Definition of Voided Business Check. What is a Voided Business Check?
A Voided Business Check is sometimes required to close a business loan or to complete other types of transactions related to the business. If this is required and your business does not have standard business checks, ask the lender if there are alternatives.
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Examples of a Voided Business Check.
Example of a Voided Check. This is also referred to as a voided business check. The Account Holder takes a check and writes in large font, “void” on the check. They can then take a picture of the check and send the picture as a .jpeg, or .png file, or .pdf file.
Did you know?
Businesses are writing far fewer checks than in the past. ACH payments, incoming and outgoing wires and debit card transactions today make up a significant number of the payments that businesses used to write checks for. Some business do not have nor write standard business checks any longer.
What can you do if the Lender is asking for a copy of a voided business check and you do not have any? What options are there?
– Ask the Lender what other options they offer.
– Lenders have some of the following options:
– Bank Verification. Through this secure option, the Lender can look at the Account holder’s account and verify the validity of the account. The Party looking at the account
cannot access the account as well as cannot make any changes or any transactions.
Callers often request and call in with the following:
– I do not have a voided business check, what can I use?
– How can I get a voided business check?
The only way to get a voided business check if your business does not have any is to
order checks the traditional way through your financial institution. In most cases if the checks are needed quickly, expedited service can be requested for an extra $20 to $40.
If you do not have the time to order checks and wait on them, you may want to let the funder do a secure bank verification. A bank verification is often required anyway, and
It may allow you to get around this requirement.
My voided check does not have the name of the company printed on it.
What can I provide? If your voided check does not have your company name or business name on it, you can get a bank letter as follows:
- A bank letter from your bank. What is a bank letter? A bank letter is a letter written by the bank that confirms the details of your business checking account.
- Review the letter to make sure it confirms the business name, business address, telephone number, routing and transit number and account number.
- Give the letter to the lender as confirmation of your business checking account.
Recent examples from the Web:
How to void a check using Quickbooks