There are many ways through which you can deposit cash. Either you can opt for depositing a cheque made in the name of the teller, or you can use the ATM to deposit money to the required person. While depositing through ATM has been more convenient, nothing really compares to depositing the money through a bank and going in place 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 come across 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 that you would like to have back. For example, if you are transferring $900 to someone and you write $300 in the less cash blank, it means that 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 will be sent to the person, whereas the remaining 300 dollars would be transferred back to your own account.
Therefore, many people go out of their ways to send the money through this process as the conventional banking method gives more options and issues a lot of options available that ensures the ease of banking.
You can always ask your bank manager to give you clarity about having fewer cash deposits written.
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