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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 specimen cheque used for? How do you get yours depending on your financial institution (NBC, BMO, CIBC, Desjardins, Tangerine, TD, etc.)? Here are a few questions you’ll find answers to in this article.
First, it’s worth a quick reminder of what a specimen cheque is. Essentially, it’s a copy of a cheque used to share information about a given chequing account.
Ultimately, this copy of a cheque allows a person 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 specimen cheque to deposit your pay directly into your account.
Nowadays, few employers or suppliers pay their employees or customers by paper cheque. Everything is done online—or almost! For this reason, knowing how to find your specimen cheque is essential.
Rest assured. Providing a specimen cheque does not allow money to be withdrawn from your bank account. It can only be used to deposit funds. For a bank or biller to withdraw money from your bank account, you must complete a pre-authorized debit agreement (electronically, in writing, or by phone) in addition to providing your specimen cheque to grant 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 bank branch number. When combined with the institution number and account number, it makes it possible to identify the exact location of a bank account to set up direct deposits or make money transfers.
The institution number is made up of 3 digits and represents the financial institution number. When combined with the transit number (or identification number) and the account number, it makes it possible, among other things, to set up direct deposits.
As mentioned above, your specimen cheque is available online. You can easily access it using your financial institution’s secure website or mobile app. In fact, it’s the same place where you do your online banking transactions: bill payments, Interac e-Transfers, etc.
However, the steps to obtain it vary slightly from one bank to another. That’s why we’re providing the instructions below to retrieve yours depending on 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 specimen cheque from the Bank of Montreal is also accessible online by following these steps:
CIBC offers a specimen cheque through its online platform. Here are the steps to follow to obtain it:
Are you a member of a Desjardins credit union? You can get a specimen cheque on AccèsD in just 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 summary, you always have easy access to your specimen cheque, regardless of your financial institution. This way, you can obtain or share your banking information with your employer (e.g., direct deposit of your pay) or a service provider (e.g., payment of your mortgage, your electricity bill, or your insurance premiums).
Rest assured about the security of this document. In fact, it cannot under any circumstances be used to withdraw money from your account. It can only allow a person or organization to deposit money into it.
The right credit card choice depends on your profile – income, expenses, objective (travel, cash back, balance transfer). To compare options according to your criteria, use our credit card comparator. You can also consult our ranking of the best credit cards of the month, updated monthly by the Milesopedia team.
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