Yahoo Finance I’m a Bank Teller: 8 Biggest Money Deposit Mistakes I See People Make Daily
As frontline banking professionals, bank tellers have enormous responsibilities. They not only need to process deposits and withdrawals, facilitate all sorts of financial transactions and engage with people – they also need to be there to assist customers with banking tasks, including money deposits.
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And boy, have they seen it all – including major money deposit mistakes.
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Not Keeping Track of Deposits
Kimberlie McGee, head teller at Addition Financial Credit Union, cited the no. 1 mistake banking customers make on a daily basis is not keeping track of their deposits – and they should be.
“It’s important to keep a record of all your deposits to ensure that they are accurately reflected in your bank account,” McGee said.
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Not Counting Their Cash First
For the love of money, please count your cash before you deposit it. This mistake drives tellers mad!
“You would be stunned at the amount of customers who don’t count their cash first before handing it over to a teller for a deposit,” said Christopher M. Naghibi, a former bank teller and now EVP, COO, First Foundation Bank.
“This can lead to a bad situation in which there is a ‘discrepancy’ between the amount the customer thinks they are depositing and the amount actually recorded by the bank,” Naghibi said. “Since being a teller myself I have always made it a practice to count any cash I may be depositing in front of the teller before handing it to them to count. There are cameras at each teller line and this single step can help save you a lot of heartache.”
Waiting Too Long to Deposit Checks
Ever get a check in the mail and totally forget about it? It’s not the worst problem to have – until you go to deposit it, only to find out that the check has expired.
“Depositing checks promptly can help you avoid potential issues with check expiration or stale dating,” McGee said.
Ignoring Account Limits
“Many accounts have limits on the amount you can deposit in a single transaction or over a certain period,” McGee said. “Be aware of these limits to avoid complications.”
Not Endorsing Checks Properly
All checks come with specific endorsing instructions. These are often simple, but they’re important to take note of, with every check (instructions can vary).
“Failing to endorse a check correctly can lead to delays or rejections during the deposit process,” McGee said.
Depositing Money Into an Inactive Account
Sometimes people attempt to deposit money into an account that is defunct. Big mistake!
“Make sure the account you’re depositing money into is active and hasn’t been closed by the bank,” McGee said.
Depositing Checks with Missing or Incorrect Information
Don’t make the mistake of messing up all the details you need to enter not only on the check, but also on the deposit slip.
“Incomplete or inaccurate deposit slips are so common,” Naghibi said. ” Customers often forget to sign the slip or enter the correct account number. This happens so frequently that many banks will ask you to use your ATM card and PIN at the teller line so they can view your correct accounts on their screen and double check.”
The main problem with this mistake is risking having your cash deposited into the wrong account, Getting it back out can be a hassle and a challenge.
“Anecdotally, if you are depositing checks and cash, do yourself a favor and ensure you are also listing the checks and cash in the proper lines on the slip,” Naghibi said. “If you deposit everything in the wrong account and then the numbers on these don’t align it may be an intolerable forensic accounting session to get things straightened out.”
Interestingly, this problem persists even with those depositing their checks via their phones. more people than not are using their phones to deposit checks, the same problem still persists.
“Customers too frequently forget to endorse their check when they are making a deposit,” Naghibi said. ” An unendorsed check can be a security risk and may not be processed at all until it is properly endorsed. While rare these days, it can happen and you don’t want to be on the receiving end of having someone tell you that you’ll have to wait much longer to access your money.”
Forgetting To Get a Receipt
To help you keep track of your deposits, it’s necessary to ask for a receipt – you may also be able to have it emailed to you, depending on your bank’s policy.
“Always ask for and keep a receipt for your deposit in case you need to reference it later,” McGee said.
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This article originally appeared on GOBankingRates.com: I’m a Bank Teller: 8 Biggest Money Deposit Mistakes I See People Make Daily
