That’s why many employers are strict about requiring a voided check.
This process can take weeks or even months. Finally, once the money is returned, your company will send it to you. Then, it will contact the bank that received the erroneous deposit and request that the money be returned. Then, your payroll department will need to track where the money was sent. Usually, you can just provide a statement that shows the lack of a deposit. You’ll have to prove that the money never arrived. If this happens, the first thing to do is to notify your payroll department. If it winds up in the wrong account, it can be a huge headache to get the money back. It’s very important that the payroll department send your paycheck to the proper place. Paychecks deposited into someone else's account
Having the voided check on-hand also reduces the likelihood of payroll using the wrong information when it sends out paychecks since they have the check on-hand to reference.
Your company will place the voided check in your file so that it can be referenced in the future if necessary.įor example, if your company changes payroll processors, it may need to provide everyone’s routing and account numbers to the new processor. Still, many companies require that you provide a voided check. So long as they copy that information properly, they’ll be able to make the deposit. The voided check isn’t necessary, it just happens to have both numbers printed on it. In theory, you should be able to just provide a routing number and account number to your payroll department. It will provide your account number so the bank can deposit the money into your account. The payroll system will use the bank’s routing number to direct your paycheck to the proper bank. Your employer can identify your specific bank account using just the routing number and account number you provide. Because the banks have different routing numbers, your payroll department won’t have trouble sending your paycheck to the right place. It is possible for different banks to assign the same account number to different accounts. No two accounts at the same bank will have the same account number. No two different banks can have the same routing number.Īccount numbers identify specific accounts at a financial institution. A routing number indicates a specific financial institution, as well as the geographic region of the country it is located in. Routing numbers are used to identify financial institutions and have been in use for a century. banks have routing numbers and all deposit accounts have account numbers attached to them.
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