Last week we talked about opening up a bank account, thanks to the help of Hands on Banking, who outlined what we can expect when opening a bank account for the first time. They have also dedicated a portion of their site to explain the parts of a deposit slip so when making a deposit for the first time, you will know what each section of the slip is to contain.
Each account has a unique number assigned to it. It’s important that the correct account number is on the deposit slip so the money is deposited in the correct account. If you do not have your account number with you, your bank can provide the information to you.
Some banks provide deposit slips with your name preprinted on them; if not, they will have a location on the slip to write your name.
In this field, you will write today’s date here.
If depositing cash, you would write the amount here.
If you are depositing checks or money orders, you would list each one separately in the blank spaces provided.
You will add the cash and check amounts and write the total amount being deposited here.
Less cash received
If you are at the bank, you would use this space to write the amount of cash you would like to get back from the checks you are depositing. The teller will ask you to sign the deposit slip and provide identification to confirm that you are the account holder.
You will subtract the amount, if any, on the line “Less Cash Received” from the Subtotal, and write the total amount being deposited here.
The teller will ask you to sign the deposit slip and provide identification to confirm that you are the account holder, if you are withdrawing cash from your deposit.
If you have additional questions, you should reach out to your local bank professionals, after all they are there to assist you! Taking this first big step in one’s financial future is exciting but with it comes responsibility of managing money so it would be a good idea to sit down with your young one at least once a month to review their check book/ balance so they understand where their money is being spent and as they save, commend them for doing so!