly into your chequing account.
A Canadian void cheque includes the following banking information: name and address of the account holder, name and address of the financial institution, 5-digit transit number (or identification number), 3-digit institution number and account number (the number of digits may vary from one financial institution to another).
You can easily access your void cheque on your financial institution’s secure website or mobile app. However, the steps for obtaining it vary slightly from bank to bank.
It’s the same thing. If you write “void” on a cheque, it’s the equivalent of a specimen cheque.
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