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#2282340 - 03/17/23 01:30 AM Deposit Slips
lokes Offline
New Poster
Joined: Jan 2014
Posts: 23
Florida
I am questioning whether financial institutions should be using deposit slips for deposits of $100 or more, based on the BSA record keeping requirements (see below).

https://bsaaml.ffiec.gov/docs/manual/10_Appendices/17.pdf

Five-Year Retention for Records as Specified Below
The BSA establishes recordkeeping requirements related to various types of records
including: customer accounts (e.g., loan, deposit, or trust), BSA filing requirements, and
records that document a bank's compliance with the BSA. In general, the BSA requires that
a bank maintain most records for at least five years. These records can be maintained in
many forms including original, microfilm, electronic, copy, or a reproduction.
A bank is not
required to keep a separate system of records for each of the BSA requirements; however, a
bank must maintain all records in a way that makes them accessible in a reasonable period of
time.

Deposits in Excess of $100
Each deposit slip or credit ticket reflecting a transaction in excess of $100 or the equivalent
record for direct deposit or other funds transfer deposit transactions. The slip or ticket must
record the amount of any currency involved.

Our financial institution stopped using deposit slips a few years ago, but in reading the above, I am questioning that decision. We obviously maintain electronic records of the deposit transaction via the receipt. Based on what I am reading above, an electronic record of the deposit should meet this record keeping requirement. Am I interpreting that correctly? Any input on the subject would be appreciated.

Thank you!

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#2282347 - 03/17/23 09:12 AM Re: Deposit Slips lokes
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Can you determine the exact amount of cash in the deposit based on your electronic records? If you can, I would not sweat it.
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