How to Fill Out Deposit Slips
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Summary:
Start filling out the deposit slip by entering your personal information, including your account number, name, and date of deposit. In the deposit section, list the total amount of cash you want to deposit, then add the amount of each individual check you want to deposit.
Though mobile banking apps and direct deposits are common for most transactions, it’s still important to know how to fill out a deposit slip. You may have to fill one out if you need to deposit cash or multiple checks, which may happen if you can’t get direct deposit.
Keep reading to learn when a deposit slip is needed, what information to include, and what you’ll need to do if you discover a mistake.
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What is a check deposit slip?
A check deposit slip is a piece of paper that lists all the deposits that you want to make in a single trip to your financial institution, which could be a bank or credit union. These are used for in-person deposits which involve multiple checks and possibly a cash amount. If you want cash back, you also may need to sign a slip too.
Why do banks require deposit slips?
Bank deposit slips help give financial institutions more complete records of the deposits made during the day. In many cases, your financial institution will check deposits against the deposit slip as a security measure. It acts as a way to prove that the institution received your deposit.
If you notice that a bank employee didn’t count your money correctly, the deposit slip can act as proof that you got less cash than you should have. This makes it easy for banks to correct problems with deposits.
What’s the difference between a deposit slip and a deposit receipt?
A deposit receipt just shows how much money you placed in your checking or savings account — not much more. The deposit slip shows how much money was deposited into your account and the source of each, giving more detail than the simple receipt itself.
Do you always have to fill out a deposit slip?
Deposit slips are not always mandatory. If you use your bank’s mobile app to deposit or prefer depositing checks via direct deposit, there’s no need to fill out a deposit slip. In fact, most banks don’t even require a deposit slip unless you deposit money through multiple checks.
With electronic direct deposits or any of those “early direct deposit” types of transactions, the entire deposit is automated and done electronically. Since there is an electronic “footprint” for every step of the transaction, there’s no need to check for human error when you deposit funds this way.
If you prefer to direct deposit to a savings account but don’t have one set up, consider some of the vendors below to find an account for your saving and spending habits.
Pro Tip
Not sure if you need to have a deposit slip filled out? Ask an employee at the financial institution you visit. Many institutions are starting to forgo the use of deposit slips for everything aside from in-person deposits featuring multiple checks.
How to fill out a deposit slip
Now that we’ve explained the basics, let’s talk about the steps to fill out that slip.
- Personal information. Start by putting all your personal information down in the assigned spaces. Financial institutions require you to put your name and sometimes your address on the slip.
- Date. Make sure that you have the correct date printed in clear writing. Otherwise, banks may reject the slip.
- Account number. Similar to the date, ensure your checking account number is correct and clearly printed before handing in the deposit slip. Some institutions require a routing number or branch information, but this is rare.
- Total cash amount. Put the total cash amount you want to deposit on the cash line. This line is strictly for any fiat cash that you want to add to your deposit. Make sure to count it twice. If you aren’t depositing cash, leave it blank.
- Check information. Then, add check information from each individual check underneath. Most deposit slips will require you to write each check number and amount of the check on its own dedicated line.
- Total deposit amount. Calculate the total deposit amount at the bottom. Add the cash line to the total amounts of deposited checks and write the subtotal in the appropriate line if necessary.
- Withdrawal amount. If you want to withdraw any money from the account, write the amount you want in the withdrawal (or check cashing) line.
- Calculate “Total Deposit.” Subtract the withdrawal amount (if any) from the subtotal, and write the total deposit on the line labeled “Total Deposit.” If you’re not withdrawing anything, just write the subtotal on this line.
- Signature. If you want to cash a check or get cash back, sign the deposit slip. This actually should be done any time you’re depositing money.
Pro Tip
Always double-check the account number so that you can make sure that your money goes to the right account. If your institution also requires you to write the routing number, check to see that it’s the correct routing number, too.
What should you do if the amount deposited doesn’t match your deposit slip?
If the cash received doesn’t match what you should have gotten, you can file a dispute with the financial institution. You have the right to ask for a copy of the deposit slip from the institution. The deposit slip will show the correct amount, as well as any additional details that could strengthen your case.
From there, the institution will check the bank deposit slip and reimburse you the difference. If you got more than what you initially deposited, don’t spend it. You might end up having that money transaction get reversed.
Pro Tip
You generally have to dispute the transaction in person at a local bank branch, since they may ask follow-up questions.
What happens if you fill out a deposit slip with inaccurate information?
If you fill out a deposit slip with inaccurate information, the teller at your financial institution will probably catch it even before it’s deposited. However, things can slip through. If it does, what usually happens is that the deposit will be refunded or reversed.
While refunding doesn’t typically happen if you just enter the wrong date, it still happens when you don’t fill out the right account number or check number. That’s why it’s vital to keep your deposits accurate.
Do all institutions use deposit slips?
Because some banks have become entirely electronic in nature, there are some companies where no in-person branches exist. Since everything is totally digital, it doesn’t always make sense for a deposit slip to exist.
What are two scenarios in which you would use a bank deposit slip?
The two most common scenarios where you may need to use a deposit slip are if you’re depositing cash or if you’re depositing multiple checks.
Do you need a deposit slip to deposit a check?
In most cases, you don’t need to have a deposit slip to deposit a check. Believe it or not, some institutions are phasing out slips entirely. If you are using mobile deposits or any electronic depositing method, there’s no need to fill out a deposit slip at all.
Key Takeaways
- You’ll need to fill out your name, the account numbers, the check numbers, and total deposit amounts in their provided slots.
- If you’re having a hard time filling it out, you can always ask a teller to help you.
- The deposit slip will have separate boxes for each piece of information you need to fill out.
- Make sure to fill out separate checks on separate lines.
- Double-check the account number and totals before you hand in the slip.
- Many banks are starting to phase out deposit slips as a whole.
- An incorrect deposit slip can result in your deposit being reversed or your teller asking you to fill out another slip.
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