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. They are 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.
Understanding Bank Routing Numbers
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 Future of Deposit Slips
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 to the point that banks are offering apps that enable customers to scan paper checks instead of depositing them via a bank teller or ATM.
References
- U.S. Bank. “What Is a Routing Number?”
- Office of the Comptroller of the Currency. “How Long Must Banks Keep Deposit Account Records?”
