What must a depositor add to check before the bank will accept it for deposit?
signature, account number
Endorsement
To ensure that a bank accepts a deposit, there are certain steps a depositor should follow and specific information that needs to be included. Here is what a depositor should add and check before making a bank deposit:
1. Properly filled out deposit slip: A deposit slip is a small form provided by the bank that requires specific information. Fill out the deposit slip with your personal details, including your full name, account number, and contact information.
2. Correct account number: Double-check and ensure that you are depositing the funds into the correct account. It is crucial to enter the account number accurately to avoid any issues.
3. Endorsement on checks: If you are depositing checks, make sure to endorse them on the back. The endorsement typically involves signing your name or adding the phrase "For Deposit Only" followed by your account number.
4. Accurate deposit amount: Record the correct amount you're depositing on the deposit slip. Ensure it matches the total value of cash, coins, and checks included in the deposit.
5. Properly bundled cash and coins: Gather and count the cash and coins you are depositing. Organize them neatly and separate them by denomination, ensuring an accurate count. Bundle them together and label the totals on the deposit slip.
6. Valid identification: Depending on the bank's policies, be prepared to present a valid form of identification, such as a driver's license or passport, when making a deposit. Some banks may require identification to ensure compliance with anti-money laundering regulations.
Once you have completed these checks and added the necessary information, you can then present your deposit to the bank. It is advisable to review the bank's specific requirements beforehand, as some banks may have additional or different procedures in place.