Definition of Voided Business Check.
A Voided Business Check is sometimes required to close a business loan such as an loan against equipment or bank statement loans. It is another piece of documentation needed complete other types of transactions. Don’t have business checks? Find alternatives here.
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Frequently asked questions FAQ: Copy of Voided Business Check
What is a copy of a voided check?
It is a check drawn against a personal or business account. The owner of the account writes the word void in large letters across the face of the check. This prevents that specific check from being negotiated.
Why is it required?
It is requested as a way to confirm the exact account information. This includes the name and address of the business, routing number and account number. Lenders often use this information to wire funds into the account after a loan is closed.
What can I offer if I don’t have a copy of a voided check?
A letter from the bank confirming the same information that is found on the check. The local branch can create the letter. The original paperwork issued by the bank to the account holder has that information and can also be provided.
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.
Recent Trends
Businesses have been writing far fewer checks than in the past for several years. 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.
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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 business checks. What can I use instead?
– How can I get a voided business check?
The only way to get one is 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.
Question:
My business checks does not have the name of the company printed on it.
What can I provide? If you invalidate your company check but it does not have your 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.