What are Deposit Documents?

Deposit documents are those documents that are necessary for establishing, maintaining, and supporting a deposit account at a financial institution. Certain deposit documents are created, collected, or distributed during the upfront account creation process, while others require ongoing tracking and/or action.

Types of Deposit Documents

Deposit documents vary depending on the customer, account, and financial institution but could be generally categorized as follows:

Account set-up and verification documents, such as the deposit agreement, signature card, customer identification profile (CIP), and ChexSystems verification report.

Customer-provided documents might include a copy of an LLC’s entity documents or an individual’s driver’s license. Marriage certificates, death certificates, and corporate resolutions may also be provided by customers in certain situations.

Disclosures inform customers about the deposit account’s terms, interest, overdraft charges, service charges, non-sufficient funds fees, and other important information. Learn more about disclosures.

Authorization documents specify who is authorized to sign checks, withdraw money, make deposits, etc.

Statements and notices: Banks provide deposit account customers with electronic and/or paper statements on an ongoing basis. Notices inform customers about certain actions that may be required, such as providing missing information.

Deposit Document Technology

Banks use a variety of technology to create, distribute, and manage deposit account documentation. A few examples include:

• Document Preparation (“Doc prep”) System: Doc prep systems help bankers efficiently generate documents while ensuring compliance. Some doc prep systems offer eSign products, which streamline the collection of signatures from customers.
• Core System: The core is central to most banking operations, and deposit-related documentation is no exception. Cores are especially important for statements and notices.
• Document Management System: Storing documents in an electronic ecosystem, such as AccuAccount, can make it easier for staff to access signature cards and other deposit information from any branch. Some document management systems also offer exception tracking and notice letter generation, which enable additional efficiency.

Browse Additional Resources

Read more banking definitions or access a downloadable PDF from our resource library. Check out the deposit section of our blog for more deposit-related content.