How to Fill Out a Deposit Slip
For those just entering into or seeking to maximize exposure with banking, the procedure of completing a deposit slip is a necessity. This document allows you to form any deposits into your bank account or even other accounts. Here’s all that you need to know regarding completing a deposit slip- all the critical steps, hints, and situations.
What Is a Deposit Slip?
A deposit slip refers to a form that has a paper form that serves to deposit cash, or checks at a branch of a credit union or bank. It ensures both the bank to keep accurate records of the transaction with respect to deposits and the customer that his or her cash is deposited to the correct account. These slips are sometimes found in a checkbook and at the counter within the bank.
When Is a Deposit Slip Needed?
Most modern banking, such as using a mobile phone or ATM, does not require a deposit slip, but for almost all personal transactions straight to a branch, particularly when you deposit, it’s likely you will need one:
- Multiple checks
- Cash
- Checks into another person’s account
Step-by-Step Guide: Filling Out a Deposit Slip to Deposit a Check
To ease the deposit process, simply follow the steps given below:
1. Date the Slip
Fill only with the current date in this field. This will allow the bank to trace at what time did the transaction occur.
2. Add Your Personal Information
This means that you have to include your name and the account number to which the money will be deposited. If it is preprinted (with your checkbook), then it has already been filled for you.
3. List Each Check Separately
- List Each Check Separately: Write the amount of each check in that designated area.
- Each check deposited should have its own line. Note the check numbers for easy reference.
- If the checks exceed available lines, use the back of the deposit slip.
4. Calculate the Subtotal
Add up all the check amounts and write the subtotal in the corresponding field.
5. Write the Total Deposit Amount
If you’re depositing cash along with checks, combine these amounts and enter the total. Leave the cash section blank if no cash is being deposited.
6. Hand Over the Slip and Funds
Give the completed deposit slip along with your cash or checks to the teller. Keep your photo ID ready, as some banks require it for verification.
Steps for Depositing Cash
Depositing cash involves similar steps:
- Fill out the top sections with your personal information and date.
- Enter the amount of cash in the “cash” boxes.
- Leave the “checks” section blank unless depositing checks as well.
- Write the total deposit amount.
Depositing at ATMs: No Deposit Slip Needed
If you’re depositing funds at an ATM, the process is simpler:
- Insert your ATM or debit card.
- Enter your PIN and select the “Deposit” option.
- Insert checks or cash as directed. (Some ATMs can automatically detect the amount.)
- Confirm the deposit and collect your receipt.
Mobile Deposits
For mobile banking, deposit slips are unnecessary. Here’s how it works:
- Sign the back of the check with your signature and “For mobile deposit only.”
- Open your bank’s mobile app and click on the “Deposit” option.
- Capture the front and back images of the check.
- Input the amount to be deposited and verify the information.
- Hold the check until the funds are cleared.
Important Tips for a Successful Deposit
- Double-Check Your Entries: Ensure all amounts and account details are correct.
- Sign When Necessary: If you’re receiving cash back from a check deposit, sign the deposit slip where indicated.
- Keep Documentation: Save your receipt or a copy of the deposit slip for record-keeping.
Special Scenarios
Depositing Multiple Checks
If you are depositing several checks, use the reverse side of the deposit slip or a second slip. Be sure to list each check amount clearly, since errors can delay the processing.
Cashier’s Checks
Cashier’s checks typically do not require a deposit slip, but some banks will require one, especially if you wish the funds to be available immediately.
The Bottom Line
While the deposit slip is simple to fill out, the process of depositing money should be very accurate. By following the steps given above and checking your entries, you will have a suitable way of depositing your money with efficiency and confidence.
As many transactions become possible through ATM and mobile banking, deposit slips would probably become less and less used. They are still handy, however, as a remaining part of the in-person transaction world. So they aren’t entirely eliminated from your financial toolkit.
Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.