A cheque deposit slip is nothing but a small form which is used in order to deposit funds into your bank account. The slip will have details such as your date of deposit, your name, your bank account number, as well as the amount for which you’ve issued the cheque. When you write a cheque deposit slip, you’ll be successful in making a paper trail for each and every transaction you perform.
What All Information Do You Include in a Cheque Deposit Slip?
- Write the date on which you intend to use the slip.
- You’ll need to put your signature.
- In case you’re making a cash deposit as well, mention the amount in full in a box that is provided on the slip. The name of the box would read as “Cash”. If there is no cash deposit, leave it blank.
- Similarly, you’ll need to write the amount that is there on the cheque(s) you intend to deposit.
- Include the cheque number(s) using the blank lines and use the box lines to write the amount.
- Following the space that is provided for cheque deposits, you’ll find a line which reads as “Cheques”. When you’ve to deposit a number of cheques you can include the details of the cheques on the back side of the deposit slip. On the front side of the cheque, you can indicate the combined amount of the cheques in the designated space.
- After you’ve mentioned the total cheque amount, there is a section which reads as the “Subtotal”. You’ll use this particular section to write down the sum of your combined cheque and cash deposit amount.
- Just below the subtotal, there is a section that is named “Less cash”. You will utilise this section to write how much cash you intend to withdraw from the deposit slip you’re writing. In case you do not want to receive any cash via the deposit slip, you can mention “0” in this space.
- In case you have written how much cash you want to withdraw from the deposit, you’ll need to minus that specific amount from the subtotal. Later, mention the amount on the last line that is provided which is called the “Net deposit”.
- Pay a visit to your banking organisation along with your cheque, cash, and your cheque deposit slip. Hand over your funds as well as the slip to the concerned person or the relevant department at the bank.
Note: The naming conventions used for sections across a cheque deposit slip vary between banks. For any specific clarifications that you may have regarding the cheque deposit slip of your particular bank, you can get in touch with the bank authorities concerned.
Cheque Depositing Facilities
At Any of the Automated Teller Machines (ATMs)
A cheque can only be deposited at an ATM of your bank. In other words, you cannot deposit your cheque at another bank’s ATM. Check out how you can deposit the cheque at an ATM:
Access an ATM
- Swipe your debit card and key in your card’s PIN (personal identification number).
- Select an account into which the cheque needs to be deposited.
- Next, you’ll be asked to choose from “Cash” or “Cheque”. Choose the latter option.
Place Your Cheque
- After reviewing your cheque thoroughly and endorsing it, you’ll need to insert your cheque into the ATM machine.
- The Automated Teller Machine will instruct you about how you need to insert the cheque (face up/face down). Follow the given instructions and insert your cheque accordingly.
- Later, the Automated Teller Machine will examine your cheque and seek your approval to confirm details like cheque amount, bank account number, and other details that are necessary.
Continue to Transact If You Wish To
The ATM will then reflect your current balance and ask if you intend to make any further transactions. You can perform transactions like depositing cash, withdrawing cash, or you can also print a receipt.
At the Bank Branch
Review the Details on Your Cheque Thoroughly
Before visiting the bank, make sure the cheque you’ve received is legitimate. You’ll need to verify if all the information provided on the cheque is legible, clear, and correct. Check for details like issuer’s name, address, cheque date, your name (cheque receiver), cheque amount, and if the signature on the front side of the cheque is valid.
Check out how to deposit a cheque at a bank branch:
Go to Any Nearest Branch of Your Bank
- Make sure you carry the cheque and a valid document for personal identification when you’re planning to visit a bank.
- Use google maps and find the nearest bank branch online so that you get to save time.
Fill Out a Deposit Slip
- It’s always a good practice to fill in a cheque deposit slip in advance.
- Fill in in the required details such as your bank account number and the cheque amount on the deposit slip.
- In case you want to request for cash via your deposit slip, mention the specific amount you want to withdraw on the deposit slip.
Endorsing Your Cheque is a Good Practice
- Put your signature on the back side of the cheque in order to endorse it.
- Do not include any information on the back side of the cheque beyond a point that reads as “Don’t write below this line” because the bank will need this space to document on how your cheque was processed.
- In case the front side of your cheque has two names, look out for words like “and” or “or” between the names. When there is “and” in between the two names, both the concerned parties will have to put their signatures. When the names have “or” in between, only one of the concerned parties will have to put their signature on.
Ask the Bank Representative to Deposit Your Cheque
- You can get to know about your current balance once your cheque is deposited.
- Ensure you do not leave the bank without collecting a proof that refers to the details about the cheque deposit you’ve made.
Before considering this option to deposit your cheque, you’ll need to check with your bank to see if it offers this option. You may also check the bank’s official website to see if they provide you with this option. Check out how to deposit a cheque online:
Make it a Practice to Endorse Your Cheque
- If your bank allows you to deposit your cheque online, make sure you’ve endorsed your cheque before depositing it.
- You’ll have to put your signature on any one of the grey lines on the back side of the cheque.
- Check on the bank’s official website as to what all information your bank will require from your end in the endorsement area.
Channelise Your Funds to the Relevant Bank Account
- Log into your online banking account.
- Navigate to the Deposit Online section of the website and opt for the account you intend to make a cheque deposit to.
Scan the Front and Back Side of Your Cheque
- A scan will be initiated by the bank’s software, follow the instructions accordingly.
- The scan should cover both the sides of the cheque.
Key in the Amount If Required
- A few banks will instruct you to key in the amount through a manual process.
- When you enter the cheque amount ensure that the amount you input via the online portal and the amount mentioned on the cheque is the same.
Submit Your Cheque for Deposit
- The bank will evaluate your cheque deposit submission, following which either the money will be deposited to your account immediately or the next working day. You’ll need to consult with your bank to know how long it will take.
- Once your deposit is processed successfully, you’ll receive a confirmation via an email from the bank. You can also log into your online banking account to see if the amount has been deposited.
Mail the Cheque
Find out your bank’s mailing address. Mostly, you can get this information from the bank’s website. In case you don’t find it on their online portal, you can get in touch with them via phone and seek this information.
Do Not Miss on Endorsing Your Cheque
- Sign on the back side of your cheque.
- Confirm with your bank what all information needs to be included in the endorsement area.
- Confirm with your bank if there is a need for you to fill out a cheque deposit slip.
Send Across Your Endorsed Check Via Mail
- Ensure to include your cheque and a deposit slip if required.
- A few banks might also ask you to submit a photocopy of a document for your personal identification.
- Never consider the “mail” option for depositing cash. Use this option only to deposit your cheques. You can deposit cash via an ATM or by visiting any of your bank’s branches.
Via Mobile App
Download the Mobile Application
- First of all, you need to check if your bank has a mobile deposit app.
- If yes, you need to check if the app is compatible with your mobile device.
- When you take pictures of your cheque in a required format, you’ll be able to make a deposit via your mobile phone or tablet.
Endorse Your Cheque
- Your signature on the back side of the cheque will be mandatory when you want to endorse a cheque.
- Gather information from your bank’s website as to how exactly you need to endorse your cheque.
- You can get this information via the bank’s website or by calling the hotline.
Take a Photograph of Your Cheque
- Open the relevant mobile deposit app on your smartphone and choose “Deposits”.
- Click on options “front side of the cheque” and “back side of the cheque” one after the other and upload pictures accordingly.
Initiate Your Cheque Deposit
- Direct your funds to a relevant account (current or savings account).
- Input the cheque amount via the app.
- Review all the information you’ve keyed in once and then give your confirmation.
- You can either click on “Submit” or “Deposit this cheque” (the naming convention of the final step in the mobile app can vary across banks).
- Once your cheque is deposited successfully, you will be intimated either by an SMS or by an email.
Void the Cheque
- After your cheque has been deposited, make sure you either mention “void” or “processed” on the cheque.
How Long Does it Take for a Cheque to Get Deposited?
The cheque clearance time varies from bank to bank. Take a look at the various time slots followed by the POSB Bank with respect to depositing a cheque.
|Currency option||Day on which your cheque(s) were deposited on||Available funds|
|Singapore dollar (3:30 p.m. is the cut-off time from Monday to Friday except for public holidays)||Thursday (prior to cut-off time)||Friday (post 2:00 p.m.)|
|Thursday (post cut-off time)||Monday (post 2:00 p.m.)|
|Friday (prior to cut-off time)||Monday (post 2:00 p.m.)|
|Friday (post cut-off time)||Tuesday (post 2:00 p.m.)|
|Saturday||Tuesday (post 2:00 p.m.)|
|United States dollar (local clearing) 1:00 p.m. is the cut-off time between Monday and Friday except for public holidays and US holidays||Thursday (before the cut-off time)||Friday (after 2:00 p.m.)|
|Thursday (after the cut-off time)||Monday (after 2:00 p.m.)|
|Friday (before cut-off time)||Monday (after 2:00 p.m.)|
|Friday (after the cut-off time)||Tuesday (after 2:00 p.m.)|
|Saturday||Tuesday (after 2:00 p.m.)|
|Other currency options (non-SGD) & United States dollar (non- local clearing)||Not applicable||At least 21 working days|
Common Reasons Due to Which a Cheque Might Not Get Deposited
In the recent days, though most of the financial institutions are becoming more tech-savvy and digital, there are still quite a few reasons due to which your cheque deposit might get delayed a bit. Take a look at a few points given below to learn more about how and why the processing of a cheque deposit gets delayed during a few scenarios.
- When there are a few clarifications that need to be sort out with the cheque issuer.
- When there are not sufficient funds in the payer’s account.
- The amount mentioned on the cheque might have been greater than the transfer limit on the issuer’s account.
- In case the cheque issuer’s bank confirmation to clear the cheque payment is still pending.
A few other reasons could be:
- Most financial institutions will have a specific cut-off time after which they will change over to the next working day. The reason behind keeping a cut-off time is that they will be in a position to pass over most of the day’s work to the concerned processing centre to ensure everything gets processed within midnight. Hence it is important for you to check with your bank about any specific cut-off period they have for processing cheques.
- The financial institution might have put a hold on your cheque since the value of the cheque is huge. When the cheque amount is of a higher denomination (example: insurance cheques), your cheque might not get cleared immediately. In such a scenario, banks will contact you and inform that they have put your cheque on hold and will notify you on an approximate time they need to make those funds available to you.
- Sometimes there are chances that your bank may deposit your money into an incorrect account. Keep the receipt for the cheque deposit you’ve made until your cheque gets cleared so that there is enough proof to show that you’ve made a cheque deposit. Also, your cheque deposit receipt will have the tracking details using which the bank can track your missing deposit in lesser time. Make sure you contact the bank authorities and report any kind of a mismatch in your bank account immediately.