What is a Deposit Slip?

What is a Deposit Slip?

A deposit slip is a form that is used to itemize the checks and cash being deposited into a bank account. The form contains the name on the account, the account number, the amount of each check being deposited, and the amount of any bills and coins being deposited.

The completed deposit slip is bundled with the checks, bills and coins itemized on the form and presented to the cashier at the bank. The cashier processes the deposit and matches the total processed to the total stated on the deposit slip to ensure that they match; thus, the deposit slip is a cash processing control for the bank.

Once the deposit has been processed, the cashier gives the customer a receipt, which states the total amount of the deposit, along with the date and time. The customer then has proof that the deposit was made.

Deposit slips are pre-printed with the account name and account number, and are included in the back of the checkbooks given to bank customers. They are rarely provided in blank form in bank locations. The slips are declining in usage, as customers switch to scanning checks with their phones and depositing funds electronically, which requires no deposit slip.

Understanding Deposit Slips

Information generally found on deposit slips includes:

The date on which the deposit is being made, the name of the depositor, the account number to which the funds will be deposited, the name of the account holder, the type of deposit (cash or check), and in some cases, the source of funds. Other information can include details of the money received, e.g., coins and the type of notes. 

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How Deposit Slips Work

Upon entering a bank, a customer can typically find a stack of deposit slips with designated spaces to fill in the required information to complete the deposit. The customer is required to fill out the deposit slip before approaching the bank teller to deposit funds.

If the customer uses a deposit slip in the bank, the account number will need to be written at the bottom of the slip where indicated. The deposit slip informs the teller which bank account number to which the funds should be credited.

The slip also breaks down whether the deposit is comprised 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 they match. The teller processes the slip along with the items in the deposit and prints a receipt for the customer.

Additionally, deposit slips are often included in the back of checkbooks, which have the customer’s account number and the bank routing number pre-printed on them.

Filling Out a Deposit Slip

The following steps are generally taken when filling out a deposit slip:

Personal information is usually filled out first. It includes the name of the depositor and the account number, along with the name of the account holder to whom the deposit is being made to. Pre-printed deposit slips from checkbooks usually already have the information filled in for the checkbook holder. Additional information, such as the date and branch information, can be filled out.

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The next step would be filling in the information on the amount of funds being deposited (coins and bills). If it is not a cash deposit, this can be left blank. In cases where checks are being deposited, they are to be listed individually with their respective check numbers.

After filling in the required monetary information, the depositor fills in the sub-total of the cash and check deposits being made. If any withdrawals are being made from the checks (common for check deposits into own accounts), they are subtracted from the sub-total to obtain the total deposit. Finally, once all the information has been filled in, the depositor is required to sign the deposit slip.

Benefits of Deposit Slips

Deposit slips offer protection to 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 and into the correct account. If the customer later checks the account balance and discovers the deposit was not counted correctly, the deposit slip serves as proof that the bank acknowledged receiving the funds from the customer.

Although the deposit receipt proves the deposit was made, the receipt only shows the total of the deposit. If there’s a dispute with the bank, customers can request a copy of their deposit including the deposit slip to show the itemized amounts that made up the total deposit.