This paper presents a magnetically driven valve via a permanent magnet pressing a spacer against deformable polydimethylsiloxane (PDMS) to fully close a microchannel. Its ability for electrical isolation, time response, and resistance to backpressure are interrogated. Simulation of the valve closing process was commenced along with experimental verification. Effects of PDMS thickness, and dimension and aspect ratio of microchannels were characterized. Up to 10 G Omega electrical isolation was demonstrated, as well as 50-70 ms valve response and similar to 200 kPa resistible pressure. On-demand actuation for arbitrary flow patterns further quantifies its utility. With advantages of simple fabrication, flexible valving location, and no external power requirement, the on/off valve could be leveraged for proof-of-concept microfluidic devices and other applications.