What is a CIBC Void Cheque and How to Obtain One in 2023

The Bank of Canada estimates that 26% of Canadians still pay their bills by check. Your employer, utility company, or creditor may occasionally require a void check from you. Organizations that need to automate deposits and withdrawals to or from your bank account can use these checks

The Bank of Canada estimates that 26% of Canadians still pay their bills by check.

Your employer, utility company, or creditor may occasionally require a void check from you.

Organizations that need to automate deposits and withdrawals to or from your bank account can use these checks to verify your identity and access information about your bank account.

So that you are prepared the next time you are asked for a CIBC void cheque, I will describe the process in detail below.

The Mystery of the CIBC NSF Check

Why Are Void Cheques Used?

Let's begin with a brief definition:

  • A term meaning "not valid or legally binding." ”

If a check in your chequebook has been marked as "void," it is no longer valid. To restate, the recipient of a voided check cannot use the funds to make a financial transaction. For no other reason than reference, void checks exist.

Your bank account can be linked to your identity by using a voided check. This verifies your identity and ensures that any future debits or deposits made through your bank's automated system are properly credited to the correct account.

Information such as: are printed on void cheques.

  • I need your complete name
  • Where you can send bills
  • How to get your bank account number
  • You'll need your bank's routing number

All of this data is required by any entity that will be transferring funds to or withdrawing funds from your bank account.

Tutorial on Repudiating a CIBC Check

It's simpler than writing a regular check to create a void CIBC cheque. Simply remove a check from your chequebook, and across the front of the cheque, write the word "VOID."

This prevents the cheque from being cashed or received by any financial institution in the event it falls into the wrong hands.

Make sure your name, address, account number, and routing number are not obscured by the word "void." What a CIBC null cheque looks like is shown here:

CIBC Void Cheque

Purposes of CIBC's NSF Checks

Blank checks can be used for any transaction that necessitates the use of your banking details. Some financial institutions may require you to fill out a form with your account information, but they may also ask for a void check to ensure the accuracy of the information you provide.

A CIBC void cheque may be necessary in the following situations:

Payments for Expenses That Are Automatically Processed

By linking a credit or debit card to an account, you can automate the payment of many bills.

You may be required to reveal your banking details to certain institutions, though. The inability to make a payment due to a debit or credit card's expiration or suspension is a common problem.

However, details about your bank account never go out of date. This provides businesses with a more secure method of ensuring that they will receive payment on time from you.

What are Electronic Fund Transfers?

One type of electronic bank transfer that is common in Canada is called an Electronic Funds Transfer. Electronic funds transfers (EFTs) are frequently used by businesses for the purpose of automating the payment of product invoices

The Canada Revenue Agency (CRA) uses electronic funds transfers (EFTs) instead of paper cheques to pay out tax refunds, tax credits, and benefits from social assistance programs in which you participate.

However, the organization may request a void cheque as additional verification of your bank account information.

Fillable Workplace Direct Deposit Forms

Direct deposit allows your employer to instantly transfer your paycheck into your bank account.

This eliminates the need for cheque cashing and safeguards against cheques being misplaced.

To ensure that your paycheck is deposited into the right account, your new employer may ask you to provide a void cheque when you first start working for them.

CIBC Refundable Check vs. Authorization to Debit Account from CIBC

Why Use a Cheque?

There are pre-authorized debit forms available through CIBC if you are a CIBC customer. You don't need to provide a physical void cheque because this form contains the same information.

Those without a chequebook can benefit from this. If you need to provide your account information in a short amount of time, ordering a chequebook from the CIBC can be problematic due to the fact that it can be expensive and take up to a week or more to arrive in the mail.

A pre-authorized debit form is acceptable as a substitute for a voided check at most financial institutions.

The CIBC pre-authorized debit form can be downloaded from their website at this link.

How Reliable Are CIBC NSF Checks?

What To Do After Writing Out a Cheque

Void checks are generally secure. If your void cheques get lost or stolen, criminals can use the account information to steal your identity.

Make sure that the only person or organization that should receive a voided check is the one that it is addressed to.

The good news is that CIBC deposits are protected by the CDIC. In the event of loss due to theft or fraud, each individual bank account is covered up to $100,000.

Here Are Three Suggestions For Confidently Mailing A CIBC Blank Check

If you ever need to send a void cheque from CIBC, here are some safety precautions you should take.

1. Use Bold Lettering to Declare "VOID"

The canceled check example I gave you above is correct in all but name. Contrarily, this is not the most secure method of creating a void check. Cover the dollar amount box and the signature box with the word "VOID," preferably in very large letters. This prevents a thief from forging your "void" endorsement on the cheque by writing over the tiny print. My preferred format for voided checks is as follows:

CIBC Void Cheque 2

It goes without saying that you should use a pen (and not a pencil, which can be erased) to write "VOID" on the document.

The Second Tip: Use a Safe Envelope

I suggest using a secure mailing envelope if you must send the voided check through the mail. This reduces the likelihood that the letter will be stolen because would-be thieves can't see what's inside. Most places that sell office supplies will also sell security envelopes.

Third, Encrypt Your Emails

In order to ensure the security of a voided check that is emailed, it is best to convert the image to a PDF and encrypt it before sending. This eliminates the possibility of a third party gaining access to the cancelled check and instead limits access to just you and the intended recipient.

Watch this video for instructions on how to encrypt the pdf:

I Need A CIBC Void Check, How Do I Obtain One?

The Canadian Imperial Bank of Commerce (CIBC) does not provide customers with blank cheques. Make your own void CIBC check with a blank paper check from your chequebook. A CIBC pre-authorized debit form is available if you do not have a chequebook.

  • Instructions for Obtaining a Copy of Your Expired Cheques from Simplii Financial

Using the CIBC mobile app, how do I request a void check?

Here are the simple steps you need to take to access your CIBC account details from within the CIBC online banking app:

  1. Simply type in your username and password.
  2. Select the desired account by clicking on it.
  3. To change your account settings, click the corresponding link under "Manage My Account."
  4. Choose "Cheque Cancellation/Direct Deposit" here.
  5. You are free to read it or make copies for your own purposes.

Conclusion

CIBC Void Cheque

Voided checks are less common now than they were before the advent of online banking.

They are, however, employed on occasion. If you ever find yourself in a situation where you need to cash a void CIBC cheque, keep in mind the safety and security measures I've outlined above.

I recommend Wise because they have some of the lowest transfer fees on the market and are easy to use for both domestic and international money transfers.

To learn more about Wise (formerly Transferwise), keep reading my full review.

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