If you’re an EQ Bank client or looking to open an account with the bank, it’s essential to know how to read or access an EQ Bank void cheque through your account.
A void cheque will help you avoid mistakes when sharing your banking information. It is also an easy way of setting up direct and pre-authorized payments on your account.
But the question is, how do you get an EQ Bank cheque? How do you read an EQ Bank void cheque? How do you deposit a cheque on EQ Bank?
Here I discuss everything you need to know about EQ Bank void cheque to help you avoid transaction errors.
What is a Void Cheque?
A void cheque simply refers to a cheque that provides banking information with no cash value. This type of cheque usually has the word “VOID”, signifying its cashless value to the receiver.
Since it has no cash value, a void cheque can’t be used to make withdrawals from your account. Instead, it’s used to provide basic banking information such as:
- Bank account name
- Bank account number
- Bank name
- Transit number
- Financial institution number
Instead of sending your banking information up-head, you can send a void cheque that contains all the information, helping you avoid errors.
It is worth noting that most employers prefer using a void cheque when setting a direct deposit. This is because it gives them easy access to all the information they need.
In a situation where a bank provides a chequebook, all you need is to pick one, boldly write “VOID” across the cheque and send it to the receiver.
However, for banks that offer mobile cheques, such as EQ Bank, the process of getting a void cheque is simplified as it involves you downloading or printing it from your account online.
Why Do You Need to Void a Cheque?
While you can easily cram your bank account number, it may be difficult to cram your bank institution number, transit number or routing number.
As a result, the benefits of void cheque can’t be overemphasized as it helps you avoid errors when sending your banking information for:
- Pre-authorized payments
- Pre-authorized deposit
- Loan repayment
- Mortgage repayment
- Insurance payment
- And so on
And if you receive cheque deposits frequently, you may not find it easy to write all the banking information all the time. Sending a void cheque will save you time and stress along the way.
How to Get an EQ Bank Void Cheque
You can get an EQ Bank void cheque if you open an EQ Bank Savings Plus Account, a hybrid high-interest savings account that combines the features of a savings and chequing account.
This account allows you to earn high interest on your savings while enjoying some of the features of a chequing account such as cheque deposits and bill payments.
However, traditional chequing activities on the EQ Bank mobile app are limited. You can only make cheque deposits and bill payments in addition to accessing void cheques.
Since there’s no chequebook for you to manually write the void cheque, you need to follow the steps below to get an automatic void cheque on your EQ account.
- Sign/login to your EQ Bank Account
- Navigate to the menu and click on “My accounts”
- Click on “Direct Deposit”
It’s that simple! You will then have an EQ Bank void cheque generated automatically. Depending on how you wish to share it, you can download or print the void cheque for free.
How to Read an EQ Bank Void Cheque
If you’re the person receiving an EQ Bank void cheque, it’s also essential to know how to read it to avoid making mistakes with the information on the cheque.
Fortunately, reading the void cheque is a simple task even if it’s your first time. The following are the key details to look for when reading an EQ Bank void cheque.
- Name: You will find the full name of the sender at the top of the void cheque, usually located on the left-hand side. This makes it clear about the person you’re receiving or withdrawing money from.
- Home address: At the top right of the void cheque, under the sender’s name, you will have their home address. While you may not find this information necessary, some people will do.
- Bank information: In this section, you will have information about the bank name (in this case, EQ Bank) and bank address below the name. The bank address of EQ Bank is: “Equitable Bank Tower, 30 St. Clair Ave. W., Suite 700, Toronto, ON M4V 3A1.”
- Transit/branch number: A transit or branch number indicates the particular bank branch of the void cheque sender. The number usually has 5 digits, but since EQ Bank is an only-bank bank, its transit number is 19682 on all cheques.
- Financial institution number: A financial institution number or bank code is a 3-digit number assigned to all banks in Canada. The financial institution number of EQ Bank is 623. You can find the institution number of all Canadian banks here.
- Account number: This signifies the bank account number of the void cheque sender, where you’re withdrawing money from. In Canada, bank account numbers have between 7-12 codes. However, EQ Bank account numbers have 9 digits.
How to Make Cheque Deposit in an EQ Bank Account
EQ Bank allows you to make a cheque deposit through your Savings Plus account. Since EQ Bank is an online-only bank, it allows you to make only mobile cheque deposits.
To this end, you will need to first download and install the EQ Bank mobile app, available on App Store and Google Playstore. After that, follow the steps below to make a cheque deposit on your EQ Bank account.
- Login to your EQ Bank account via the mobile app
- Click on “Deposit” at the right-hand of the app
- Type the dollar value of the cheque you want to deposit
- Choose the account you want to make the cheque deposit to
- Snap the front and back of the cheque
- Click on “Deposit” to have your funds deposited.
Note that it may take up to five business days after the date of deposit to have your cheque deposit processed.
If you deposit the funds into your Savings Plus account, you will earn the same high-interest rate assigned to the EQ Bank Savings Plus account.
EQ Bank Void Cheque Alternatives
Whether you’re an employee or self-employed, direct deposit or pre-authorized withdrawal is worthwhile due to its security, convenience and fast access.
And if you’re a beneficiary of eligible benefits offered by the Canada Revenue Agency (CRA), it’s recommended that you set up a direct deposit to get your payment fast.
While void cheque is the popular means of setting up direct deposit in Canada, you can also do so through various means.
If your employer has a direct deposit form, all you need is to fill it with the required information. The required information includes your full name, account number, bank name, institution number, and transit number.
Once you provide all the required information correctly, you will receive your entitled payment in due time.
In addition, if you can jot down your account information and bank details correctly, you can do without a void cheque when setting a direct deposit or pre-authorized withdrawals.
Some FAQs on EQ Bank Void Cheque
EQ Bank doesn’t have physical cheques, but it allows you to make mobile cheque deposits and generate free void cheques from your Savings Plus account.
The interesting part is that you can make as many mobile cheque deposits in a day and earn high interest on your deposit.
Yes, EQ Bank supports direct deposit on its Savings Plus account. All you need is to download a void cheque via the EQ Bank mobile app and share it with your payer.
No. EQ Bank doesn’t have a debit or credit card at the moment. This means that you can’t access your EQ Bank account funds through an ATM.
Nevertheless, EQ Bank allows you to withdraw your funds through Electronic Funds Transfer (EFT), Interac e-Transfer and a void cheque.
For EQ Bank cheque deposits, it may take up to five business days after the date of deposit for the transaction to complete.
For withdrawal, the cheque hold period depends on the deposit amount. The following is a breakdown of the EQ Bank cheque hold periods per deposit amounts.
$100 or below = one business day after the date of deposit
$1,500 or below = Up to 5 business days following the date of deposit
Above $1,500 = Up to 8 business days following the date of deposit
Even though e-Transfer and Interac e-Transfers have taken over cheques in Canada, cheque remains one of the safest means of transaction in the country.
However, this fact could be undermined when you provide your payer with the wrong banking information. With a void cheque, you can save yourself errors and anticipate a successful transaction.
But if you’re the person expecting an EQ Bank void cheque, it’s essential you also understand what to look for when using it.
The above is everything you need to know about EQ Bank void cheques. If you need more clarification, don’t hesitate to contact me in the comment section.
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