Today, Wednesday, February 21, 2024, at 06:57 EST, understanding what a void cheque is and how to get one from CIBC and RBC is crucial for business entities in Canada. A void cheque is a check with “VOID” written on it, making it unusable for payments. This article explains how to obtain a void cheque from Canadian banks like CIBC and RBC.
Void cheques are essential for business transactions in Canada. They’re used for setting up electronic links between bank accounts and for specific transactions.
Summary of What Is Void Cheque
Aspect | Details |
---|---|
Definition | A cheque marked with “VOID” for secure transactions. |
Purpose | To provide banking details for direct deposits or preauthorized payments. |
Availability | Obtainable from your bank (CIBC, RBC, etc.). |
Price | Varies depending on the bank. |
Information Displayed | Transit Number, Institution Number, Account Number. |
Modes | Paper-cheque and Digital Mode. |
Use Cases | For setting up electronic payments and direct deposits. |
How to Obtain from CIBC | Via CIBC online banking portal. |
How to Obtain from RBC | Through RBC online banking interface. |
Understanding Void Cheques
A void cheque cannot be cashed or deposited but is necessary for certain transactions. It provides your personal financial information to recipients.
Void cheques are used for account verification and setting up direct deposit payments. They help establish electronic connections and direct payments.
The Process of Getting a CIBC Void Cheque
To get a CIBC void cheque, you need to access your CIBC online banking. Navigate to “Void Cheque and Direct Deposit Info” in your account details.
You can print a paper copy or download a PDF of the void cheque. This method saves money as CIBC paper checks are not free.
Obtaining an RBC Void Cheque
For an RBC void cheque, visit the RBC online banking portal. Under “Account Services” in the “My Services” area, select “View and Print Void Cheque”.
After agreeing to the terms, you can view and print the RBC Void Cheque. Alternatively, write “VOID” on a regular check.
The Importance of Void Cheques
Void cheques are still a valuable tool for automating payments. They ensure accurate banking information for employers and businesses.
Knowing how to print or write a void cheque is beneficial. With printed void cheques, you avoid the risk of forgetting to mark them as void.
Final Thoughts
Void cheques are an essential aspect of modern banking, especially for businesses in Canada. This guide covers the key details about obtaining and using void cheques from CIBC and RBC.
Frequently Asked Questions
What is a void cheque?
A void cheque is a cheque marked with “VOID”, used for secure banking transactions.
Why are void cheques used?
They are used for providing banking details for direct deposits and setting up electronic payments.
How can I get a void cheque from CIBC?
Access your CIBC online banking portal and navigate to the “Void Cheque and Direct Deposit Info” section.
Is there a cost for a void cheque?
The cost varies with the bank; some offer digital options for free.
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