What Is a Deposit Slip?
A deposit slip is a small paper form that a bank customer includes when depositing funds into a bank account. A deposit slip states the date, the name of the depositor, the depositor's account number, and the amounts being deposited.
Key Takeaways
- A deposit slip is a small paper form that a bank customer includes when depositing funds into a bank account.
- A deposit slip contains the date, the name of the depositor, the depositor's account number, and the amounts being deposited as well as a breakdown of whether the deposit consists of checks, cash, or if the depositor wants a specific amount of cash back from a check deposit.
- The deposit slip serves as proof that the bank acknowledged receiving the funds from the customer.
How Deposit Slips Work
A customer can typically find a stack of deposit slips when entering a bank, with designated spaces where they can fill in the required information to complete the deposit. A customer is required to fill out the deposit slip before approaching the bank teller to deposit funds.
The account number must be written at the bottom of the slip where indicated if the customer uses a deposit slip provided by the bank. The deposit slip informs the teller of the bank account number to which the funds should be credited.
Customers can request a copy of their deposit if necessary, including the itemized amounts that made up the total deposit if there's a dispute with the bank.
The slip also breaks down whether the deposit consists of checks, cash, or if the depositor wants a specific amount of cash back from a check deposit. The bank clerk typically verifies the funds received for the deposit against the amounts listed on the deposit slip to ensure that they match. The teller processes the slip along with the items in the deposit and prints a receipt for the customer.
Deposit slips are often included in the back of checkbooks. These have the customer's account number and the bank routing number pre-printed on them so there's no need to fill out one of the blank slips provided by the banking institution. You need only enter the details of the deposit you're making.
Benefits of Deposit Slips
Deposit slips protect both the bank and the customer. Banks use them to help maintain a written ledger of funds deposited throughout the day and to ensure that no deposits are unaccounted for at the end of the business day.
For bank customers, a deposit slip serves as a de facto receipt that the bank properly accounted for the funds and deposited the correct amount into the correct account. The deposit slip serves as proof that the bank acknowledged receiving the funds from the customer if the customer later checks the account balance and discovers the deposit was not reported correctly,
The deposit receipt proves that the deposit was made, but the receipt only shows the total of the deposit.
Is There Any Way to Avoid Using a Deposit Slip to Deposit Money?
Many major banks allow you to make mobile deposits if you're depositing a check. Simply take a picture of the check on your phone then submit it as a deposit using your bank's mobile app. You must typically enroll with your bank to use the app and some banks may enforce limits as to how much you can deposit this way.
What Is a Bank Routing Number?
A routing number is made up of nine digits that identify your bank to other banks. It will typically be printed on deposit slips that come with your checkbook and it may even appear on blank deposit slips that you can pick up at your bank.
Do Banks Have to Keep a Record of Deposit Slips?
Banks are required by federal law to keep records of deposits exceeding $100 for at least five years. They have the option of keeping them longer. But these records can be and typically are digital, not paper copies.
The Bottom Line
Deposit slips are becoming a thing of the past as banks have begun removing them from their branches in favor of new technology. Most banks don't require deposit slips for ATM deposits because the computer can read the check or count the cash and electronically credit the account associated with the ATM card.
ATM deposit receipts are available before completing the deposit, including receipts that contain images of the checks being deposited. Smartphone technology has advanced in that banks are offering apps that enable customers to scan paper checks instead of depositing them via a bank teller or ATM.
FAQs
Benefits of Deposit Slips
What are the benefits of deposit slip? ›
For both the customer and the bank, a deposit slip serves as a form of protection. For the customer, a deposit slip serves as proof of payment and as an effective receipt. For the bank, deposit slips are used to keep a record of the funds deposited on a day-to-day basis.
How does a deposit slip work? ›
Typically, deposit slips include fields to enter information such as your name, account number, the numbers of any deposited checks, deposit amount, and transaction date. Deposit slips are most often used when customers visit a brick-and-mortar bank branch.
Is a deposit slip proof of payment? ›
After you make a deposit, you can request a copy of your bank slip, which acts as a form of receipt. This means you have evidence of the amount of money you paid in, in case there are any counting errors in the transaction.
What is the purpose of a payment slip? ›
Pay in slip includes information such as the date, account number, amount deposited (cash or check), and account holder's name. The pay in slip's purpose is to provide the whole details of earnings, reduction in earnings and more.
What are the rules of deposit slip? ›
You fill out the slip with information such as account number, date, and amount to be deposited, along with details of denominations. When you submit the slip along with your deposit, it serves as a reference for the bank to credit the funds accurately to your account.
Why is it important to keep your deposit slips? ›
Keeping Record of Your Deposits
Deposit slips are an essential tool for keeping track of your banking transactions. They help to maintain an accurate record of your deposits, making it easy to track your finances.
What happens if you don't have a deposit slip? ›
ATM deposit is another convenient way to deposit cash without a slip. Most banks have ATMs that allow you to deposit cash directly into your account. All you need to do is insert your debit card and follow the prompts on the screen to deposit your cash.
What is the difference between a deposit slip and a pay in slip? ›
Pay-in slips encourage the sorting of cash and coins, are filled in and signed by the person who deposited the money, and some tear off from a record that is also filled in by the depositor. Deposit slips are also called deposit tickets and come in a variety of designs.
Can someone deposit money into your account? ›
You don't necessarily need their permission to make the deposit — but you will need their account number for the deposit to be completed. Is there a limit on how much cash I can deposit into someone else's account? The bank may impose a limit and will have to file IRS Form 8300 if the cash deposit exceeds $10,000.
Banks use them to help maintain a written ledger of funds deposited throughout the day and to ensure that no deposits are unaccounted for at the end of the business day.
Does a deposit slip need to be signed? ›
If you're getting cash back, fill in the subtotal and the amount of cash back you want, then subtract the cash back from the subtotal to get the total amount of your deposit. If you're getting cash back, you'll need to sign your deposit slip.
How do I know who deposited money in my account? ›
To know who deposits the amount into your account, get a bank statement. Bank statement will show the name or account from which the funds are being transferred.
What are the benefits of a deposit slip? ›
Benefits of Deposit Slips
Deposit slips provide security for both the bank and the client. They are used by banks to assist keep a written record of the money deposited during the day and to make sure that none are missing at the end of the business day.
What is the main purpose of paying in slips? ›
A paying-in book is a set of paying in slips (special forms) to fill in when paying money into your bank account. Paying-in slips are not used a lot now. You can ask a friend, family member of bank staff to help you complete the paying-in slip.
What are the advantages of withdrawal slip? ›
It contains crucial information that enables the bank to maintain a precise record of the withdrawal and give the required amount. To ensure correct withdrawal, it is critical to write accurate and understandable information on the slip.
What are the benefits of taking deposits? ›
- Secure Appointments 9/10. This is the biggest reason why deposits should be enforced. ...
- Cover Costs. Don't front an expensive product today just for your client to cancel tomorrow! ...
- Add Value To Your Time. ...
- Reduced Risk. ...
- Filter Inquiries & Leads. ...
- Eliminate or Reduce Late Cancellation & No-Shows. ...
- Better Cash Flow.
Insert the cash into the machine's designated slot. The machine will count and verify the cash. Once the cash is verified, the machine will display the deposited amount. Confirm the deposited amount and complete the transaction.
Is a deposit slip the same as a pay in slip? ›
A pay-in-slip is a bank deposit slip that is used to deposit money into a bank account. When a person needs to deposit checks or cash into his bank account, he normally fills out a slip that includes the account number, the date, and the deposit details.
