c) How to Fill a Deposit Slip and Deposit a Check

  • View and think about the information presented in the video.

  • Download and Complete "Writing a Deposit Slip" to practice writing a deposit slip.
  • Ask friends who have a checking account how they make their deposits. Responses may vary, but should include depositing the funds at the bank, through the mail, at an ATM, and direct deposit.
  • There are different deposit methods among them the following:
    • Manual deposit
    • At the bank
    • Through mail
    • At an ATM (automatic teller machine)
    • Direct deposit
  • Identify the advantages and disadvantages for different deposit methods.
  • You might want to consider the option of direct deposit. What is direct deposit? Direct deposit is a banking option that allows for the transfer of funds without the hassle associated with paper checks. It is very common in the United States. In fact, research that over 145 million Americans transfer funds in this way on a regular basis. Many businesses offer their employees the option of using direct deposit to receive their paychecks. The Internal Revenue Service (IRS) also allows taxpayers to receive refunds in this way. Social Security, unemployment compensation, and other government benefits may also be available with this option.

    There are many advantages to using direct deposit for your banking needs. Funds sent in this way typically are processed faster than paper checks, allowing you quicker access to your money. If you don’t live near your bank or your schedule makes it difficult to run errands during the day, direct deposit is a convenient alternative to traditional banking. If you are trying to become more disciplined about saving money, you can arrange to have your deposit automatically divided between your checking account and savings account. If you’re concerned about the environment, you can rest easy knowing that this method reduces the amount of paper required to process financial transactions.
  • Contact your local banker to learn more about setting up direct deposits.