What is a voided check?
As the name suggests, a check that cannot use for payments is known as a voided check. Across the check, if the word “void” is written, that particular check is called voided or a canceled check. Even though a voided check stands canceled, it can still be utilized to receive information required for electronic payments.
The meaning of the word ‘void’ is to cancel, and a voided check means a canceled check. Even though the check is canceled, it serves many purposes.
The check which is voided is not considered and cannot be made use as blank checks, and so it cannot be is utilized by somebody else. For example, if a person loses a void check, another person cannot cash it further.
Why do individuals ask for voided checks?
Avoided check is usually used to avoid errors and nullifies the chances for fraudulent activities—another fact behind that the person will get a confirmation that the check provider possesses a bank account.
For setting up payments, void checks needed. Suppose you are a person who writes checks regularly for various expenses. Every time you don’t have to access your checkbook and make the payment. Instead, you can go for an electronic payment system. To set up the same, you need to provide details through void checks.
Do providing a copy of void check enough?
The main purpose of the voided check is to get the banking related details of a customer. Hence a copy of the void check will do. The only thing is that the information on the check should be clear enough. Usually, people copy those details and then throw away the void check.
Even though this is the usual condition that persists, most of the companies go for printed documents. The reason behind that is the chances of reduction of errors and also the fraudulent activities.Nowadays, most customers provide all the banking account details such as routing number and account number online; hence, providing voided checks has become a bit ‘out of trend’ in this technological era.
What are the alternatives to a void check?
A direct deposit authorization form is one primary alternative for a void check – One should be careful while filling details using this type of form
Another alternative for a voided check is avoiding counter-check as it is a blank paper check or a starter check when one opens an account in the bank
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