Deposit slips are often a basic part of banking, but you may not know how to use them in this era of online financial accounts. Learning how to fill out a deposit slip is a multistep process in which you write down relevant information, including your name, bank account number, and deposit amount, and submit the slip to the bank. When doing so, you’ll list your cash and checks separately.
If you have a wad of cash from earned wages or a particularly lucrative birthday, you can fill out a deposit slip at the bank to deposit the money in your account. Providing the correct information in the right spots will get the funds where they are intended. Using deposit slips is part of managing your checking account.
Here is a step-by-step guide on how to fill out a deposit slip to make your next visit to the bank seamless.
Steps to Fill Out a Deposit Slip
Before you learn how to fill out a bank deposit slip, it can be a good idea to understand what a deposit slip is anyway.
A deposit slip allows you to deposit cash and checks into your bank account or someone else’s account. It’s a piece of paper that records the amount of money being moved and where it’s going.
Fortunately, the process is straightforward, but filling out the deposit slip can be daunting if you’re unfamiliar. So here’s how to write a deposit slip, simply and properly:
1. Entering Your Personal Details & Today’s Date Slip
The first section of the slip requires your name and bank account number. If you’re depositing money into someone else’s account, know that not all banks allow this.
If it is possible, you’ll write the other person’s name and account number down, and you may need to add your name as well. You’ll also write the current date and probably have to include information about the bank branch you’re using.
2. Inputting The Amount of Your Deposit
Next, you’ll write the amount you’re depositing, counting both cash and checks. All your cash goes in one line on the deposit slip, and each individual check gets its own line.
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Optional: List Cashback Required
If you want a portion of the checks you’re depositing to go into your wallet instead of your bank account, you’ll list that portion next. For example, if you have a $50 check to deposit but want half in your pocket, you can write $25 in the designated space to subtract from your deposit.
Then, when you bring your deposit to the bank teller, they’ll hand you $25 and deposit $25 into your account.
3. Listing Each Individual Check Separately
While you’ll lump your cash together in one line, each individual check gets its own line on the deposit slip. For example, if you have a $20 bill and a quarter, you’ll write your deposit as a cash deposit of $20.25. If you also have a $50 check and a $35 check, you’ll list these in their own lines; that is, on two separate lines. So, the cash portion of your deposit would be $20.25, your first check would be $50, and your second check for $35 would be on the third line.
In addition, signing the back of each check is essential before depositing it in your account. There is a space on the back of checks at the top for your signature. The space is typically labeled ‘endorse here’ for the check recipient (that’s you) to sign. Doing so is part of properly managing your checking account; not doing so could lead to delays in the money becoming available.
4. Adding All Deposits to Get a Subtotal
Once you list your deposit items and subtract your cash back if desired, write the subtotal at the bottom. Using the example above, the total would be $105.25 if you decided to take no cash back.
5. Signing Your Deposit Slip
This final step isn’t always necessary because some banks don’t require depositors to sign their deposit slips. However, if you want cash back from your deposit, you must sign it.
6. Take Your Receipt
The teller will keep the filled-out deposit slip and give you a receipt so you can track the bank transaction deposit in your records. You might also receive a copy of the deposit slip, depending on your bank.
Do You Need a Deposit Slip to Make Mobile Deposits?
Mobile deposits are a convenient way to transfer money into the bank. They don’t require deposit slips; instead, log into your bank account on your smartphone and upload pictures of your checks to deposit them.
Keep in mind, however, that a mobile deposit processes checks, not cash. Therefore, if you have cash to deposit, you’ll need to head to the bank and fill out a deposit slip.
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The Takeaway
Learning how to fill out a deposit slip is a straightforward process in which you provide your name, account number, and money for deposit in the form of cash and checks.
Remember, if you solely have checks to deposit and no cash, you can use the mobile deposit feature in your banking app to deposit the checks. As a result, you’ll only have to go to the bank and fill out a deposit slip if you have cash to put into your account.
FAQ
What is written on the back of a deposit slip?
You may be able to list more checks on the back of a deposit slip if you run out of slots in the front. The back of a deposit slip often has an overflow section for you to list additional checks.
Can I print my own deposit slips?
You can print deposit slips on various online platforms and at office supply stores.
Are deposit slips the same as checks?
Deposit slips are different from checks because you use deposit slips to deposit cash and checks at the bank. On the other hand, checks are a method of payment between two parties.
Who keeps the original deposit slip?
The bank keeps the original deposit slip and typically gives you a receipt from the transaction. Some banks also give a copy of the deposit slip.
Photo credit: iStock/PeopleImages
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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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