The bank from which it was drawn must have paid or cleared the original check to cancel a check. After the check has been used or paid, the check is "canceled," so it cannot be used again. Cancellation before deposit or pursuit can be made by contacting the issuing bank and voiding the check.

Example of canceled checks

In the case of a canceled check, the money has already been withdrawn from the connected checking account. The issuing bank considers these checks void because the transaction has been completed and should not be reprocessed.

Let's imagine you want to give $500 to your cousin Johnny to help him with a fundraiser he's hosting. He uses his mobile to deposit your cheque into his bank account after receiving it from you.

How a Canceled Check Happens

Regardless of whether a check is actual or electronic, it is marked as canceled after your bank has cleared it. It is up to the banks whether or not they give you a canceled check or copy of them from that point onward.

Nothing is wrong with your bank failing to deliver any of your bank-issued canceled checks, even if they are needed for a specific transaction. So, you'd need to contact your bank to make that request. Checks can be viewed and printed online, or you can request physical copies to be sent to you.

How Canceled Checks Access Works for Customers

Account customers have traditionally received canceled checks back with their monthly bills. For archival purposes, banks scan and save check writers' copies of canceled checks. This isn't the case anymore.

Legally, banks must maintain copies of canceled checks or the ability to do so for seven years. In most situations, online banking users may usually access canceled check copies through the web.

Fees for Canceled Checks

While you won't be charged for copying canceled checks, your bank may charge you for this service. It's free to get the first two check copies. Still, it charges $3 for each copy up to a maximum of $75. 4 Cancelled checks may sometimes be seen and printed online without incurring these penalties, which vary from institution to institution.

Checks Returned vs. Checks Cancelled

If the issuing bank does not pay the check, it is referred to as a "returned check." Insufficient cash or a missing signature are just a few possible causes of this error message. You'll almost always be charged a fee when a check is returned to you.

When a check is canceled, the money has been withdrawn from the account and processed. For security reasons, they are revoked by the bank.

Stop Payment Requests vs. Canceled Checks

A stop payment request can be issued if you've already written a check but wish to prevent its processing. If someone tries to cash the check, it will be rejected since the check has been flagged. A stop payment may be necessary if, for example, you misplaced the check before mailing it. Recording a canceled check as "canceled" after it's completed is unnecessary.

A Canceled Check Example

Consider the case where Jan sends Bob a cheque. Bob goes to his bank and puts the cheque in his account. Bob's bank account may be credited with the cheque amount immediately, or the deposit may take longer to clear.

When Jan's bank clears the check, Bob's bank may make a part of the cash accessible to Bob until the cheque clears via Jan's. The cheque is electronically sent from Bob's bank to Jan's bank.

How To Look For Checks That Have Been Canceled

Getting a canceled check back to you may be difficult if you don't know where to look. As a result, banks do not have to furnish you with actual copies of the canceled checks you receive. If you don't know how to receive a copy, it's crucial to know your bank's rules. Getting a cheque canceled is possible in two ways.

Using your bank's online banking service

Several financial institutions provide downloadable photos of canceled checks. The time they are accessible online varies from one bank to the next.

Request in-branch or by phone

You may still be able to get a duplicate of a canceled check from a bank teller or by phoning the customer support number if you need it. Banking and credit unions are usually mandated by law to maintain copies of canceled checks on file for at least seven years. Check with your bank or credit union to see if there is a cost for accessing an old canceled check.

A Final Thought

When a check you wrote has been cashed, you can use the canceled check as a receipt for any future checks you write. For tax purposes, verifying a payment, or potentially resolving a payment dispute, it is essential to know how they function and when you might need one.