If you need to deposit cash into your bank account, you have several options, including your local bank branch or an ATM that accepts deposits. While it isn’t possible to make deposits directly to most online banks, there are often workarounds, like using a money order or an in-network ATM.
Although many financial transactions are now cash-free and lots of people keep track of their finances digitally, cash is still important for many individuals.
When you need to deposit cash to your checking or savings account, there are a number of safe and convenient options, including local bank branches and certain ATMs. Online banks don’t usually have a straightforward way to deposit cash, but there are a few ways to get cash into your account even without a physical bank branch.
Jump ahead to learn more about how to deposit cash in your specific situation:
How to Deposit Cash at a Bank
How to Deposit Cash in an ATM
How to Deposit Cash With an Online Bank
How to Deposit Cash at a Bank
If you belong to a regional or national bank, you can make a deposit at any branch. If you are part of a credit union, you can make a deposit at your home credit union or another branch if your credit union is part of a larger network.
Making a cash deposit at a local bank branch or credit union takes just a few steps:
Fill out a deposit slip with your account number.
Place your cash and deposit slip in an envelope.
Hand your envelope to one of the tellers.
After making a cash deposit at a physical bank or credit union, the cash will be counted and the funds will become available in your account immediately in most cases.
If you aren’t able to get to your bank’s branch for any reason, you may be able to make a deposit at an ATM instead.
How to Deposit Cash in an ATM
Many banks allow customers to deposit cash directly in an ATM, but the process varies from bank to bank. Nowadays, depositing cash in an ATM is generally as simple as using your debit card at an ATM and placing the cash directly inside. That said, there are a few things to keep in mind when making cash deposits at an ATM.
Some ATMs Require Deposit Slips
Each bank has different ATMs, and some require a deposit slip or envelope for cash deposits. Make sure to read the ATM prompts carefully and use a deposit slip to note your account information and deposit amount if necessary.
If your bank allows for cash to be deposited directly into an ATM with no envelope, make sure to count your cash before placing it in the machine. While ATMs are generally accurate, they can occasionally make mistakes in counting and scanning bills. If you know the correct amount ahead of time, you can verify that the ATM has counted correctly after making your deposit.
If there are any issues, make sure to note the ATM’s location and the time that the mistake occurred to help resolve the problem.
Funds Aren’t Available Immediately
Unlike deposits made with tellers, the funds from cash deposits at ATMs are not always available immediately. Funds can take more than one business day to show up in your account, so be mindful of this if you need the money in your account right away. In general, ATMs directly outside of bank branches will process funds to your account more quickly.
Even if you have an online bank with no physical locations, there are still options for depositing cash.
How to Deposit Cash With an Online Bank
If you have an online bank with no physical locations, there are still options for getting cash into your account, but the process will vary based on your bank and specific circ*mstances.
Try some of the following methods as alternative ways to get cash into your online bank account.
Transfer from Another Bank Account
If you have another bank account with physical branches, you could deposit the money in person, then make a transfer to your online bank account.
Use a Prepaid Debit Card
Some prepaid debit cards can be loaded with cash at retail stores. After loading cash, you can use the debit card’s online portal to transfer money electronically to your online bank account. That said, some prepaid debit cards involve fees, so you’ll want to be mindful if making small deposits.
Purchase a Money Order
You can purchase a money order at the post office as well as other locations, which allows you to send your cash deposit electronically to your account. Money orders may require a flat or percentage fee, so check in advance whether this is the right approach for you.
Find an In-Network ATM
Many online banks include a network of ATMs, which you can use to make a cash deposit directly to your account. Look into whether this is a possibility for your particular bank.
No matter how you deposit cash, make sure that you account for the funds when managing your budget.
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Some online banks participate in ATM networks. If your online bank is one of them, you can deposit cash at the closest ATM. Once you've found an ATM, take your cash to the ATM, fill out a deposit slip with your account information, and put the money into the deposit envelope.
Many online banks don't handle cash deposits directly. Instead, many partner with an ATM network to let customers deposit and withdraw cash. If, however, your online bank doesn't have any participating ATMs, you may have several other options to deposit cash into your online bank account.
You can find a deposit slip yourself or ask a representative at the bank for one. Fill in the necessary information on the slip, such as amount, phone number, email, account number, and name. Enter the correct denominations. For instance, if you wish to deposit INR 10,000, then mention the denominations of cash.
Look for a prepaid card that allows you to "cash load," or make deposits, at retail locations such as Walmart or national pharmacy chains. Another approach is to use a debit card that can be reloaded by buying reload cards. You'll pay cash for the reload card, and then add those funds to your prepaid account.
If your bank allows cardless ATM access, you can log in using your mobile phone.Select the option for making a deposit.Choose the account that will receive the deposit.Insert bills and checks.
If you're wondering if you can deposit cash at an ATM, the answer is yes, you can, but not all ATMs accept cash. The details, including fees, vary depending on your bank, and if you use a bank that operates only online, you may not be able to deposit any cash at all.
You need to keep in mind that even if you have located one of your bank's ATMs, there is a possibility that the ATM does not accept cash deposits. This is because most banks only allow cash deposits to be made at ATMs that come under a larger network, or in other words, “in-network ATMs.”
You can deposit money at many ATMs, but not all of them. It depends on your bank or credit union. Before you try to make a deposit, check with your financial institution to learn which ATMs you can use to make a deposit—and if there are any associated fees or restrictions.
For cash or cheque deposits, you need to submit a deposit slip provided at the bank. You have to fill out this slip by providing your name and account number. You must also mention the amount you wish to deposit on the slip. A deposit slip helps you deposit funds in a bank through cash or cheque.
When you make a cash deposit, depending on how you do so, you'll be required to fill out a deposit slip. Details you'll need to provide include the number of the account you want to make the deposit to, the name of the account holder, and the dollar amount being deposited.
If you need to deposit cash into your bank account, you have several options, including your local bank branch or an ATM that accepts deposits. While it isn't possible to make deposits directly to most online banks, there are often workarounds, like using a money order or an in-network ATM.
Banks must report cash deposits totaling $10,000 or more
If you're headed to the bank to deposit $50, $800, or even $1,000 in cash, you can go about your affairs as usual. But the deposit will be reported if you're depositing a large chunk of cash totaling over $10,000.
The most basic way to move money into someone else's account is to walk into the bank and tell the teller you'd like to deposit cash. You'll need the recipient's full name and bank account number to complete the deposit.
If you belong to a regional or national bank, you can make a deposit at any branch. If you are part of a credit union, you can make a deposit at your home credit union or another branch if your credit union is part of a larger network.
Use a money order. If you don't want to use a personal or cashier's check to deposit money into someone else's account, using a money order is an alternative, old-school option. Like a check, a money order is a paper document that provides funds, but it's not tied to a bank account.
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