In this article, we’re explaining the meaning of voided in the world of banking and finance. Including why, how, and when “voided” is important.
Plus, we will also be answering common questions that we receive from our members on the topic.
This article is part of our free series on sending money, including the ultimate guide to bank checks, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
Meaning of Voided
The meaning of voided in banking is that of a voided check. Voiding a check is commonly done in order to assist with bank verification or to confirm details for a repeating bank transaction.
More specifically, voided checks are commonly requested by employers in order to facilitate deposits of salary, benefits, and reimbursements. They may also be required in order to automate payments such as mortgages or student loans. Of course, they are also commonly used for paying expenses related to public utilities, credit cards, and more.
The check voiding procedure involves taking a check from the associated bank account and writing the word “VOID” across its face in large block letters. This equates to check cancellation, as no bank will accept a check that includes the words “VOID”.
That said, in certain instances, you may not need to provide a voided check. Depending on the voided check purpose, you may be able to provide a bank document that meets the requesting parties requirements instead.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the meaning of voided. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
How Do I Get A Voided Check?
To get a voided check, you have two primary options, which include creating one manually, downloading one online, or receiving one from your bank. First, if you have a checkbook connected to your checking account, you can withdraw a check and write “VOID” across its face in large block letters. Second, if your bank provides voided checks through its online banking platform, you can login to your account and download a copy of a voided check. Lastly, if you do not have a checkbook and your bank does not offer voided checks online, you can visit a branch of your bank and ask a teller to assist you by providing you with a voided check for your account.
What Can I Use Instead of a Voided Check?
What you can use instead of a voided check will depend on the reason that the voided check has been requested. In certain instances, it may be possible to simply confirm account information with the requesting party. Alternatively, you can ask the requesting party to confirm the specific information that they require, and that share those specific details with them instead of all of your account information.
Do I Need a Voided Check for Direct Deposit?
No, you do not need a voided check for direct deposit. However, providing a voided check is one way to ensure that the account information is correct prior to transactions taking place. This is why many employers request a voided check from new employees prior to setting up salary and benefits payments.
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