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The Deposit Function

This document discusses bank deposits and the roles and responsibilities of bank tellers. It defines deposits as money or valuables entrusted to banks. Deposits can be demand deposits, which can be withdrawn at any time, or time deposits, which have restrictions on withdrawals. The receiving teller receives deposits, verifies items, and distributes them to the proper departments. The paying teller pays out cash in exchange for checks and must verify dates, endorsements, alterations and avoid paying on forged, crossed or insufficient funds checks. Both tellers must be careful in counting currency and processing credit instruments to fulfill their responsibilities accurately.

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Nigel N. Silvestre
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545 views17 pages

The Deposit Function

This document discusses bank deposits and the roles and responsibilities of bank tellers. It defines deposits as money or valuables entrusted to banks. Deposits can be demand deposits, which can be withdrawn at any time, or time deposits, which have restrictions on withdrawals. The receiving teller receives deposits, verifies items, and distributes them to the proper departments. The paying teller pays out cash in exchange for checks and must verify dates, endorsements, alterations and avoid paying on forged, crossed or insufficient funds checks. Both tellers must be careful in counting currency and processing credit instruments to fulfill their responsibilities accurately.

Uploaded by

Nigel N. Silvestre
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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THE DEPOSIT

FUNCTION
CHAPTER 8
DEPOSITS DEFINED
- Deposits are represented by money or
representative money entrusted to the
banks for safekeeping.
- The term DEPOSITS, may also partake of
other meanings, the keeping valuables such
as jewerly and important documents could
likewise mean deposits in a senses.
TYPE OF DEPOSITS
DEMAND DEPOSITS withdrawn upon the
presentation of checks during banking hours.
TIME DEPOSITS those can only be withdrawn
after a certain period of time or at a designated
maturity.
PRIMARY DEPOSITS which are made over the
counter.
DERIVATIVE DEPOSITS created from the proceeds
of loans.
Kinds of Time Deposits.
1.) Time Certificate of Deposit evidenced by a certificate
to the effect that the deposit can only be withdrawn at
maturity or after due notice of withdrawal.
2.) Special Time Deposits evidenced by a certificate to the
effect that neither all nor part may be withdrawn before the
maturity date.
3.) Savings Deposits evidenced by a passbook and can be
withdrawn only upon the due notice of at least thirty days or
depending upon the individual banks policy.

( all time deposits receive interest at verifying rates )


KINDS OF DEPOSITORS.

1.) INDIVIDUAL DEPOSITS OR


BUSINESS ACCOUNTS
2.) GOVERNMENT DEPOSITS
3.) INTERBANK DEPOSITS
MOTIVES OF DEPOSITORS.

1.) SAFETY
2.) CONVENIENCE
3.) EARNINGS OR INCOME
4.) ACCOMODATIONS
SIGNIFICANCE OF DEPOSITS TO A BANK.
- When a bank can attract depositors at all level, it
will build up available loanable funds in which it
could earn interest.
- If the bank loans increase because of more
deposits, then the stockholders will likewise be
assured of safe returns on their investment.
- Increase in the earnings or income of stockholders
by the way of dividends from current profits will
also encourage them to increase their
investments.
THE RECEIVING TELLER.
- Receives and verifies deposit items and
deposit slip, gives proper receipt for the
receipt for the deposit made, distributes
items deposited and finally checks and
proves the days work
- At the end of the day, after banking hours,
the teller sort out all the items deposited
compromising of cash, checks and other
credit instruments ready for the proper
departments.
RESPONSIBILITIES RELATING TO
CURRENCY AND CREDIT
INSTRUMENTS
- CARELESNESS IN ADDING DEPOSIT
SLIPS
- CARELESNES IN DESIGNATING THE
ACCOUNT TO BE CREDITED
RESPONSIBILITIES RELATING TO
CURRENCY.
- ERRORS IN COUNTING THE MONEY
DEPOSITED
- PRESENCE OF MUTILATED OR
COUNTERFIET MONEY
RESPONSIBILITIES RELATING TO
CREDIT INSTRUMENTS.
- POSTDATED CHECKS
- STALE CHECKS
- MATERIAL ALTERATIONS
- WRONGLY ENDORSED INTRUMENTS
DEPOSIT SLIPS AND DEPOSIT ITEMS.
- DEPOSIT SLIPS forms filled in by the depositor
when he makes a deposit.
- DEPOSIT ITEMS compromise of cash and credit
instruments or other items and are distributed as
follows;
- A.) the currency composed of notes and coins will
be sent to the cashier.
- B.) Checks drawn from the bank where the teller
is employed are sent to the bookkeeper.
DEPOSIT SLIPS AND DEPOSIT ITEMS

C.) Checks drawn from other banks are


sent to the transit department for proper
disposal.
D.) Drafts and other items to be acted
upon are sent to the corresponding
departments such as foreign, the loans and
discounts and others.
THE PAYING TELLER.
- Sometimes alluded as the first teller.
- The degree of responsibility of the paying
teller is greater than the receiving teller.
- The one who pays out cash in exchange for
checks and other instruments necessitating
encashments
RESPONSIBILITIES RELATING TO
THE PAYING TELLER.
1.) THE DATE OF THE CHECK checks whether
the date is post-dated nor stale
* If the check is post-dated, he should not
pay. If the check is stale, he should likewise
not pay but request the person presenting it
to refer the same to the drawer of the check.
RESPONSIBILITIES RELATING TO THE
PAYING TELLER.

2.) WRONG ENDORSEMENT must be sure


that the endorsement is correctly effected at
the back of the instrument.
3.) MATERIAL ALTERATION must exercise
greater care this alterations than the
receiving teller
4.) FORGERY
RESPONSIBILITIES RELATING TO THE
PAYING TELLER.

5.) CROSSED CHECKS should scrutinize the


checks to be determine the extent of the
banks commitment on such check
6.) STOP-PAYMENT ORDER
7.) INSUFFICIENT FUNDS
8) ERRONEOUS PAYMENT
9.) SUPPLY OF CASH

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