Preparing a Deposit

How do I prepare a deposit?

  • Total the Currency
    • Count the currency
    • Bundle the currency
      • All currency should be face up, and secured with a rubber band. No staples or paperclips.
      • Do not have more than 500 bills in each rubber band bundle.
      • Only one denomination per bundle (i.e. only 1s or 5s or 10s …)
    • Indicate total amount of currency on the “currency” line on the deposit slip
  • Total the Coins
    • Count the coin
    • Place it in an envelope and seal it
    • Indicate amount of coin on the “coin” line on the deposit slip
    • If coin totals more than $10.00, a separate deposit for coin-only must be prepared. See coin deposit preparation instructions below.
  • Total the Checks
    • Be sure the checks are properly endorsed (This should be done immediately upon receipt of check). The endorsement should be in compliance with rule 21.01.02.M0.02.
    • Bundle the Checks
      • Checks should all be face up, in the same direction
      • Bundles should contain no more than 250 checks.
      • Bundles should be secured with a rubber band. No staples or paperclips.
    • Run two tapes per bundle running a tape on the checks each time (please do not run a second tape from first tape).
      • Verify that the tapes equal.
      • Keep one tape for your records.
      • Include the other tape with the corresponding check bundle.
    • Run two grand-total tapes of the totals of each check bundle
      • Verify that the tapes equal.
      • Keep one tape for your records.
      • Put check bundles in order of taping and place the other grand-total check tape on top, wrap one rubber band around the batch.
    • Indicate grand-total amount of checks on the “check ID” line on the deposit slip
  • Total Deposit
    • Total the currency, coins and check amounts
    • Write this total in both total boxes on the deposit slip
    • Be sure this total matches your iPayment Payfile total.
  • Batching Deposit
    • Place currency and bank deposit slip (original – white copy) on top of banded checks.
    • Rubber band the entire packet again with one rubber band.
    • The other two slips (pink and yellow copy) should be retained for the department’s records.
  • Coin only deposit (More than $10.00 in coin)
    • Count the coin
      • Mixed coin deposits are o.k. 
      • Do not wrap the coin.
    • Indicate amount of coin on the “coin” line on the deposit slip
    • Write this total in both total boxes on the deposit slip
    • Be sure this total plus your other deposit slip total matches your iPayment Payfile total.

Bagging the Deposit

  • On the plastic deposit bag fill out the following:
    • To: Wells Fargo
    • From: Department name
    • Amount: Total Deposit
    • Write the date from the deposit slip on the bag
  • Place batched deposit and coins (up to $10.00 in coin) in the bag.
  • Place coin-only deposit (more than $10.00) in an ‘A’ size bag or smaller.
    • All deposits must weigh less than 50 lbs and using the ‘A’ size bag or smaller will ensure that the coin-only deposit will meet that requirement.
  • Seal the bag by removing perforated strip.
  • Cut bag number from perforated strip and file.
    • Many users tape the bag number to their yellow copy of their deposit slip