Despite the digital banking revolution, the humble deposit slip remains a staple in many Australians’ financial routines. Whether you’re running a small business, managing club funds, or simply depositing cash, understanding deposit slips in 2025 is still essential. Here’s your guide to what they are, how they’re changing, and why they continue to matter—even as bank branches close and online banking takes centre stage.
What Is a Deposit Slip?
A deposit slip is a simple paper or digital form that accompanies a deposit at a bank branch, post office, or agency. It records details such as the amount of cash and cheques being deposited, the account number, date, and the depositor’s name. While ATMs and mobile apps have reduced the need for manual forms, deposit slips are still required in several situations, particularly for:
- Depositing large sums of cash (over $10,000—triggering AUSTRAC reporting)
- Business banking, especially for cash-heavy trades
- Depositing to accounts at credit unions, building societies, or smaller banks
- Community groups and not-for-profits managing club funds
Even with the rise of digital wallets and real-time payments via PayID or Osko, the Australian Payments Network reports that cash deposits at branches remain significant, particularly outside major cities.
Deposit Slips in 2025: What’s Changed?
Australia’s banking landscape is evolving fast. According to the Australian Prudential Regulation Authority (APRA), over 550 bank branches have closed since 2022, pushing more customers towards digital channels. However, deposit slips persist for several reasons:
- Regulatory compliance: When depositing large amounts of cash, banks require precise documentation for anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
- Business needs: Many retailers, market traders, and service providers still rely on physical cash. Some banks, like the Commonwealth Bank, now offer digital deposit slip generation via their business banking apps, letting customers pre-fill details before visiting a branch or Bank@Post location.
- Bank@Post and regional banking: Australia Post’s Bank@Post service allows deposits at 3,500+ post offices, often using paper deposit slips for account identification and record-keeping.
While some banks have phased out paper slips for everyday transactions, they remain a requirement for certain account types, high-value deposits, and specific business banking scenarios. In 2025, expect to see more hybrid systems, with banks offering both digital and printable deposit slip options to suit varying customer needs.
How to Use a Deposit Slip (and Avoid Mistakes)
Whether you’re new to deposit slips or haven’t used one in years, here’s how to get it right in 2025:
- Collect your deposit items: Gather cash, coins (sorted and bagged per your bank’s guidelines), and any cheques. For cheques, endorse the back if required.
- Complete the slip: Enter your account number, name, date, and a breakdown of each deposit type. Digital slips on banking apps may autofill some details, but always double-check.
- Submit at your branch or Bank@Post: Hand your completed slip and deposit to the teller or post office staff. Retain your stamped customer copy as proof—especially for business or club records.
- Check processing times: Cash deposits usually clear instantly, but cheques may take several business days, particularly if drawn on a different bank.
Pro tip: For large deposits, some banks now require ID checks or advance notice. Always check your bank’s current policy—many updated their procedures in early 2025 following new AML/CTF regulations.
Why Deposit Slips Still Matter in a Digital World
It’s tempting to write off deposit slips as relics, but they continue to serve crucial functions:
- Audit trails: Physical or digital deposit slips provide a clear record for both customers and banks. This is vital for tax, accounting, and resolving disputes.
- Community banking: Clubs, charities, and associations often rely on volunteers depositing funds—deposit slips ensure transparency and accountability.
- Compliance: With financial crime on the rise, banks must document large or unusual deposits. Deposit slips help meet these regulatory obligations.
Even as the Reserve Bank of Australia pushes for cashless innovation, the practical reality is that cash and cheques haven’t vanished. Deposit slips bridge the gap between the old and new banking worlds, offering security and clarity where digital-only records may fall short.
