Using a bank deposit slip can be straightforward, provided you know what the process entails.
People who’ve never deposited money in a bank account tend not to know much about deposit slips. These slips require different kinds of information, allowing you to deposit cash as well as cheques into a bank account. 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.
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What is a deposit slip? Is it different to a bank deposit slip?
A deposit slip or a bank deposit slip refers to the same form. Banks provide these slips to customers who wish to add funds to their bank accounts, which can come in the form of cash or cheques. Bank slips require different kinds of details, which include details about the deposit. 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 and tallies one against the other. He or she processes the deposit slip and hands you a stub or a receipt. 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.
While you have to use a deposit slip to make a deposit at a branch, you may also have to use one if you want to make a deposit at an ATM.
A pay in slip is no different from a deposit slip. These slips encourage the sorting of notes and coins. Any person making a deposit at a branch needs to fill in a pay in 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?
Deposit slips may have slight differences, although they tend to require the same basic information. The corresponding images show you what the front and back of a typical deposit slip look like.
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 do 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.