Paper cheques aren’t as common as they once were due to the rise of electronic payments, but they still have their place. For example, a voided cheque offers access to your account when you’re setting up direct deposit or renting an apartment.
And while cheque use may be declining, Canadians still write out a billion cheques per year. Cheques, especially voided cheques, are a convenient banking feature you can add to your financial repertoire.
So what is an RBC void cheque, and what are its uses? I’ll dive into those details and more in this article.
What Is an RBC Void Cheque?
Void cheques are used today to provide information to trusted companies and institutions, for things like direct deposit payments or account verification. Before online banking, RBC users would get a paper cheque and write “VOID” across it, which prevents anyone from filling out the information and using it to make a payment.
Instead of manually voiding a cheque, RBC users can sign into their online banking account and print one off. Follow these simple steps.
- Go to RBC Online Banking, sign in, and click “Account Services.”
- Review the options on the left-hand side. Click “View and Print Void Cheque.”
- Choose the account for the void cheque.
- Agree to the terms and conditions rendered.
- Click “View and Print” for access to your void cheque.
Need more help? Check out this video and watch how to void a cheque for yourself.
There are usually two main reasons to void a cheque. They include receiving a deposit or making a payment. When you write “VOID” at the top, the recipient of the cheque will not be able to fill out any of the information or cash it in.
Instead, a void cheque acts as an identification and authorization document. It includes your bank account information so you can receive money or approve payment from your account.
The following situations might require a void cheque:
- Receiving direct deposits from your employer.
- Setting up insurance payments.
- Setting up utility payments.
- Third-party site links like Paypal.
Banks use void cheques for all different financial situations. That’s why it needs to include important information. Here’s what you’ll find on your “sample” or void cheque.
- Name and address. Both of these items are important because it shows who owns the account. You should keep your address up to date in case a company needs to contact you.
- Bank branch address. Included on the cheque will be a section for the bank’s physical location. Banks and other companies use this when someone handling the cheque needs to issue a correspondence letter.
- Transit number. You can locate the number on the bottom left-hand corner. The transit number is five digits that identify the specific branch where you opened the account. The number will remain the same even if you move to another city.
- Institution number. The three-digit number located after the transit number, the institution number, also called the bank code, identifies the bank independent of the transit number. RBC’s code is 003.
- Account number. Following the institution number, a seven to twelve-digit number identifies your account. RBC account numbers are seven digits long. Combining the institution and transit numbers gives you the routing number.
Do I Have To Give My Employer My Banking Information?
If you want to receive your paychecks direct deposited into your account, your employer will need your banking information. Normally, submitting a void cheque is the easiest way for your payroll department to get this info.
However, RBC does have another way. You can use your online banking account to print a payroll direct deposit form.
- Sign in to Online Banking.
- Click “Account Services.”
- Select “Payroll Deposit Forms.”
- Choose the appropriate account, and then you can print your form.
- Hand that to your Human Resource Manager or Payroll Department.
The direct deposit form includes most of the same information as a void cheque, but it also adds an area for your signature, date, and employee number (if applicable).
Some banking accounts include free cheques when you sign up. Both RBC Signature No Limit Banking and RBC VIP Banking have free cheques.
Other account holders can order more either online from the “Account Services” menu of Online Banking, call customer service, or stop in a local branch.
Pricing depends on how many you order as well as the style you choose. Higher-end styles with more personalization mean increased costs.
The only risk with a void cheque is if you forget to write “VOID” across the top. If that happens, anyone could fill out the Payee information as well as the amount. They could then use that cheque to withdraw money from your account.
While that is unlikely, it’s still a possibility, which is why you should double-check anytime you physically void a cheque.
Sample, or void cheques, provide information to trusted sources. Knowing how to write a void cheque or print one will help you throughout your lifetime. From switching jobs to applying for mortgages, a voided cheque is a financial tool still needed today.
With RBC, customers don’t have to worry about writing “VOID” on the cheque anymore. Instead, with a few clicks, they can print it out and have all their necessary information on hand. If you want to learn more about RBC banking, check out my best no-fee accounts in Canada list.