What Is a Deposit Slip?
The deposit slip is a small piece of paper that you submit to the bank alongside the cash or check. Basically, the deposit slip tells your bank what exactly you are depositing and where the funds are going to be directed. This is crucial because you want the funds to land in the right account. Moreover, the deposit slip is documentary proof that the bank has acknowledged receiving funds from you.
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How to Fill Out a Deposit Slip?
- Personal Information: Write your name on the designated space of the deposit slip. Some banks also give deposit slips with your name pre-printed on them.
- Account Number: Write your account number or the account number of the business or person you want to deposit money into. It is important that you write the correct account number to ensure that the funds get deposited into the right account.
- Date: Write today’s date or the date you are depositing money into the account
- Cash Amount: Write the cash amount of your deposit. Here you will find separate boxes for each entry. You need to write the denomination of total currency, i.e., paper bills and coins. The box on the far right is for the decimal or the ‘cents’ value. If you do not have any cash to deposit, you can either cross this section or leave this section blank.
- Checks Information: You need to list out each check individually, including each individual check number and amount. Make sure there’s no error or omission of the single number in the slip. If you do not have any checks to deposit, leave this space alone.
- Less Cash Received: If you are depositing money but also want the bank to give some cash back, mention the cashback amount you want at the less cash received section.
- Total: Add up the total checks and cash amount and write that in the total section.
Benefits of Deposit Slips
For Banks: Deposit Slips are used by the bank to keep track of the deposits made throughout the day. This verifies that no deposits are left unaccounted for at the end of each business day.
For Customers: A deposit slip acts as documentary proof of deposit for you. It indicates that the bank has received the correct amount from you and deposited the amount in the correct bank account. A deposit slip acts as proof that the bank has acknowledged receiving money from you.
