How Do You Get a Void Cheque from CIBC

If you have been asked for a void check to set up direct deposits and didn’t have one on hand, you might be wondering how to get a void cheque from CIBC in the first place. Employers use void cheques to deposit employee salaries to their accounts directly. You can also use it to set up automatic recurring bills and rent expenses to avoid writing cheques. 

You can get a CIBC void cheque in two ways; if you have a chequebook, get one of the cheques and write VOID across it with a dark-colored pen. Ensure the letters don’t cover any critical information. You can also get a CIBC void cheque from your CIBC Mobile Banking App. 

Learn How to Get a Void Cheque From CIBC

The easiest way to get a CIBC void cheque is if you have a chequebook. When the payroll department asks for your void cheque, get a cheque from the chequebook and write the word VOID across it. Ensure you use a dark-colored pen for visibility, and avoid covering important information. 

If you don’t have a chequebook, you can get one from your bank. Some could be free, depending on your bank account type. You can also get a free personalized cheque if you have a CIBC smart plus account. 

While the smart plus account seems expensive, the bank gives you other benefits like unlimited Interac e-transfers, free CIBC withdrawals from ATMs, and a CIBC credit card with a rebate fee that you can use with three other authorized personnel. 

The other way to get a CIBC void cheque is by getting the information online, which is free. To access it, log into your CIBC online account. 

Go to “Manage My Account” and tap the “Void cheque or direct deposit info.” To finish, save the form and sign it. Then, download the form, and give it to the payroll department. 

You can also get CIBC Void cheque information directly from your CIBC online banking. Once you sign in to your mobile banking app, select the bank account for which you are taking the void cheque. Under “Manage my account,” go to “Void cheque/direct deposit info.” 

Ensure all the details get filled in and the information is correct, including your account number. Next, print the form and sign it before submitting it to your employer. 

Understanding What a Voided Cheque Is

A voided cheque is a regular cheque that has the word VOID written across it. Crossing the cheque means you cannot use it for payments, which reduces the risks of it being used by thieves to steal from your account. 

A voided cheque contains information needed for electronic payments, a reason many employers use it to pay their employees. The info on the sample or void cheque is as follows;

1. Your Name

The first details on the cheque are your name and home address. That shows that you own the bank account from which money will be drawn. 

2. The Payee

There is a line on the cheque: “pay to the order of.” This is the section you write to whom you send money or the institution you want to pay. However, this information gets omitted in most cases, since you are not making payments with a void cheque. 

3. Cheque Number

The cheque number on CIBC cheques is on the far left bottom and the top right corner of the cheque. When writing your bank statement, the bank uses the cheque number to indicate any transactions done with a cheque. 

4. Bank Account Number

The cheque must contain your correct bank account number, 7-12 digits. Notably, CIBC bank account numbers are seven digits and have a dash. There will also be information branch details. The cheque also has the bank’s name and your branch’s address. 

5. Branch Number

Also called a transit number, a branch number is the number of the branch where you opened your account. Bank branch numbers for Canadian banks are in five digits. 

How to Use a Void Cheque

Now that you know how to get a CIBC void cheque, you could start wondering the ways to use it. Once you void a cheque on your chequebook, you cannot use it to make payments. Some ways to use a void cheque are;

1. Authorize Direct Deposits

A common reason people get voided cheques is to establish direct deposits with their employers. The employers use banking information on the cheque to credit their employees’ accounts electronically. Voiding the cheque ensures it does not land in the wrong hands and get misused. 

2. For Automatic Payments

Void cheques are used to make automatic payments. For example, you can pre-authorize payments for your car loan, insurance, utility bills, and rent. It ensures payments are made on time, and you won’t incur penalties if you forget.

When making automatic payments, note that you could incur extra fees if you pay using a foreign currency. The bank charges you a currency exchange fee which can be high, depending on their rates. However, Knightsbridge FX offers more favorable rates than banks and currency exchange agencies, and the exchange process is straightforward. 

3. For Security

Voiding a cheque means it cannot make payments, reducing the chances of it being misused by thieves. You can also void a cheque if you entered incorrect details like the date and amount to pay. Thieves can use the partially filled cheque to draw money from your account. 

Is There an Alternative to Void Cheques?

Sometimes it could be challenging to get a chequebook, or a void cheque. Since all your employer needs are your correct banking details, you can get them directly from your bank. Contact the financial institution and ask them to confirm the transit, institution, and account numbers. 

Alternatively, you can get a link to the void cheque form from your bank. This link will direct you to your banking app’s direct deposit/pre-authorized payment information. You will need to download it and take it to your employer. 

Cost of CIBC Cheques

There is no standard cost of CIBC cheques. Personalized cheque costs depend on the number of cheques you want and how you want them to look. The more complicated your styling, the more money you could pay. 

How to Write a Cheque 

If you just received your first chequebook, follow these steps to learn how to write a cheque. 

Start by writing the correct dates on the top right side of the cheque. On the line written “pay to the order of,” indicate the name of the beneficiary. You should then write the amount you want to pay, including cents. The amount is primarily written in words; ensure you also fill it in figures in the box with the dollar sign. 

You will then write the reason for the payment. It could be to settle a bill, pay rent or pay a car loan. The last step is signing the cheque. Your signature indicates that the cheque comes from you and you have authorized money to be drawn from your account. 

Final Words

Knowing how to get a void cheque CIBC is not nearly as complicated as it appears to be at times. Remember that the first and most straightforward way to do it is by writing the word Void on your cheques. You can also download void cheque documents from your CIBC Mobile banking app or the bank’s website.