What Is Counter Credit

What Is Counter Credit?

Have you ever come across a term counter credit on your bank statement? Either print or online banking version?

If you haven’t, now is the time to become more financially-savvy, and understand different terms and statements.


Well, for starters, these documents tell you a lot more than how much money if you have in your account, and some of this information might even save you from trouble or penalties.

So, it’s a smart idea to learn about a few common bank abbreviations or terms you’re not familiar with every once in a while. Luckily, with the internet, you don’t need to head down to the nearest branch of your financial institution or call your bank manager.

What is counter credit?

Counter credit or counter deposit refers to an in-person cash deposit into your bank account. In other words, it means that a person has walked into your bank to deposit money into your account via a bank teller. In banking terminology, a counter deposit is the oldest, most basic way to deposit money into an account.

This deposit method is still actively used by millions of people around the world, especially the older generation that are less tech-savvy and prefer to do things in person. Some people prefer this method to gather physical evidence of their transactions with a counter deposit slip. And lastly, not everyone has access to online banking apps, especially individuals or businesses that still deal in cash only.

How to make a counter deposit

A person depositing money into their account using an ATM

To make a counter credit, you’ll need to head to the nearest branch of your financial institution. However, if you don’t want to waste precious time, you can skip this in-person process and stick to mobile deposits.

However, if you prefer to do this the old-fashioned way, you’ll need to fill out a bank deposit slip with your banking information, such as account number, date, and the deposit amount.

Once you do that, you can hand over the slip to the bank teller or cashier, and they will transfer the amount into your account. Other people can also deposit money in your account, depending on the bank’s counter credit policy.

And when they do, the deposit will appear on your bank statement, which you can view online or on a proper slip. Similarly, you can visit an ATM and enter your credentials to carry out the same process. However, using the ATM will take more processing time between hours or even days.

Pros and cons of counter credit


The online banking industry has boomed since its inception, and its usage has only accelerated during the pandemic with millions of financial institutions closed or partially open due to lockdowns and restrictions. However, walking into a bank to deposit money is not only secure but also the most direct way to add money into your account.

Plus, you can learn more about offers and rewards by speaking to your bank manager or ask for a quick summary of your account via a printed bank statement. The process is pretty straightforward, and if you need professional assistance, you can speak to the cashier or your branch manager. If you don’t want to visit your bank, you can deposit cash or cheques at home if you’re a credit union member.

Secondly, ATM vestibules are not too different from a faulty ski ball machine, meaning they are prone to breaking down during a transaction, and all that money can potentially go to waste due to a simple processing error. Online transactions can often take hours or even days to process depending on your bank and amount.

As a result, many people aren’t 100% sure if the amount was successfully credited. And lastly, even though online banking transactions are convenient, as with every software, online banking apps are vulnerable to Cybersecurity threats or crashes. By putting in a little effort and heading to the bank, you can instantly deposit money into your account and carry on with your financial activities.


Walking into a bank to make a deposit is the oldest and simplest way to get it done. The only real disadvantages of this method are convenience and availability in the modern era.

The banking industry has digitally transformed since the 90s with options like ATMs, PayPal, ACH, mobile deposits, and more. As a result, physical deposits have become the last option for modern consumers, especially in the COVID-19 era. Plus, you’ll be required to wait in line for your turn which can easily take from a few minutes to hours.

Unless your nearest bank branch is a couple of blocks away, you’ll be required to drive or take an Uber to the bank, which will cost you more money. On the way there, you could get robbed or get in an accident.

So, if you take away convenience, all other disadvantages are conditional. Furthermore, Gen Z consumers would probably have to look up Investopedia notes to learn how to write different types of cheques.

Lastly, most banks around the world do not operate round the clock, meaning you have to visit a branch during business hours, during which most people are usually at work or school. Mobile deposits and online banking transactions can be made 24/7, meaning you don’t have to deal with any time restrictions.

Frequently asked questions counter credit on bank statements

What does a counter credit mean on your bank statement?

Counter credit on your bank statement refers to a transaction that has been made into your account by visiting a bank. Millions of consumers worldwide still use this practice instead of online banking apps. The statement indicates the means of the deposit.

How long until counter credit clears?

In contrast to online or mobile deposits, counter credit usually clears instantly since you’re depositing cash or cheque into a bank. The bank teller checks your deposit slip and inputs the deposit amount into your account within minutes. However, if you’re depositing a check from a different bank, then it might take up to a couple of days to process.

How do you fill out a deposit slip for a counter credit?

To fill out a counter credit deposit slip, you need to enter in your account essentials, such as your name, contact, the account number/s, and deposit amount. You also need to include the transaction date and complete the slip with your signature.

Which banks offer counter deposits?

Almost all walk-in banks around the world offer counter deposits since it’s the oldest way to deposit money into accounts. Traditional or old-fashioned customers prefer this method as opposed to online transactions.

What is a counter-check fee?

A counter check fee is a specified amount banks charge for check deposits or chargebacks, which reverse earlier online or offline transactions. This amount varies from bank to bank but is usually a minimal percentage of the transaction.


Now that you understand the term counter credit, you don’t need to worry when you see it on your bank statement as it refers to the deposit made by you or another person by visiting your financial institution. Like every financial activity or method, counter deposits have their advantages and disadvantages. It all depends on your preferences and sense of financial security.

If you feel comfortable with mobile deposits and aren’t too bothered with processing errors or delays, you can stick to online banking apps. However, if you don’t mind waiting a few minutes in line and interacting with the bank teller or manager regarding your financial activities, this traditional method will easily suffice.