Can You Deposit Cash at an ATM?

Can You Deposit Cash at an ATM?

If you prefer not to step into a local branch, many financial institutions allow you to deposit cash directly into your bank account using an ATM. However, this feature is not available at all banks and credit unions, and using a fully digital bank can complicate the process.

You may face many situations where you have money that you need to deposit. For example, maybe you received money as a birthday present and you want to deposit it into your bank account. Read on to learn how to deposit money using an ATM, what to do when you use online banking, and some additional tips to help you through the process.

Key Takeaways

  • Most major traditional banks allow you to deposit money into your account at an ATM rather than inside a branch.
  • To deposit your money, you use the ATM as you would any other transaction, following the prompts on the screen to enter your money.
  • Some online banks allow ATM cash deposits, especially if they are part of a national ATM network.
  • Before attempting to deposit money using an ATM, study your bank’s policies, find an in-network ATM, and count your money before inserting it.

How to Deposit Cash at an ATM

Depending on your financial institution, you may be able to deposit money into your bank account using an ATM. Here’s a step-by-step guide to help you through the process:

  1. Find out if your bank allows cash deposits: Many banks disclose on their websites whether they allow cash deposits at ATMs. Call the customer service number or local branch if you can’t find the information online.
  2. Find a nearby ATM: Use your bank’s website to find an ATM that allows cash deposits near you. Most banks have online tools that enable you to find the branches closest to you by simply typing in your ZIP code.
  3. Enter your debit card: The first step in making an ATM transaction is usually to insert your debit card and enter your PIN. This will help the ATM access your account so you can make a deposit or withdrawal.
  4. Select your transaction type: Once the ATM has access to your account, it will prompt you to select the type of transaction you wish to complete, such as a withdrawal or deposit.
  5. Enter your money: Follow the ATM’s instructions to deposit money into your account. Many banks make this process easier, allowing you to deposit money without an envelope.
  6. Review your transaction: Once you’ve made your deposit, review the information on the screen to make sure the amount registered at the ATM is the amount you believe you deposited into the account.
  7. Get your transaction receipt: After you complete your ATM cash deposit, you will indicate that you have completed your transactions and should be offered the option for a receipt if your deposit is $15 or more.

Keep in mind that even if your bank accepts cash deposits at ATMs, only certain ATMs can do so. Some banks may disclose on their websites whether certain ATMs accept cash deposits.

How To Deposit Cash With Online Bank

In most aspects, online financial institutions make banking easier and more convenient. However, getting money into your account is more challenging due to the lack of personal branches and exclusive ATMs.

Some online banks allow cash deposits at ATMs. While these banks do not have their own branches or ATMs, they often partner with national ATM networks such as Alliance One, CO-OP Network, or Bank of the West. For example, Allpoint is an ATM network with more than 55,000 paid ATMs worldwide. When you bank with an Allpoint partner, you can use Allpoint ATMs as if they were your bank’s ATM, which means you can always make withdrawals and deposits.

Similarly, some online banks and ATM networks that do not allow cash deposits may allow you to deposit money into your account in another way, such as visiting certain retailers with your debit card. A fee may apply.

If you’re not sure how to deposit money into your online bank account, contact your financial institution’s customer service.

If you need to deposit money regularly, you may need to be selective about the bank you work with. Choose an online bank that offers cash deposits at an ATM near you or a traditional brick-and-mortar bank where you know you can deposit cash.

Tips for Making a Cash Deposit at an ATM

Learn Your Bank’s Policies

Before attempting a cash deposit, study your bank’s policies. Pay attention to whether your bank accepts ATM cash deposits, whether it charges a fee for such deposits, and how long it takes for the money to be deposited into your account. Also, find out how long it will take to access the cash you deposited, especially if you deposited before a federal holiday or weekend.

Find an In-Network ATM

When you withdraw money from your bank account, you can usually use any ATM—you may pay a fee if it’s out of network. The same cannot be said about deposits. In most cases, you can simply deposit money into your bank account from an in-network ATM.

Count Your Money In Advance

Counting your money before putting it in the ATM is important. When you have made a deposit, the ATM will display the amount that has been counted and registered. On the off-chance that the ATM miscounted your money, you should have the correct number when contacting your bank.

Check Your Surroundings

Review tips for safely depositing money at an ATM, including checking your surroundings. Unfortunately, the cash aspect of ATMs can make them targets for robberies. Know what is happening around you and, if possible, use the ATM during the day. Try to use your hand to cover the keypad when you enter your PIN.

Find Alternatives

If your bank does not offer an option for ATM cash deposits, you should look for alternatives. With a brick-and-mortar bank, you can deposit your money in person. If you use an online bank, you may need to be more creative, such as using money orders or opening a second bank account to deposit money and then transfer it to your online account. bank account.

Can You Deposit Cash at an ATM That Your Bank Doesn’t Own?

In most cases, you can only deposit money at an ATM owned by your bank. An exception to this rule is if you use a bank’s share of an ATM network, such as Allpoint.

How long does an ATM deposit last?

Federal regulation requires funds you deposit on a banking day to be available the next business day by 9 a.m. or when your bank opens. However, some exceptions may depend on where the bank’s ATM is located, or if your bank has set an early banking day cutoff for ATM deposits. Funds deposited by cash can also be used on the same day. Review your bank’s guidelines. If you make your deposit late in the day or on a weekend, it may take two days for your deposit to be processed.

How Much Cash Can You Deposit at an ATM at Once?

There is no universal cap on the amount of cash you can deposit into your ATM immediately. However, each bank sets its own rules, so your bank may set a limit on the dollar amount or the number of bills you can deposit.

Which Banks Have Cash ATM Deposits?

Most major banks such as Wells Fargo, Bank of America, and US Bank allow ATM deposits, usually without an envelope. You can also make cash deposits at many online banks.

Why Won’t the ATM Accept My Cash Deposit?

There can be many reasons why an ATM won’t accept your cash deposit. First, check an error message on the screen to see if an explanation is provided. Possible reasons could be improperly following screen prompts, incorrectly inserting money, or trying to deposit money using an out-of-network ATM.

The Bottom Line

At one time, depositing money into your bank account requires visiting your local branch. Today, banks allow customers to make deposits directly at ATMs. Whether you can deposit money using an ATM depends on the bank you use and its policies, but this function is becoming more common. Check your bank’s website or contact a customer service representative to learn more about your bank’s cash deposit policies.

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