A deposit slip is a printed form which accompanies bank deposits. The depositor fills out the slip to indicate what types of funds are being deposited and which accounts they should be deposited into. In some cases, a bank will pre-print forms with account information and include them in a checkbook. Deposit slips are used by a bank to keep track of the money deposited over the course of a business day, and to ensure that no funds slip through the cracks. For bank clients, these offer a form of protection, indicating that funds were counted and accepted by the bank. If the deposit is processed improperly, the deposit slip will provide a paper trail.
Most people with a checking or savings account have interacted with a deposit slip, and are familiar with the basic format which asks for the name of the client, the date, and the account number. Fields underneath this basic information provide a space for the client to enter the type of funds: cash, coin, or check. If multiple checks are being deposited, the slip usually has a space on the back to list and tally them all. The client adds up the funds to come up with a subtotal, indicates whether or not he or she would like cash back, and then enters a final total of funds being deposited.
When a client enters a bank with a deposit slip and funds, the bank clerk or teller will count the funds to make sure that the total listed on the slip is correct. The form is signed, stamped, or printed, depending on the bank, to indicate that it was accepted by a teller, and the teller updates the listed total in the bank account to reflect the deposit. If the funds are in the form of cash and coin, the bank recirculates them. If checks are included in the deposit, the bank sends them on to the issuing bank to be processed. The requested cash back, if any, is also provided.
A deposit slip can also be used in an Automatic Teller Machine (ATM). In this instance, the form is filled out and signed by the client before being slipped into an envelope which also contains the funds. The client can use an ATM card to access his or her account and indicate the amount being deposited, and the ATM will print the relevant information onto the envelope after it is inserted into the machine, allowing bank staff to process it in the morning. Banks without ATM machines often have night drops, where people can drop envelopes containing the deposit slip and funds to be handled by a teller in the morning.
Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a SmartCapitalMind researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.