There are many ways you can deposit cash. You can either deposit a cheque made in the teller’s name or use the ATM to deposit money to the required person. While depositing money through an ATM has been more convenient, nothing compares to depositing money through a bank and going to the bank. It makes things much more convenient, and you also trust that you are sending the money by your own hands.
However, while listing down the required details in the cheque, you may have encountered a term known as less cash. What does this less cash mean? What do you fill the blank with? Let us answer your question regarding the less cash term.
What Does Less Cash Receive Mean on the deposit slip or deposit ticket?
“Less cash received” or “less cash back” means that your funds will not be available to use until the near future, such as the next business day or even more days.” Less cash” in your check is the amount of money that you will receive as the remaining amount after the settled transaction.
“Less cash received” example.
The less cash term in a cheque means that this is the amount you want back. For example, if you retransfer someone and write 300 in the less cash blank, this amount would be subtracted from the total, and the remaining will be sent to the desired person. So, in this case, 300 would be subtracted from 900, and 600 dollars would be sent to the person, whereas the remaining 300 would be transferred back to your account.
Therefore, many people go out of their way to send money through this process as the conventional banking method gives more options and issues a lot of options that ensure the ease of banking.
You can always ask your bank manager to clarify how to write fewer cash deposits.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com