Never give anyone a blank check, especially someone you do not know because it could be used to make a withdrawal on your account. Discover https://www.bookstime.com/articles/suspense-account what FDIC insurance is, its limits, and the types of accounts it covers. Learn if your money is safe in banks, credit unions, and with CDs.
Voiding a check for direct deposit is safe because nobody can deposit or cash it. Money can’t be withdrawn from your checking account using a correctly voided check. Don’t cover up the routing or bank account number at the bottom of the check when voiding it. Those numbers are necessary for identifying your bank account to send or receive payments.
How Can I Set Up Direct Deposit?
If you want to save $100 a month to take a vacation, set up a new account for vacation savings. Then set up direct deposit to put $100 per month into the account. At the end of the year, you’ll have the $1,200 you need for your trip. By clearly writing “VOID” on the check in multiple places, you make it impossible for someone else to use. You can then provide the check to your employer so they can set up direct deposit.
Be sure to speak with your employer to review your options. A voided check appears like a regular check, but it’s normally marked with the word “VOID” in bold, typically across the front. This is meant to make the void check meaning check unusable for financial transactions while still displaying account details. The only way to stop the check from being cashed or deposited is to request a stop payment from your bank, which may involve a fee.
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