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, by definition, contains the date, the name of the depositor, his account number and the amounts deposited.
Key points to remember
- 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 deposited, as well as the breakdown according to whether the deposit is made up of checks, cash or if the depositor wishes a specific amount of deposit. money. a check deposit.
- The deposit slip serves as proof that the bank has acknowledged receipt of the client’s funds.
Operation of deposit slips
Upon entering a bank, a customer can usually find a stack of deposit slips with designated spaces to fill in the information required to make the deposit. The customer is required to complete the deposit slip before contacting the cashier to deposit funds.
If the client uses a bank deposit slip, the account number must be entered at the bottom of the slip in the place indicated. The deposit slip informs the cashier of the bank account number on which the funds are to be credited.
If necessary, customers can request a copy of their deposit, including the deposit slip, to show the detailed amounts that made up the total deposit.
The sheet also breaks down if the deposit is made up of checks, cash or if the depositor wishes a specific amount of cashback from a check deposit. The bank clerk generally checks the funds received for the deposit against the amounts indicated on the deposit slip to ensure that they correspond. The cashier processes the slip with the deposit items and prints a receipt for the customer.
In addition, deposit slips are often included on the back of check books, which have the customer’s account number and bank routing number pre-printed on them.
Advantages of deposit slips
Deposit slips provide protection for both the bank and the customer. Banks use them to help keep a written ledger of funds deposited throughout the day and to ensure that no deposits are posted at the end of the day.
For bank customers, a deposit slip serves as a de facto receipt attesting that the bank has correctly recorded the funds and deposited the correct amount in the correct account. If the client later checks the account balance and discovers that the deposit was not counted correctly, the deposit slip serves as proof that the bank has acknowledged receipt of the client’s funds.
Although the deposit receipt proves that the deposit has been made, the receipt only shows the total deposit. In the event of a dispute with the bank, customers can request a copy of their deposit, including the deposit slip, to show the detailed amounts that made up the total deposit.
Deposit slips are becoming a thing of the past as banks have started to withdraw deposit slips from their branches in favor of new technologies. Most banks do not require deposit slips for ATM deposits, as the computer can read the check or count cash and electronically credit the account associated with the ATM card.
ATM deposit receipts are available before completing the deposit, including receipts containing images of deposited checks. Smartphone technology has evolved, with banks offering applications that allow customers to scan paper checks instead of depositing them through a bank machine or an ATM.