A generation ago, people in the US used to write checks every day. Yet today, more than 60 percent of American under-30s don’t even own a check book. It is a natural consequence of the digital age with contactless payment options now the norm among US retailers. But it throws up an interesting anomaly. Checks might be going out of fashion but there are still instances in which people in the USA need to produce a voided check to provide their bank details.
How to get a voided check online
Before we look at what those instances are, let’s find out how it is possible to get a voided check for a US bank account online, even if you do not possess a check book. The first step is to visit VoidedCheck and use the online tool available. It will ask you to enter your US bank and the associated account details, and you will receive a voided check by email in a matter of minutes.
All your data is encrypted, so it is secure. Also, the voided check could never be confused with a real one, so it is much safer from an anti-fraud perspective than tearing one from your check book and voiding it.
But why would you need a voided check anyway? The fact is, voided checks are a peculiarly American phenomenon, but they have a number of useful applications.
1) Getting paid by your employer
This is the single most common use for a voided check in the US, and it is quite fundamental. When you start a new job, the payroll department will need your bank details in order to set up salary payments. To do so, many US employers will ask for a voided check. This will then be retained securely on your personnel file, and the details used to pay your salary directly into your account.
2) Putting in your business expenses
Many of us incur business expenses during the course of our work. These might range from the incidental, such as buying coffee for a client, to the significant, such as flights and hotels for business travel. Putting in your expense report can be a tiresome job, but it is important to have your expenses reimbursed. A US employer might request a voided check to instruct them where the payment should be directed.
3) Receiving social security benefit payments
Around one in five Americans receive social security benefits. These include payments to retirees, those with disabilities, veterans, those on low income, the unemployed and others. That’s almost 70 million American receiving a benefits check every month. Of course, the government agency making the payment needs to ensure it goes to the right person, so they will usually ask for a voided check and use the details on it to set up the regular check payment.
4) Repaying a loan
The average US adult owes $66,772 in personal debt. Around three quarters of that is comprised of the 80 million active mortgages in the US. Add to that 43 million student loans and 44 million car loans and that is a lot of loan agreement before we even think about personal loans for other purposes like home improvements, weddings and so on. For every one of those loan agreements, the borrower must provide account details so the lender can collect monthly repayments. This is often done by providing a voided check.
5) Making other regular payments
Home insurance, utilities, credit cards, gym membership, TV subscriptions – every US home is different, but a common factor is they all have monthly expenditures that include at least some of the above – and sometimes a lot more. These days very few households receive monthly or quarterly bills that they pay by check. The majority arrange automated bill payments from their bank – and they use a voided check to get it set up.
Checks in the online age
The traditional check book might soon be a museum piece. But there is still a need for voided checks in 21st century America. Fortunately, there is a secure way of obtaining a voided checks when we need one, using the VoidedCheck online tool.
