How to Do Currency for Deposits at the Bank

Written by ciaran john
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Most banks allow consumers to deposit large amounts of cash without incurring fees but many banks assess a surcharge to business clients making large currency deposits. Banks assess currency handling fees that range from 25 cents per 100 bills, to flat fees of £3 or £6 when business clients do not prepare currency deposits correctly. Clients cannot deposit foreign currency directly into bank accounts. Banks do not require customers to sort foreign cash before bringing it to the bank because they send the money with a bank deposit slip via express shipping to remote exchange centres. The foreign funds are converted into U.S. currency and deposited into clients accounts.

Skill level:

Things you need

  • Money straps
  • Coin wrappers

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  1. 1

    Separate coins from bills and organise both types of currency by denomination. Once you have separated the bills, go through each group of bills and arrange them so you have the face side of the bill on top . Turn the bills so that none of them are upside down.

  2. 2

    Buy money straps and coin rollers. Many retail stores sell currency straps and coin wrappers. Buy sufficient quantities of each type to prepare your deposit. Fill coin rollers by placing a finger in one end of the roll and sliding coins down the other end of the paper tube. The rolls are complete when you have filled them with sufficient coins to reach the dollar amount listed on the outside. Currency straps normally require you to wrap bills in increments of 50 or 100. Strap the money. If you do not have enough bills to complete full straps, wrap a strap around the remaining currency but wrap it so you cannot see the side that shows denomination amounts. Write the dollar amount that the odd strap contains on the both sides of the strap.

  3. 3

    Take the currency to the bank. Complete a deposit ticket listing the total amount of each denomination on the back of the deposit slip. Write the total cash amount on the front of the deposit slip. Arrange your prepared straps in order from highest to lowest denominations. Hand the straps, the coin rolls and the deposit tickets to the teller. If you have lose coins, place them in a small sandwich bag and hand them to the teller. Check that your receipt shows the correct deposit amount.

Tips and warnings

  • Allow yourself extra time when making large cash deposits because the tellers must verify the money before you leave the bank.
  • Cash deposits are not subject to hold times and are available for use the same business day. Foreign currency sent to exchange centres normally posts to an account within one week.
  • The U.S. government requires banks to complete large currency transaction reports whenever customers make cash deposits above certain thresholds. Some banks gain exemptions for business customers that routinely make large cash deposits.

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