Most people are familiar with withdrawing money from an ATM. In some cases, however, you may be able to deposit money into the machine.
Sometimes, it is not possible to deposit cash at a bank branch. You might live far from one, or simply can’t make it to the bank during normal banking hours. You may be able deposit cash at an ATM if this is the case.
We will discuss how to deposit cash at an ATM, and what you need to be aware of before doing so.
How can you deposit cash at an ATM?
Yes, you can deposit cash at an ATM. You can deposit cash at ATMs that are owned or operated in partnership with your bank, credit union, or other financial institution. There may be limits to how much cash you can deposit.
Is cash deposit allowed at ATMs by my bank?
Your bank may allow deposits at its ATMs, so there is a good chance that it will. Most banks and credit unions have ATMs that can handle cash deposits. You can also deposit checks. To be certain, however, you will need to verify with your financial institution.
Even if your bank accepts them all, not every ATM can accept deposits. To find out which ATMs are available, you may need to visit your bank’s website.
What amount of cash can you deposit at an ATM
You may be limited by your bank in how much cash you can deposit at one ATM. These limits can be extremely high, such as $10,000. You’re unlikely to have any problems with them. In some cases, the limits might be lower. To find out more, consult your bank.
Is it possible to deposit cash at an ATM that is not owned by your bank but you do not own?
No, ATMs that don’t have an account with your bank can’t be used to make deposits. This is in contrast to ATM cash withdrawals. You can usually withdraw money from an ATM even though you don’t have a bank account (usually for a fee).
Some credit unions have shared ATMs that they use through the Co-op ATM Network. These ATMs may be available for deposits, but it is best to verify with your credit union before you do.
Find out more: What’s the difference between a bank and a credit union?
How long will it take for my ATM deposit?
It will vary from one bank to the next. Some banks allow cash deposits to be available immediately, while others may take up to five days. Some cases may take up to five business days to make your money available. For more information, check with your bank.
How do I deposit cash at an ATM
Although the process of depositing cash at an ATM may vary from one bank to the next, the basic principles remain the same.
- Locate an ATM. Use your bank’s website or app to locate an ATM that is convenient for you. The ATM finder tool can often tell you which ATMs are capable of accepting cash deposits.
- Log in to your account . Enter your PIN and debit card details to access your ATM account. You’ll most likely see a link to deposit.
- Select the account that you would like to deposit to . You might be able deposit money to your savings or checking account.
- Use the ATM screen to insert the cash. Although you may still need an envelope or deposit slip, many ATMs now allow cash to be inserted directly without them.
- Check the amount of your deposit. Count the cash and keep track of the total. The ATM will count all the bills that you have inserted and display the total. Check that the number you entered matches what you have counted. Make sure you note any discrepancies and contact your bank.
- You will receive a receipt from the ATM. It is important to keep a receipt in case something goes wrong.
How do I deposit cash at an online bank
Online-only banks don’t usually have ATMs or branches, but you may still be able deposit cash to your account. These banks might have agreements with ATM networks and retailers that will accept cash and ensure it is deposited to your account.
Ask your bank if they offer cash deposits via ATM networks. Or, use the bank’s website or mobile app to locate locations where you can deposit your bills.
It’s not difficult to get cash deposits if your online bank has a partnership agreement with a retail store like CVS, Walgreens, or Family Dollar. Present your debit card and inform the cashier that you would like to make cash deposits to your account. Your money will be credited to you account as soon as possible after you swipe your card. The service will cost you a fee of $4.95.
Keep in mind, however, that not all online banks accept cash deposits.
What’s next?
Although it is possible to deposit cash at ATMs, you may not feel comfortable doing so. There are many other options. These are just a few.
- Make cash deposits in person. It is safer to hand your hard-earned money to a human teller than to insert them into an ATM. You might find it easier to reach your bank during normal business hours than just walking in and using an ATM.
- Make use of mobile payment services. Instead accepting cash from family or friends, you might ask them to use a mobile payments app like Venmo or Zelle. These services allow them to send money directly from their bank accounts, to yours without the need to exchange cash. This is especially useful for small purchases and splitting expenses.
- Request a cashier’s check or money orders. This is for purchases other than those made through online forums. These are basically prepaid checks. The company or financial institution selling the check or money order guarantees payment. If your bank offers this service, you may be able to make your deposit electronically via their app.