Writing out a paper cheque isn’t as common as it once was. However, that doesn’t mean it still isn’t a useful financial tool. If you have a Simplii Financial chequing account, you don’t even have to manually void a cheque. Instead, you can do it online.
Accessing a Simplii Financial void cheque is easy. All you have to do is log on to your Online Banking account and print one out. If you aren’t near a printer, you can manually void one of your cheques by writing VOID across it in clear letters.
With over 88% of Canadian employees receiving their paychecks by direct deposit, knowing how to void a cheque and give your payroll department your financial information is crucial.
So how do you do it? Follow as I break down the steps to void a cheque both manually or online and explain why you need to know how to do it.
But while they’re an online bank and many of the transactions are done electronically, you might wonder how you can void a cheque. You have two different options – one a little old school, and the other a more updated version.
The traditional way to void a cheque is to grab one from your chequebook and write “VOID” across it in clear letters. Use a pen or permanent marker, and make sure you don’t cover the numbers on the bottom.
Voiding a Cheque Online – Four Steps
If you don’t have cheques, you can still access a void cheque, sometimes called a sample cheque, using Online Banking.
- Log in to your Online Banking account.
- Go to “Account Details” or “Order Cheques.”
- There will be an option to “Get Void Cheque/Direct Deposit Info.”
- Click the link. Review your information and print.
There are a few reasons void cheques are important. First, a cheque includes all your banking information. Those numbers at the bottom actually have meaning, including your branch transit number, institution number, and account number.
- Branch transit number. This five-digit number identifies the branch where you opened your account. Because Simplii is an online bank and doesn’t have branches, this number is the same for its customers.
- Financial institution number. This three-digit number also called the bank code, identifies your financial institution. Because Simplii is a branch of CIBC, its financial institution is the same as theirs (010).
- Account number. This number can be anywhere from seven to twelve digits, and identifies your unique account number.
There are usually three reasons to void a cheque.
Employers want to use direct deposit to pay their employees instead of manually writing out cheques. To do this, they need access to your bank account information. The easiest way to do this is to give them a copy of a voided cheque.
You can also use void cheques to set up recurring payments like your mortgage, rent, or car payments. Instead of sending a cheque or paying in person, your money will automatically get deducted from your account each month.
The third reason for voiding a cheque is if there’s an error when you’re writing it out. If you enter the wrong name or incorrect amount, there are ways to fix that, but if you feel it’s too messy or too big of a mistake, voiding it is the next option.
Whether you’re setting up your direct deposit or automated monthly payments, there are certain times when you need to void a cheque.
You can write “VOID” on the cheque manually or print one through your Simplii Online Banking account. Either way, it’s not complicated and can be done in a matter of minutes.
Simplii offers a basic no-fee chequing account that’s all online. If you aren’t sure if it’s the best account for you, check out these other no-fee bank accounts that might fit the bill.