What is a bank deposit slip?
Bank deposit slips are becoming increasingly rare, even among big banks. However, you may still find them cropping up when you go to make a payment, so its vital to have an idea of what they are and how they work. Essentially, a bank deposit slip is an accompaniment to a cheque or cash payment that gives the bank teller all the information they need to make sure the right amount of money reaches the correct account. Theyre often substituted for debit cards, which carry much of the same information but just in an electronic form. If you find yourself regularly using deposit slips, you may find that a pre-printed deposit slip is an easier option. These are similar to standard deposit slips, but they come with important information already printed on the document. One of the main benefits of pre-printed deposit slips is the fact that they save you writing out the same information by hand each time and also eliminate human error, at least to a certain extent. Pre-printed deposit slips may also be useful for businesses that need to make regular bank payments, as they can ensure the correct information is provided. Furthermore, it can sometimes act in place of a company card. If you want to make a payment for someone else, youll have to fill out your deposit slip before you reach the bank so that the teller can check the information youve provided. This is usually a straightforward process, with all the critical information points highlighted on the form. Its important to remember to fill out the slip with the information of the account you want to make the payment into, as youll be providing the accompanying cash or check separately. A deposit slip will list all the required information. The bank teller will be able to tell you if theres anything missing. Typically, youll need to provide the account holders name, account number, and the type of deposit youre making. This can be checks, cash, or cash back. You can request a copy of this slip once youve made your payment, which can include a breakdown of the deposits youve made. This can be particularly useful if youre using multiple different payment types, while its also important if youre using deposit slips for business purposes, as it helps you keep accurate records. Bank slips accompany deposits rather than acting as the deposits themselves. You can take one to a bank teller along with the cash or check you wish to put into an account, and the bank slip can be used to locate the correct account. As mentioned, deposit slips can be useful as a way of keeping accurate records of payments made into an account. They also provide a measure of security to banks, who can use them to ensure that all payments made are accounted for. After you make a deposit, you can request a copy of your bank slip, which acts as a form of receipt. This means you have evidence of the amount of money you paid in, in case there are any counting errors in the transaction. You can also use it to show to customers or clients to prove that you have paid in the correct amount at the correct time. We can help  GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.