Overview

Deposits may be made by the account owner, in person or by mail, messenger (for example: employee, armored courier), or Drop+Go service. Deposits made with cash are immediately available to the account owner. Deposits made with checks are either available on the next business day or available after an initial hold period determined by a bank associate.

Note: Deposits dropped by courier can be held in a secure area until they can be worked. These deposits must be worked by the end of the business day.

Clients must remain at the window until the transaction is completed. However, the office has no control over clients who may leave the offices prior to the transaction being completed. These clients should be contacted and directed to use the Drop+Go service.

In the rare occasion that a client continues to leave the office (lobby or drive-thru) prior to the transaction being completed, these deposits must be processed under dual control with both associates initialing the deposit ticket. This exception is not an alternate solution for clients that prefer to not wait, but only a solution for the rare occasion that a client refuses to retrieve their deposit or stay for its completion.

Be advised of the following:

• All checks deposited to an account must be made payable to or endorsed to the account owner. 
  • Clients may not deposit checks made payable to a business into a personal account.
• A consumer account owner can request cash back on the deposited amount.
• Cash back is not allowed on business accounts. 
  • Sole Proprietorship business accounts are the exception, cash back is allowed.
• Cash back is based on the client:
  • Account status
  • Relationship
  • Type(s) of check(s) being deposited
  • Amount of cash back requested
• When there are not sufficient funds available in an account when cash back is requested, a teller or supervisor override is required. 
• Verify the account prior to providing any cash.
• If an account owner (maker) is present and a signature card is not on file, refer the client to a Personal Banker so that a signature card can be completed and the account records updated.

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Deposit Types

For a full list of speed keys, see Teller Quick Reference Guide > Speed Keys.

When a client is receiving cash back on a deposit you must verify their identification (ID) and input their ID number in the transaction processing screen.

Click on the accordions below for details about various types of deposit transactions:


 Check and Savings Deposit - Speed Key A

Cash Only Deposit

A Cash Only Deposit contains currency and/or coin.

• May use a completed deposit slip or create a virtual deposit ticket, with the total amount of cash deposited.
• Count cash to verify the cash presented matches the amount listed on the deposit slip.
  • Be on the lookout for Counterfeit Currency. 
• Refer to Transaction Guidelines > Processing Cash.
   

Cash Count Screen:

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Check Only Deposit

A Check Only Deposit contains 1 or more checks.

• May use a completed deposit slip or create a virtual deposit ticket, with the total amount of the check(s) deposited. 
  • Best practice: If the client provides a completed deposit slip they should record each check individually.
• Checks must be properly endorsed. 
  • Ensure that the endorsement matches the payee and account owner's name.
     

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Less Cash Deposit

A Less Cash Deposit (also known as a split deposit or deposit less cash) contains 1or more checks and in some cases may include cash.

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Consumer Accounts

• Verify and record client's identity per Identification Verification procedures.
• Cash back is allowed on consumer checking and savings accounts.
• For Money Market (MMA) Deposit tickets, verify that the account number and the name on the account match.
• The deposit slip must be completed, including the requested amount of cash back recorded in the appropriate field.
• Checks must be properly endorsed.
• The depositor (signer on the account) must sign the deposit slip when cash back is requested.

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Business Accounts

Cash back is not allowed on a business account.


Business accounts include:

• Corporation
• Partnership
• Limited liability company (LLC)
• Association
• Campaign
• Club and civic groups
• IOLTA

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Sole Proprietor Business Exception

Cash back is allowed on sole proprietor business accounts.

• Verify and record client's identity per Identification Verification procedures.
• The deposit slip must be completed, including the requested amount of cash back recorded in the appropriate field.
• The depositor (signer on the account) must to sign the deposit slip when cash back is requested.

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