What is a deposit slip?
A deposit slip is a paper form you complete when handing cash or checks to a bank teller so the bank can credit your account correctly. It identifies the depositor, the account number to be credited, the date, and a breakdown of the items being deposited (for example, separate lines for each check and for cash). When processed, the teller verifies the items, records the transaction, and gives you a receipt.
Key definitions
– Deposit slip: a form used to list and document cash and check deposits for credit to a bank account.
– Routing number: a nine-digit number that identifies a specific bank to other financial institutions; it is commonly printed on checks and deposit slips.
– Deposit receipt: the printed acknowledgement the bank gives you after processing the deposit; it typically shows the total deposited amount.
Step-by-step: how you typically use a deposit slip
1. Get a deposit slip (from your checkbook or the bank).
2. Date the slip and write your name as it appears on the account.
3. Enter the account number in the space provided (many slips from checkbooks have it preprinted).
4. List each item: write each check amount on its own line and add any cash.
5. If you want cash back, write the cash-back amount in the appropriate field.
6. Add the items to compute the subtotal, subtract cash back if applicable, and enter the net total to be deposited.
7. Hand the slip and items to the teller; keep the printed receipt the bank gives you.
Short checklist (what to have and do)
– A deposit slip (from your checkbook or bank).
– Your account number (or a slip with it preprinted).
– The checks and/or cash you are depositing.
– Photo ID if the teller asks (policies vary).
– Decide beforehand whether you want cash back.
– Keep the bank’s deposit receipt until you reconcile your account.
Important notes about records and proof
– The deposit slip and the bank’s receipt help both parties: banks use slips to track deposits during the business day; customers use the receipt as proof a deposit was made.
– A deposit receipt usually shows only the total credited, not always the itemized list — so keep your filled-in deposit slip if you need the breakdown.
– According to federal guidance, banks must retain records of deposits over certain amounts; for example, federal rules require banks to keep records of deposits exceeding $100 for at least five years. Records are commonly stored electronically now.
Advantages of using deposit slips
– Reduces mistakes: it tells the teller exactly which account to credit.
– Creates a contemporaneous paper trail if you keep the filled slip.
– Useful when depositing multiple checks or when requesting cash back.
Can you avoid using a deposit slip?
Yes. Modern alternatives mean you do not always need a paper deposit slip:
– ATM deposits: many ATMs accept checks or cash and credit them electronically without a slip.
– Mobile deposits: most banks’ apps let you deposit checks by photographing them and submitting them within the app (limits may apply and you must enroll in the bank’s mobile service).
– Teller-assisted deposits: in some cases a teller can accept a deposit without a filled slip if they can identify your account.
Worked numeric example
You have:
– Cash: $80.00
– Check A: $125.50
– Check B: $200.00
You want $50 cash back.
Steps on the deposit slip:
1. List cash: $80.00
2. List Check A: $125.50
3. List Check B: $200.00
4. Subtotal (cash + checks) = 80.00 + 125.50 + 200.00 = 405.50
5. Cash back = 50.00
6. Net deposit = Subtotal − Cash back = 405.50 − 50.00 = 355.50
The teller will verify the items, hand you a receipt showing the net deposit credited ($355.50), and give you the $50 in cash.
Do banks have to keep deposit-slip records?
As noted above, banks are subject to federal recordkeeping requirements. For deposits above certain thresholds, banks must retain records for a minimum period (for example, five years for deposits over $100). Banks frequently store these records electronically rather than keeping paper copies.
Conclusion: modern alternatives to deposit slips
Paper deposit slips remain useful for a clear, itemized paper record when depositing at a teller window. But many customers now use ATMs or mobile banking to deposit checks and cash without a slip. Digital options are widely adopted, convenient, and generally accepted by major banks, though limits and enrollment requirements may apply.
Sources
–
– FDIC — “Deposit Insurance” (consumer guidance and bank resources): https://www.fdic.gov/resources/deposit-insurance/
– Federal Reserve — “Regulation CC: Availability of Funds and Collection of Checks” (rules on holds and check processing): https://www.federalreserve.gov/paymentsystems/regcc-about.htm
– Consumer Financial Protection Bureau (CFPB) — “What is a hold on my deposit?” (explains holds, timing, and consumer rights): https://www.consumerfinance.gov/ask-cfpb/what-is-a-hold-on-my-deposit-en-135/
– Financial Crimes Enforcement Network (FinCEN) — “Bank Secrecy Act / Anti-Money Laundering” (recordkeeping and reporting requirements for financial institutions): https://www.fincen.gov/resources/statutes-regulations
Educational disclaimer: This information is educational and descriptive only; it is not individualized financial, legal, or tax advice. Consult your bank or a qualified professional for guidance about your specific situation.