You’ll need to fill out a bank deposit slip to deposit money into your bank account. Cash and cheques can also be deposited on the same deposit slip. Most banks would allow you to request the cash from a cheque you’re depositing on a deposit slip.
Deposit slips are accepted at bank branches and certain ATMs. Check if the ATM accepts deposits before depositing a cheque or cash. Deposit slips differ from one bank to the other.
What is a Deposit Slip?
A deposit slip is a formal request to your bank for funds to be deposited into your account. A deposit slip is used to deposit money into your accounts, such as cheques, cash, and money orders. Customers may request a copy of their deposit, including the deposit slip, to see the itemized sums that make up the overall deposit.
To ensure that the funds obtained for the deposit match the sums specified on the deposit slip, the bank teller usually verifies them. The teller processes the slip and the items in the deposit and issues the customer with a receipt.
How to Fill a Deposit Slip
Depending on what you’re doing, the process of filling out deposit slips varies. Cash and cheques, for example, are separated into various categories, and having cashback from your deposit necessitates an additional step. The procedure is straightforward, and the simple steps are outlined below.
1. Fill in Your Details
Fill in your details on the deposit slip by writing your name and account number. Fill in the account number where you’d like the funds to be deposited. you’ll need to write the account number down on both the cheque and cash sides of the slip.
Your account number might have already been printed on the bottom of the deposit slip. But if your account number isn’t printed on the slip, look it up in your checkbook or on your bank’s app or website. You can also inquire from a bank teller.
Write the current date of the deposit and not the check’s date.
3. List the Cash Amount of Your Deposit
On the cash side (usually on the right section), write the total amount of money you have for the deposit (bills and coins). Leave the line blank if you don’t have some cash to deposit.
4. List Cheques Individually
Individual checks should be listed, with the amount of each check and the check number written separately. Go over to the subtotal if you’re not depositing any cheques.
5. Total Should be Calculated
Add the deposits together to get a total. This is the cumulative amount of cash and cheques you need to deposit.
6. Amount of Cash You Will Like to Withdraw
This is only necessary if you want your cash from the deposit. If your whole deposit consists of cheques, you might want cash to avoid having to withdraw later. Put the amount of money you want back on a piece of paper. If you’re getting cash, note it on the cash earned site.
7. Calculate the Total
To arrive at the total, you need to add up all the cheques and cash you are depositing, minus any cash you want to withdraw, and write down the total at the bottom of the slip.
When you’ve filled out the slip, sign on it and submit it with your cheques and/or cash.
Benefits of a Deposit Slip
Deposit Slips have several advantages, including:
- Deposit slips safeguard both the bank and the customer. They’re used by banks to keep track of funds deposited during the day and to make sure that no deposits go missing at the end of the day.
- A deposit slip acts as a de facto receipt for bank customers, confirming that the bank correctly accounted for the funds and the correct amount is deposited into the correct account.
- The deposit slip shows that the bank accepted receiving the funds from the customer.