Why do I need to provide a Void Cheque to Valueland?

Your mortgage bank or lender will require you to pay them periodically such as monthly or biweekly. They want to set it automatically so that you do not need to pay them every month in person. Like your car insurance payments, the mortgage payments are pre-authorized payments as well.

A void cheque is used for the lender to set up your payment account through their payment clearing system. Once setup, your mortgage payments will be withdrawn from your account automatically according to the frequency you choose.

However, if you don’t have a void cheque available, the cheque can be replaced by a Pre-Authorized Payment Form which can be obtained from your local bank branch.