How to Deposit a Cheque at the Bank, ATM, or by Mobile

Depositing a cheque remains a common financial transaction, even with digital payments. Cheques are frequently used for various purposes, from receiving payments for services to gifts or refunds. Understanding the different methods available for depositing these funds helps manage finances effectively.

Preparing Your Cheque

Careful preparation is necessary before depositing a cheque to avoid delays. Verify all cheque details. Confirm the payee name matches your legal name or bank account. Ensure the numerical and written amounts are identical and the cheque is dated correctly, avoiding future dates and stale dates (cheques older than six months). Finally, confirm the cheque bears the drawer’s, or payer’s, signature.

Endorsing the cheque is a step authorizing the bank to process the transaction. Sign the back of the cheque in a designated area. A blank endorsement, your signature, makes the cheque payable to anyone holding it, making it less secure.

For enhanced security, a restrictive endorsement like “For Deposit Only” followed by your signature and your account number is recommended, ensuring funds deposit only into your account. Some banks may also require “For Mobile Deposit Only” for digital submissions. Use a pen for endorsement.

Depositing In-Person or Via ATM

Depositing a cheque in person at a bank branch offers direct assistance, while an ATM provides convenience outside banking hours. When visiting a teller, bring your prepared cheque, a valid identification, and your bank account number. You may need to complete a deposit slip, requiring your name, account number, date, and cash/cheque amounts. If depositing multiple cheques, list each one individually on the slip.

After handing over your cheque and deposit slip, the teller will process the transaction and provide a receipt. This receipt serves as proof of deposit. When using an ATM, locate one that accepts cheque deposits and follow the on-screen prompts, involving card insertion, PIN entry, and deposit option selection. The ATM will guide you to insert the endorsed cheque into a designated slot. Confirm the deposit amount on the screen and retrieve and retain the ATM receipt, which documents the transaction.

Depositing Using Mobile Banking

Mobile banking offers a convenient way to deposit cheques using your smartphone or tablet, eliminating physical visits. You will need your bank’s mobile application on your device and a stable internet connection. Log into the app and navigate to the “Deposit Cheque” or “Mobile Deposit” feature. Select the correct account for deposit and enter the cheque’s amount.

The app will prompt you to take clear photographs of both the front and back of your endorsed cheque. For best image quality, place the cheque on a flat, dark, contrasting surface in a well-lit area, avoiding shadows or glare. Ensure all four corners are visible and the image is sharp and focused. After capturing the images, review deposit details before submitting. Many banks suggest writing “Electronically Deposited” and the date on the physical cheque after submission to prevent accidental re-deposit.

After Your Deposit

Once your cheque has been deposited (in person, at an ATM, or via mobile banking), confirm the transaction’s success. You will receive confirmation on your receipt, within the mobile app, or email. While confirmed, funds may not be immediately available. Banks place a hold on deposited funds, with the first $200 to $225 available on the next business day.

The full amount of a cheque deposit can take one to five business days to clear, depending on cheque amount, account history, and bank policies. Some larger deposits or those from less common sources may experience extended holds, up to eight business days. Keep your deposit receipt and the physical cheque (for mobile deposits) for 30 to 90 days after clearing, then securely shred it to protect financial information. Monitor your account statement to ensure the deposit has fully posted.