Understanding the Basics of a Void Cheque

What is a Void Cheque?

A void cheque is a regular cheque that carries the word ‘VOID’ across it. The purpose of voiding a cheque is to prevent it from being used to make a payment. Usually, a void cheque is requested to provide banking information where automatic withdrawals need to be set up or direct deposit is being initiated.

Parts of a Void Cheque

A void cheque is exactly the same as any other cheque. It contains your account details, bank information, cheque number and your personal information. It has three sets of numbers printed at the bottom: the first being the five-digit branch number, the middle one being your account number, and the last being the cheque number. Voiding does not remove or cover these details because they the very reason why a void cheque is requested.

Why do we need Void Cheques?

Mostly a void cheque is used to provide your banking information to someone without the anxiety of them being able to withdraw money using the cheque. Since it’s voided, it can't be used for payment. Void cheques are often used in situations where automatic deposits are being set up or for setting up the means to make automatic payments. It has proven to be a secure and efficient method for transactions.

Steps to Obtain a Void Cheque from Scotiabank

From the Online Banking Platform

In Scotiabank's online banking platform, it's actually quite straightforward to get a void cheque. After logging into your account, you have to select the account from which you want the void cheque. You then go to 'Account Details' and select 'Void Cheque'. Your void cheque should then be displayed and you can then save and print. The document produced will have all the relevant information that a physical cheque would hold.

Visiting your Branch

If you're more comfortable with traditional banking methods, you can visit your nearest Scotiabank branch and request a void cheque. It would help to bring identification and any relevant documents for the transactions you're planning, such as a letter from your employer if it’s for setting up direct deposits. Your representative will then be able to assist you and provide you with a void cheque.

Via the Scotiabank App

Scotiabank has made the process of obtaining a void cheque even simpler with their mobile app. By selecting the account from which you want the void cheque, and choosing the 'Direct Deposit Form' from the right-top menu, it generates you a PDF file that contains a void cheque and a form to set up a direct deposit. This digital version has the same validity and carries the same information as a physical void cheque. It's a quick, easy and paperless alternative.

Things to Consider When Handling a Void Cheque

Security Precautions

Even though a void cheque can't be used for payment, it’s recommended to ensure it's kept safe as it contains your banking information. If lost, this can be used for identity theft and other fraudulent activities. Always keep it safe as you would with a regular cheque.

Do's and Don't

When voiding a cheque, always use capital letters and a pen with thick ink. Make sure it covers the whole cheque, but also make sure your account information is visible. Never use a pencil or erasable pen as this can be manipulated.

Online Disclosure

Since void cheques contain sensitive information, they should not be sent over the email or any other insecure platform. Only use it with trusted parties and verify their identity and necessity before disclosing.