8 Biggest Money Deposit Mistakes I See People Make Daily

Not Keeping Track of Deposits: Failing to record or track deposited funds can lead to confusion about account balances and potential overdrafts.

Depositing Checks Without Endorsement: Depositing a check without properly endorsing it can lead to delays or even rejection of the deposit.

Ignoring Deposit Limits: Many banks impose limits on the amount of cash or checks that can be deposited at once or within a specific time frame.

Depositing Post-Dated Checks: Depositing post-dated checks (checks with future dates) before the indicated date can lead to unintended overdrafts

Using Incorrect Deposit Slips: Using the wrong deposit slip or failing to fill out the deposit slip accurately can result in funds being credited to the wrong account

Ignoring Hold Policies: Banks often place holds on deposited funds, especially for large checks or deposits from unfamiliar sources.

Depositing Damaged Currency: Depositing torn, defaced, or otherwise damaged currency can result in rejection or delays in processing the deposit.

Not Verifying Deposit Receipts: Failing to verify deposit receipts or transaction confirmations can result in errors or discrepancies going unnoticed.

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