A canceled check is a check that has been paid or cleared by the bank it was drawn on after it has been deposited or cashed. Once a check has been canceled, it is null and void for further transactions. Canceled checks can be used as proof of payment, and copies of canceled checks are accessible for up to 7 years.
The process of canceling a check involves a series of steps, from writing the check to making the funds available to the payee. When the check is deposited or cashed, the bank clears the check, and the necessary sum is deducted from the payors account and sent to the payee. The check is then considered canceled, and the clearing process has finished.
To get a copy of a canceled check, you can request it from your bank directly or access it online via your banks website. Copies of canceled checks can be used as evidence of payment to a payee, tax department, charitable trusts, and resolving issues between banks and customers.