{"id":253345,"date":"2024-09-24T03:06:00","date_gmt":"2024-09-24T07:06:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/the-head-specimen-in-canada-all-knowing\/"},"modified":"2024-09-26T07:18:55","modified_gmt":"2024-09-26T11:18:55","slug":"specimen-cheque-canada-everything","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/personal-finance\/specimen-cheque-canada-everything\/","title":{"rendered":"Banking: Everything You Need to Know about Void Cheques in Canada"},"content":{"rendered":"

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In the digital age, the void cheque <\/strong>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.<\/p>\n

But what exactly is a void cheque for? How do you get one from your financial institution (NBC, BMO, CIBC, Desjardins<\/a>, Tangerine, TD, etc.)? These are just a few of the questions you’ll find the answers to in this article. <\/p>\n

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First of all, a simple reminder of what a void cheque<\/strong> is. Basically, it’s a copy of a cheque used to share information about a given chequing account. <\/p>\n

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<\/strong> to deposit your pay directly into your account. <\/p>\n

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.<\/p>\n

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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. <\/p>\n

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Essentially, the void cheque<\/strong> is designed to collect or share the following banking information:<\/p>\n