What Do You Need to Deposit Money in a Bank?

Depositing money into a bank account allows individuals to securely manage funds, pay bills, and access banking services. Understanding deposit requirements ensures smooth transactions. Proper preparation is key to successfully adding funds to your account.

Information for Any Deposit

Before any deposit, have your bank account number and routing number ready. Your account number, typically eight to twelve digits, directs funds to your specific account. The nine-digit routing number identifies your bank. Both numbers are crucial for transactions and can be found on checks, bank statements, or your online banking portal.

In certain situations, particularly for larger transactions or if you are not the primary account holder, banks may require proper identification. A government-issued photo ID, such as a driver’s license or passport, helps verify your identity and prevent fraudulent activity. Having your bank’s name and the specific branch location can also be helpful if you are making an in-person deposit.

Requirements for Cash Deposits

Making a cash deposit requires the physical currency and often a deposit slip. The deposit slip serves as a written record of the transaction, detailing your account number, the date, and the total amount of cash being deposited. These slips are typically available at bank branches or sometimes at ATMs. You will fill in the cash amount, and if you are depositing multiple denominations, some slips allow for a breakdown of bills and coins.

For cash deposits over $10,000, banks report to the Internal Revenue Service (IRS). This is mandated by the Bank Secrecy Act to combat money laundering. The bank files Form 8300 for transactions exceeding this threshold, whether in a single sum or related transactions within 12 months.

Requirements for Check Deposits

Depositing a check involves ensuring the physical check is valid and properly endorsed. Endorsement typically means signing the back of the check in the designated area, which authorizes the bank to process the funds. Common endorsements include a blank endorsement (just your signature) or a restrictive endorsement like “For Deposit Only” followed by your signature and account number, which enhances security by ensuring the check can only be deposited into an account.

When using a deposit slip for checks, you will list each check individually by its amount, and sometimes its check number, before totaling them. For mobile check deposits, specific endorsement requirements often apply. Many banks require you to write “For Mobile Deposit Only” along with your signature on the back of the check to signify its intended deposit method. Proper lighting and a flat, dark background are also recommended when capturing images of the check with a mobile device.

Information for Electronic Deposits

Electronic deposits, such as direct deposit or transfers between accounts, primarily require accurate account and routing numbers. For direct deposit, commonly used for paychecks or government benefits, you provide your employer or payer with these numbers. These details ensure funds are electronically transferred directly into your designated account.

Other electronic transfers, like Automated Clearing House (ACH) transfers, also rely on these numbers. ACH transfers move money between banks through a centralized network and are used for various purposes, including bill payments and person-to-person transfers. For wire transfers, which are often used for larger, time-sensitive transactions, additional information such as the recipient’s bank name and sometimes their address or a SWIFT code for international transfers may be necessary.

Executing Your Deposit

Once prepared, deposits can be executed in several ways. For in-person deposits, present your cash, endorsed checks, and completed deposit slip to a bank teller. The teller verifies details, processes the transaction, and provides a receipt. This method offers immediate confirmation and allows for questions.

When using an Automated Teller Machine (ATM), you typically insert your debit card, enter your Personal Identification Number (PIN), and select the deposit option. The machine will prompt you to insert cash directly into a slot or endorsed checks one by one. After the ATM counts the items, it will display the total for your confirmation before completing the transaction and issuing a receipt.

Mobile deposits leverage banking applications on smartphones or tablets. After logging into your bank’s app, you select the mobile deposit feature, enter the check amount, and then capture images of the front and back of the already endorsed check. The app will guide you through the photo process, often requiring a clear, well-lit image. Once submitted, you will receive a confirmation, and the funds are typically processed within one to two business days, though availability may vary based on your bank’s policies.