Do you want with CIBC and are wondering how to get a void cheque?
If so this post is for you. We'll cover the process of getting a void cheque quickly and easily. Let's dive in.
What is a CIBC Void Cheque?
A void cheque from your CIBC bank account is a cheque that has the word “VOID” in large letters written on it.
It works as a secure way to provide your bank account information for direct deposit and automatic money payments, such as payroll deposits or bill payments.
This void cheque establishes a link between your bank account and the recipient, making sure that the transfer of money funds is a successful one.
Even though void cheques do not work for money transfers, they are still a part of the process that creates an electronic connection to your bank account.
This electronic connection lets companies automate invoice payments through Electronic Fund Transfers (EFTs), while the Canada Revenue Agency (CRA) can use it for processing tax refunds and social welfare programs.
The Purpose of a Void Cheque
Void cheques make it possible to safely share your bank account information because it eliminates the risk of unauthorized withdrawals and activities.
You are completely unable to use a cheque to take out money from an account if it is marked as “void.” But the cheque will still contain all the necessary details about your bank branch, bank account number, and other necessary information.
Voiding checks for direct deposits make sure your paycheque is going to the right account.
When you provide your account details to your employer for your payroll deposit, you minimize the risk of misdirected funds and make the entire payment process much simpler for both parties.
Benefits of Using CIBC Void Cheques
There are many benefits of using CIBC void cheques:
- Easy and efficient payment processing
- Additional security
- Online banking integration
To easily set up direct deposit or automatic money payments, you can simply download a CIBC cheque as a pdf file from your CIBC online banking account, fill it out, submit, and you’re good to go!
After marking your CIBC cheque as void, you eliminate the risk of unauthorized activities but the cheque still has all the details necessary for the recipient to process your payments.
How to Get a CIBC Void Cheque Online
To get a void cheque online or to request a direct deposit form, you can do so straight from your CIBC Online Banking account or the CIBC mobile banking App.
The following cibc void cheque online alternatives work the same as a physical void cheque—they both allow you to share your banking information securely, but they do this in different ways.
CIBC Online Banking
If you want to get into your CIBC Online Bank account, you just need to go to the CIBC website, log in to your CIBC account, and follow these steps:
- Go to ‘My Accounts’ and choose the account you want to link.
- Click the link that says ‘Void cheque/direct deposit info.’ This will take you to an account information form that is pre-filled so you can set up your CIBC cheque direct deposit info or automatic payments.
- Then send the signed form from your computer or print it out which you can do from your CIBC account.
The CIBC mobile banking app provides easy access to your account information—this includes the information you need to get a void cheque direct deposit.
It is important to note that this app provides a convenient way to share information; however, your employer may still want a proper void cheque or CIBC direct deposit form to complete the payment process.
If this is the case, you can access your CIBC Online Bank, as mentioned earlier, to download a CIBC direct deposit form or CIBC cheque that meets the requirements of your employer or the recipient.
Creating a CIBC Void Cheque with a Chequebook
If for any reason you cannot get a void cheque online, you can always use a paper cheque from a chequebook.
This process will require you to write “VOID” on the cheque.
After you do this, the cheque cannot be used for money transfers but it will still provide the necessary banking info to set up a direct deposit and automatic money payments.
Writing a Void Cheque
If you are writing a void cheque, take a paper cheque and write the word “VOID” in bold and large letters across the front of the cheque with dark ink.
Make sure that you do not cover the top left corner. This area has necessary account information that the CIBC cheque recipient will need when they process your payments.
Remember to write the letters as large letters that are bolded and spaced out in order to fill all the fields. If you do this, you will minimize the risk of someone altering your cheque fraudulently..
Safety Tips for Sending a CIBC Void Cheque
When sending a CIBC void cheque online, follow these two precautions:
- Do not sign the void cheque.
- Share the void cheque with only secure methods (encrypted email or registered mail).
If you follow these safety tips before sharing void cheques, you will reduce the risk of unauthorized use and fraudulent activities.
In other words, these methods allow you to safely provide your information without compromising the security of your bank account.
Alternative Methods for Sharing Account Information
Pre authorized debit forms and account information forms are alternative methods to using CIBC void cheques.
They both let you share your information securely but without needing to provide a void cheque.
Pre-Authorized Debit Forms
A pre-authorized debit form is a document that lets a third party take funds from your account without needing your consent. This makes setting up automatic automatic payments or direct deposit an easier process.
Pre authorized debits are secure, convenient, and these forms reduce the risk of fraud while also simplifying the payment process for both parties.
If you are choosing to use this method, make sure to fill in the required information, sign the form, and submit it to the recipient.
All the details and necessary information must be provided to have a successful payment process.
Account Information Forms
Account information forms, similarly, share your banking information securely without having to use void cheques.
If you are looking for this form, You can find it online from CIBC or at a banking center.
When filling out the form, you must include all the necessary details, like your account number, transit number, and financial institution number.
These two methods are particularly useful for individuals who prefer not to use physical cheques or do not have access to a chequebook.
Decoding the Numbers on a CIBC Void Cheque
If you want a better understanding of a CIBC void cheque, you need to learn what the numbers at the bottom of the CIBC cheque mean.
The numbers you see are the bank branch number, financial institution number, and account number—these are all important for direct deposits and completing automatic payments.
The branch number is also sometimes referred to as the transit number and it is the first three digits of the numbers on a void cheque.
The branch number/transit number represents the specific CIBC bank branch where your account is held.
This information helps direct money funds to the correct account so that the processing of payments is as simple as possible.
Financial Institution Number
The institution number is the fourth and fifth digits of the numbers on a CIBC void cheque. It is always 010.
This number represents CIBC as the banking institution.
It is used to identify other financial institutions beyond the bank that is associated with your account.
This number is important to know if you are trying to set up a CIBC direct deposit form or for automatic payments.
The account number is the final two digits of the numbers on a CIBC void cheque and this number is distinctive to the account holder.
It helps to transfer funds between accounts, if you are trying to get cheque direct deposit info or process an automatic payment, you will need your account number.
Get a CIBC Void Cheque
Now you know what a CIBC void cheque is and how to get one.
You can get a CIBC void cheque through your CIBC Online Bank account, the CIBC App, or by using a physical chequebook.
Make sure you follow the safety tips so you can securely share your banking details. Now you can enjoy the convenience and security that void cheques offer.
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Frequently Asked Questions
Can I use a void cheque for multiple transactions?
If you mark "void” on a cheque, that cheque immediately cannot be used for any financial transaction.
You need to get a new void cheque or use an alternative method like pre-authorized debit forms or account information forms every time you are providing your banking details.
How long is a void cheque valid for?
Void cheques technically do not have specific expiration dates.
However, you should use your cheque within a reasonable timeframe. This will ensure that your cheque still has accurate and up-to-date information.
Remember that using a void cheque direct deposit is a secure way to share your banking details. So, providing accurate info is crucial to avoid errors.
What if I don't have a chequebook or access to online banking?
If you don't have a chequebook or access to CIBC online banking, you can get a CIBC void cheque at your nearest CIBC branch, just ask them to print a void cheque for you.
Can I use void cheques for international transactions?
Void cheques are mostly used for domestic transactions within Canada.
When completing an international transaction, you need to provide your bank's SWIFT code and your International Bank Account Number (IBAN), which you can get from your bank.
Are there any fees for obtaining a void cheque from CIBC?
Typically, there are no fees to get a CIBC void cheque.
It is a standard service provided to customers for their banking convenience.