# Deposit Slip Explained: Uses, Benefits, and How It Works

![Deposit Slip: A paper form that a bank customer includes when depositing funds into a bank account.](https://www.investopedia.com/thmb/dsBNWK1VMm4TCdv1w-FVepp10R0=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/deposit-slip.asp-final-7efbbc9c8fda4468881ffea375c88e31.png)

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## What Is a Deposit Slip?

A deposit slip is a crucial tool for bank customers depositing funds. It identifies the depositor, the date, the bank [account number](https://www.investopedia.com/terms/a/account-number.asp), and the deposit amounts, ensuring that transactions are accurately recorded and acknowledged.

### Key Takeaways

*   A deposit slip is a paper form that specifies the details of a deposit, including the date, depositor's name, account number, and breakdown of checks or cash.
*   Deposit slips are used by banks to maintain records of deposits and protect both the bank and the customer by verifying the transaction details.
*   Many banks now offer mobile deposits, allowing customers to deposit checks using a smartphone app, reducing the need for deposit slips.
*   Banks keep records of deposits exceeding $100 for at least five years, usually in digital form, as required by federal law.
*   Deposit slips are becoming obsolete with advancements in technology like ATMs that electronically credit accounts without needing a paper slip.

## Understanding the Process of Using Deposit Slips 

Customers usually find a stack of deposit slips in banks with spaces to fill in the necessary deposit information. A customer is required to [fill out the deposit slip](https://www.investopedia.com/how-to-fill-out-a-deposit-slip-8553226) before approaching the bank teller to deposit funds.

The account number must be written at the bottom of the slip where indicated if the customer uses a deposit slip provided by the bank. The deposit slip informs the teller of the [bank account](https://www.investopedia.com/best-high-yield-checking-accounts-5070332) number to which the funds should be credited.

> **Important**
>
> Customers can request a copy of their deposit if necessary, including the itemized amounts that made up the total deposit if there's a dispute with the bank.

The slip shows if the deposit includes checks or cash and if the depositor wants cash back. The bank clerk typically verifies the funds received for the deposit against the amounts listed on the deposit slip to ensure that they match. The teller processes the slip along with the items in the deposit and prints a receipt for the customer.

Deposit slips are often included in the back of [checkbooks](https://www.investopedia.com/terms/c/checkbook.asp). These slips have the customer's account and bank routing numbers pre-printed, eliminating the need for blank slips. You need only enter the details of the deposit you're making.

## Advantages of Using Deposit Slips

Deposit slips protect both the bank and the customer. Banks use them to help maintain a written ledger of funds deposited throughout the day and to ensure that no deposits are unaccounted for at the end of the business day.

For customers, a deposit slip acts as a receipt that confirms the bank correctly deposited the funds. The deposit slip proves the bank received the funds, useful if the deposit isn't reported correctly later.

The deposit receipt proves that the deposit was made, but the receipt only shows the total of the deposit.

## Is There Any Way to Avoid Using a Deposit Slip to Deposit Money?

Many major banks allow you to make [mobile deposits](https://www.investopedia.com/terms/m/mobile-banking.asp) if you're depositing a check. Simply take a picture of the check on your phone then submit it as a deposit using your bank's mobile app. You must typically enroll with your bank to use the app and some banks may enforce limits as to how much you can deposit this way.

## What Is a Bank Routing Number?

A [routing number](https://www.investopedia.com/terms/r/routing_transit_number.asp) is made up of nine digits that identify your bank to other banks. It will typically be printed on deposit slips that come with your checkbook and it may even appear on blank deposit slips that you can pick up at your bank.

## Do Banks Have to Keep a Record of Deposit Slips?

Banks are required by federal law to keep records of deposits exceeding $100 for at least five years. They have the option of keeping them longer. But these records can be and typically are digital, not paper copies.

## Conclusion: Modern Alternatives to Deposit Slips 

Deposit slips, though traditionally integral to banking transactions, are being phased out with the advent of new technology. Many banks now offer paperless options for depositing funds, such as [ATM](https://www.investopedia.com/articles/personal-finance/050214/credit-vs-debit-cards-which-better.asp) machines that can electronically credit accounts without a deposit slip. Customers can also use mobile banking apps to conveniently deposit checks by scanning them with their smartphones. While deposit slips have historically provided a tangible record of your transactions, new digital methods offer greater convenience without sacrificing accuracy and are widely adopted by leading banks.

> **Article Sources**
>
> 1.  U.S. Bank. "[What Is a Routing Number?](https://www.usbank.com/bank-accounts/checking-accounts/checking-customer-resources/aba-routing-number.html)"
>     
> 2.  Office of the Comptroller of the Currency. "[How Long Must Banks Keep Deposit Account Records?](https://www.helpwithmybank.gov/help-topics/bank-accounts/statements-records/statement-records.html#:~:text=For%20any%20deposit%20over%20%24100,they%20choose%20to%20do%20so.)"