It contains a village also named Deposit, the western portion of which is located in the adjacent town of Sanford in Broome County.

[3] The town name was derived from the deposits of logs made by lumbermen,[4] prior to forming rafts to float down the Delaware River; usually to Philadelphia.

The Outing Publishing Company went out of business a few years after the failure of the Knapp Bros. Bank in 1909.

The village is located at the confluence of Oquaga Creek and the West Branch of the Delaware River.

The southern end of New York State Route 8 is at NY 17 just south of the village of Deposit.

The Cannonsville Reservoir, which supplies the New York City water system, is located on the West Branch of the Delaware River, 3 miles (5 km) upstream (east) of Deposit.