The vault and vault teller is where most money is in a bank branch. That way, the branch can have the bills they need without having more money than necessary. So the other employees can “sell” cash out of their drawer to the main vault, which will “buy” the cash.Įvery so often, the teller in charge of the bulk of the money will “buy” and “sell” from or to other branches or to the Federal Reserve. Each branch typically has one person that manages the bulk of the cash for that location. If a teller takes in a large cash deposit, for example, the branch may not want to hold onto that money. Within the banking system, tellers use a system called buying and selling to track and manage money. If a deposit involves a check from another bank, the Federal Reserve will collect on that check and will send the money to the bank where the check was deposited. Throughout the day, the tellers will send digital copies of the deposit slips to the main branch, which will pass that information to the Federal Reserve. As the bank teller performs your transaction, they will keep a copy of that deposit slip, and they will give you a receipt. Some banks use digital slips that you can sign, while others will require a paper form. Whenever you deposit cash to your bank, you may need to fill out a deposit slip. One of the ways banks track and manage money that comes in and goes out is with deposit slips and receipts. Because of this, banks need tools and processes to help manage the money that flows through the branch each day. And while more people are relying on credit and debit cards, cash is still important. Each day, banks perform dozens of transactions for customers.
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