What are bank deposit slips and how to fill one in
Bank slips are being phased out, and most banks allow you to deposit funds into your account using just your debit card.
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Bank deposit slips allow you to deposit cash as well as cheques into a bank account in branch. While you can use a deposit slip to deposit money into your own account, you can also use one to add funds into someone else’s account.
However, bank deposit slips have been phased out of most major Australian banks. Now, if you have a cheque or cash to deposit into your account, you can easily do so in a bank branch or even at Australia Post using just your debit card. No paper needed!
What is a bank deposit slip?
A deposit slip, or a bank deposit slip, is used by customers who wish to add funds to their bank accounts which can come in the form of cash or cheques. Bank slips require details about the deposit, for example if it's cash or a cheque, how much you're depositing and into which account. They have separate sections that require cheque details, in case you’re depositing a cheque.
When you use a deposit slip at a branch the teller accepts the slip along with your deposit (that is the cash or the cheque) and tallies one against the other. They process the deposit slip and hand you a stub or a receipt, verifying the money has been deposited into your account. If you’re depositing a cheque and wish to withdraw funds at the same time the bank may let you request for cash through the same deposit slip.
What is written on the back of a deposit slip?
If you’re making a deposit at a bank you can use the back portion of the deposit slip to indicate how much cash you want to withdraw. In this case you would have to provide acceptable identification to prove you’re the account holder. You’ll have to sign the deposit slip as well. If you’re depositing a cheque, don’t forget to endorse it.
In some instances, the back of the deposit slip requires details from cheques you wish to deposit.
How do I fill in a deposit slip?
All deposit slips may have slight differences, although they tend to require the same basic information. The following images show you what the front and back of a typical deposit slip look like (these are examples only).
Completing a typical deposit slip requires that you provide different kinds of information, which includes:
- Account number. You’ll have to enter your account number on the main section of the deposit slip as well as the stub that you get to retain. If you’re not sure of what your account number is you can find it out using your cheque book, through your bank’s online banking platform or by asking a bank teller.
- Date. The date you’re making the deposit finds a mention in both sections.
- Account name. This is the name as displayed on the account, which may or may not be yours.
- Notes and coins. Enter individual totals of the notes and coins you wish to deposit. The teller will enter values against respective denominations when you make the deposit.
- Cheques. If you’re depositing a cheque you’ll have to mention the drawer’s name, the name of the cheque’s issuing bank, the branch and the amount mentioned on the cheque. If you’re depositing more than one cheque, you’ll have to provide these details for each. In the given example, you have to mention cheque details at the back and then mention the total from all cheques at the front.
- Total amount. The bottom section of the slip requires you to enter the total of your combined deposits, which include cash and cheques. You have to write the total in words as well as figures.
- Signature. You will, in all likelihood, have to sign the deposit slip. Do this where the slip reads, ‘Depositor’s Signature’.
How to deposit money without a deposit slip
As we said earlier in this guide, a lot of Australian banks no longer require bank deposit slips to deposit money into your account. Today, it's much easier to deposit funds into your account and you can do this in branch with just your debit card and some form of ID. Simply head into your local branch and speak to one of the tellers there to deposit cash into your account.
Compare Australian bank accounts with linked debit cards
You can deposit money into your account at an Australia Post store.
Alternatively, if your bank has a partnership with Bank@Post, you can go to any Australia Post store and deposit cash into your account. This is a great option if you on't have a bank branch near you. Read more about how to deposit cash at Australia Post in our comprehensive guide on using Bank@Post.
How to bank in a business deposit slip?
Some banks let their business account holders make use of express deposits. While you can use this service to deposit cash and cheques at a branch, you can also get your bank to collect the deposit from your place of business. Banks that offer this service can let you make over-the-counter deposits as well as deposits at drop-off boxes and night safes.
To make these deposits you would have to use business deposit slips. You’ll have to start by separating your notes and coins into respective denominations and totalling them in accordance. You should sort and total any cheques that need depositing as well. You then proceed to fill out a business deposit slip, making a note of the total notes, coins and cheques.
Your bank should provide you with a business express deposit envelope that you can use to make the required deposit. Place the deposit in the envelope and seal it. Make a note of the deposit details outside the envelope. Tear off the receipt that you get to keep. Deposit it using any given method.
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