These days, many employers prefer to pay their staff using direct deposit, as it is faster and more efficient than writing out paycheques manually. An easy way to get your direct deposit set up through your employer is to bring them a void cheque containing your banking information.
If you have an account through the Bank of Montreal (BMO), you may wonder how you can obtain a void cheque through your local branch. To learn how to get a void cheque at BMO, along with other related FAQs, keep reading below for our step-by-step guide!
Today the use of physical paper cheques has become far less common, and many people, especially those entering the workforce may be unfamiliar with what a void cheque is and what it’s used for.
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Essentially, a void cheque is a regular paper cheque that contains all the information required to set up direct deposit through a customer’s bank account but doesn’t allow for the risk of someone gaining access to their funds.
To create a void cheque, simply grab a regular paper check, and using blue or black ink, write VOID in capital letters across the front to indicate to bank tellers and ATM machines that it can’t be cashed. This prevents fraudsters from writing their name along the “pay to the order of” line and any amount of money.
On the bottom of a void cheque, there are a series of numbers listed that allow your employer or another merchant to send money directly to your bank account. This is referred to as direct deposit and is a much more efficient method of receiving payment than writing out manual cheques for each employee/recipient.
Once you’ve obtained a void cheque, you’ll see three sets of numbers on the bottom, which are listed in order for an employer or other merchant to set up direct deposit to your bank account. Each set of numbers is meant for the following:
Now that you’re aware of what a void cheque is and how to read it, you may be wondering how do I get a void cheque at BMO. Obtaining one from your local bank is quite simple. You can obtain a void cheque both in person and online with following the steps:
Follow these steps to learn how to get a void cheque at BMO in person:
If you’d prefer to make a paperless transaction, you can obtain a void cheque through the BMO website. To get an online void cheque, follow these steps:
Note that the above online and mobile banking option for obtaining a void cheque is not available for employees of small businesses.
To get a void cheque for a small business online, go to your Accounts page and select the Re-Order cheques option.
Once your chequebook arrives in the mail, follow the above steps to create a void cheque manually.
Now that you know what a void cheque is and how to get one from BMO for direct deposit, you may have a few more related questions.
Here are four popular questions customers often ask:
Provided your void cheque is passed directly to the person in charge of setting up direct deposit to your account, this method of passing over bank information is quite safe. Using a void cheque is safer if the two people involved in the transaction have accounts set up at separate banks and if the banks are a fair distance away from each other.
However, if there is an authorization issue with your employer’s bank and the direct deposit setup isn’t approved, this may mean that this method of information transfer doesn’t line up with their security protocols.
In this case, you’ll have to contact your employer and discuss an alternative method of payment.
Currently, BMO requires their account holders to use a void cheque to set up direct deposit through their bank account and/or pre-authorized debit card.
However, if you’re setting up direct deposit payments to your BMO savings account, you don’t need to provide a void cheque. Simply fill out the direct deposit application from the BMO website and hand it to your employer.
To sign-up for direct deposit on the BMO website, follow the steps below:
BMO direct deposit is considered quite safe, as BMO has many security protocols in place for all account holders. All the information in your bank account is encrypted, mitigating the risk of third-party security threats.
Obtaining a void cheque from BMO is quite simple. To get a void cheque in-person, simply purchase a chequebook from your local bank, and write VOID across the front of a plain cheque with a blue or black ink pen.
If you’d prefer to get a paperless void cheque, use the BMO website or mobile banking app to obtain a PDF copy, which you can email to your employer. Once you provide a void cheque to your workplace, you can begin receiving direct deposit payments!
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