You may want to make sure no one else uses it, or, you may need to present a voided check for someone to access and confirm your banking information. Most payroll systems let you split your paycheck multiple ways, so you can have money going to three, four, or even more accounts. That means you can use your direct deposit to automate your savings towards multiple goals at once.

Get your paycheck directly deposited into your bank account to save yourself some time and hassle. If you’ve never set up direct deposit before, it can be intimidating. Knowing how to void a blank check is useful whether you need to set up auto-pay on a loan or want to start receiving your paycheck via direct deposit. Voided checks allow you to protect your funds from unauthorized use while also providing your pertinent financial information.

What is a Voided Check? How to Void a Check + Voided Check Examples

Usually, you can just provide a statement that shows the lack of a deposit. Then, your payroll department will need to track where the money was sent. All U.S. banks have routing numbers and all deposit accounts have account numbers attached to them. There are a few things you can do if you need to submit a voided check but don’t have any. Note that some banks may charge a fee to issue a stop payment on a check. Fortunately, voiding a check is a simple and straightforward task.

• See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.
• If you need a voided check to set up direct deposit with your employer, you have a couple of choices.
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• It is not intended to amount to advice on which you should rely.
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• A voided check will have all of your bank information printed on it, so it can provide others everything they need to set up a direct deposit payment from your account.

You can set up your direct deposit to put $1,000 of your check into your checking account. By clearly writing "VOID" on the check in multiple places, you make it impossible for someone else voided check to use. You can then provide the check to your employer so they can set up direct deposit. The payroll system will use the bank’s routing number to direct your paycheck to the proper bank.

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Banks operate on business days, which are a little different from calendar days. Holidays and weekends don’t count as business days, so any request made around these times may take longer to process. As a final step, you’ll then submit the completed direct deposit authorization form either to your employer or to the bank. Next, you’ll be asked to select how much of your paycheck should be directed to each of your accounts. This aspect can be especially useful if you’re saving for specific goals or trying to find a way to automate your savings. You can allocate as much or as little as you’d like toward various accounts, or have the full amount deposited in one place. You'll need to provide information for any accounts you’d like to use for direct deposit.

When you void something it means you've made it empty, of no effect, or null. So if a written check is full of the monetary amount you write on it, voiding the check makes that check financially empty. Procure a source document with this information on it and you can avoid costly errors in processing. But then you think about the back-office practice of the HR or accounting representatives potentially mis-keying this information and you are back to square one. That said I can see it being a sound practice in the day of paper that did likely avoid many processing issues. Recently at a dinner of bank executives I was chatting with the CEO of a Credit Union who’s daughter recently started a new job. The topic of voided checks for direct deposit then dominated the conversation.

Reasons for Using a Voided Check

Be certain that you don’t cover the routing or the account numbers, which your employer will use to make sure your paycheck goes to the right account. Make a copy of the check to send to your employer, https://www.bookstime.com/ and keep the original for your own records. Knowing how to void a blank check can be useful in certain situations, such as when you want to set up direct deposit into your checking account.

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Alternatives to paper checks

Transaction limits and standard risk screening processes apply. Rather than writing “void” on a check if a mistake is made when filling out the check, you can just rip it up or shred the check. Throw the pieces in a couple of different trash cans to keep your banking information safe. Just be sure to notate the voided check in your check registry. A voided check still shows information about you and your bank account. It will likely have your name, address, bank name, account number, and routing number. If someone has your voided check, they will be able to see and use all of this information.

• We are making progress but I think it is evolutionary rather than revolutionary.
• She issued a check at the beginning with the total forecasted amount and kept it during three weeks.
• A voided check is simply a check that can no longer be used to make a payment or withdraw money from your checking account.
• We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own.
• Thus, if the payment had been for an expense, the credit would be to the related expense account; if the payment had been to acquire an asset, the credit would be to the related asset account.

After a year, if you're still entitled to the payment, we'll replace the voided check. You can also give each account a name like “emergency fund,” “car fund,” or “holiday savings.” Splitting your paycheck among multiple accounts, each with its own goal makes it easy to save. In a pinch, you might be able to provide a copy of a recent account statement. It will include your account number and the name of your bank. You can provide the routing number to your employer who can check it to confirm that it matches the name of the bank on the statement. If someone gets your checkbook, they may try to write checks against your account. It’s possible that they would succeed, causing money to be removed from your account without your consent.

How to Use VersaCheck With QuickBooks

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Then, you can send the remaining $200 to your savings account. You don’t have to think about the extra money or manually move it to the account.