How to Fill a Deposit Slip in Canada

Updated

Share:

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

To deposit money into your bank account, you’ll need to fill a bank deposit slip. Cash and cheques can also be deposited on the same deposit slip. Most banks would allow you to request 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, as well as the items in the deposit, and issues the customer with a receipt.

TD Bank Deposit Slip

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.

2. Date

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 cheque.

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 is made up of cheques, you might want cash to avoid having to make a withdrawal later. Put the amount of money you want back on a piece of paper. If you’re getting cash, make a note of 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. 

8. Signature

When you’ve finally filled out the slip, sign on it and submit it with your cheques and/or your cash.

Benefits of a Deposit Slip

Deposit Slips have several advantages including:

  • Both the bank and the customer are safeguarded by deposit slips. 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 acts as evidence that the bank accepted receiving the funds from the customer.

Related Posts

Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Essential reads, delivered weekly

Join the Financial Literacy Train. Get the latest financial information delivered right to your inbox.

Newsletter

Deals and Offers

We’ve rounded up the Best life in Canada, with the best promotions, and the best sign-up bonuses, to help you maximize your benefits.

EQ Bank US Dollar Account

Earn more on your US dollars

World Elite Mastercard

A card for travelling with exclusive perks

Platinum Mastercard

Earn 1 point for every dollar spent

Reviews

Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Canada Buzz Editorial

Product News and Recommendations Senior Editor

Latest Post

Advertiser Disclosure

Canada Buzz is an advertising-supported blog. Some products and services that appear on this site are from companies from which Canadabuzz receives compensation. We may alter brand placements on our website to amplify our partners and their offers. Any time you click to our partner websites or register for a product or services through an affiliate link on our website, we may earn a commission at ZERO cost to you.

Canada Buzz is a purely informational blog. Opinions expressed on this blog are NOT endorsed by the reviewed brands. The information provided on this website does not constitute financial or professional advice. However, our team strives to bring you quality, unbiased information.

Adageorge

Highlights

Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

Latest Post

Kareena Maya

Personal Finance and Travel Rewards Expert Contributor

Highlights

Experience

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.