What Is the Role of Pre-Printed RBC Deposit Slips?
Bank deposit slips may be relatively rare these days, but they are still an option with most banks in Canada, including some of the big banks such as RBC Bank. Since they are an option you may come across occasionally, it is a good idea that you know how they work so that you don’t face any challenges when it comes time to use them. A bank deposit slip is a document that usually accompanies a cheque or a cash payment.
It is the document you normally hand over to the teller, in addition to the cash or cheque, when making a deposit. Usually, it contains all the information that the teller may need to ensure the successful deposit of your cash or cheque. Most of the time, they act as a good substitute for debit cards, which usually carry nearly the same information as the deposit slips, though in electronic form.
About Pre-Printed RBC Deposit Slips
If the nature of your business or frequency of payments demands that you regularly use deposit slips, then it may be a good idea to consider pre-printed RBC deposit slips. The pre-printed deposit slips are similar to the standard deposit slips, only that they come with important information already pre-printed on them.
There are many benefits that come with using pre-printed deposit slips, which make them attractive to those who make deposits regularly. Some of the notable benefits that come with using this kind of slips include the following:
They Save Time
The first convenience you will enjoy with the use of pre-printed deposit slips is that you will be saving lots of time when making deposits. Since the slips come featuring the vital information that you would normally be required to give at the time of deposit, you won’t have to spend any time giving out such details because they are already included.
This time-saving aspect will also come in handy when you have to make multiple deposits at once. Instead of having to write the same information on multiple deposit slips, most of the work will already be done for you, and in this manner, you save a considerable amount of time compared to when making multiple deposits with the standard deposit slips.
Low Risks of Making Mistakes
The other wonderful benefit that comes with the use of pre-printed deposit slips is that they greatly minimize the risks of making mistakes when making deposits. This is because most of the vital information is already included in the slips, and you have very minimal writing to do.
This is unlike having to write everything by hand, where you may unintentionally input the wrong details for the deposit. Again, this is another benefit that will come in handy when making multiple deposits at once.
They Can Act As Company Cards
Need to give out a card, but don’t have any? Don't worry! Simply produce the preprinted deposit slip. The slip has all the information you would normally find on a company card, and you can use it in instances when you lack a card to give.
Remember that this is not their primary purpose, but they can very well do the job of company cards.
The Information Included in a Pre-Printed RBC Deposit Slip
A pre-printed deposit slip will include your important information as the depositor. Most importantly, the slips will include your name, address, and the name of your bank. At the time of deposit, you will have to include the date of the deposit, the amount to be deposited, and the payee’s information such as name, address, and bank account number. You will also have to include the type of instrument being deposited, which is usually cash or a cheque.
Why Keep Using Pre-Printed RBC Deposit Slips?
In addition to the already mentioned benefits, pre-printed RBC slips usually serve as a form of protection for both the bank and the customer making the deposit. To the customer, the slip will act as proof of payment as well as a proof of receipt by the recipient bank that they indeed received the payment.
If the depositor or the recipient doesn’t see the funds reflecting where they were expected, then the slip may be used to follow up on the status of the transaction.
With the slip, the depositor has proof and acknowledgment by the bank that the funds were received. After the teller accepts the deposit for processing, they will usually sign the slip and stamp it with the bank’s official stamp on both the duplicate and the original.
To the banks, the slip is one of the documents they rely on to know the number of deposits made on a day. With it, the banks can maintain a ledger of all the deposited funds which helps in ensuring that there are no funds that are unaccounted for at the end of every business day.
You should remember that as the depositor, it is vital that you keep both the pre-printed slip as well as the receipt issued by the bank at the time of making the deposit. The bank’s receipt will act as proof that a deposit was made, though the receipt doesn’t show the amount deposited or other vital information that can only be found on the deposit slip.
In cases where the funds are not yet reflected, the bank can always ask for the deposit slip to verify certain information which they can then use to trace the payment and locate it within their system.
Hopefully, you now understand more about pre-printed RBC deposit slips, their benefits, and some of the reasons why you may consider using them. With the advancement in banking technology, the pre-printed deposit slip may not survive another century, but they are still widely accepted by most banks around the world.
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