Can You Deposit Cash at an ATM?

Posted by in Banking | Updated on August 23, 2022

One of the biggest disadvantages of digitizing finances is that we no longer know how things work in offline banks and ATMs. People tend to have several doubts regarding withdrawals and deposits. However, one of the most common questions that plague people is whether it is possible to deposit cash at an ATM or an online bank account.

These people wish to avoid the long lines at the bank or deposit cash outside of banking hours. But is it possible to deposit cash at an ATM, and if possible, what is the procedure you need to follow?

Can You Deposit Cash at an ATM?

Good news awaits those who wish to avoid the hassle of banks. It is possible to make cash deposits at an ATM. However, unlike withdrawals, which can be made at any ATM (for a small fee), it is not possible to make deposits at any ATM that you find on your way.

Deposits can be made only at an ATM that belongs to your bank. You can either find a list of nearby ATMs that you can use on your bank’s website or you can call up your bank and ask them which ATM you can use to make deposits.

How to Make Cash Deposits at an ATM?

The process of making cash deposits at an ATM is quite similar to making withdrawals. Here are the steps you need to follow:

Take What You Need

Once you have found an eligible ATM to make your cash deposit, you will need to take all the items you need to make a deposit. This includes your debit card, an envelope, and the cash you wish to deposit.

Swipe Your Card

Once you have reached the ATM, swipe your debit card and enter your PIN. You can also access your bank account through an e-wallet if your bank allows you to do so.

Choose The ‘Deposit’ Option

You will see several transactions on the screen. Normally, you would choose the ‘Withdrawal’ option, but this time, you would have to choose the ‘Deposit’ option instead.

Choose Your Account

The ATM will ask you which account you wish to make a deposit. Choose the appropriate option between your savings account and checking account.

Deposit the Cash

Some banks may require you to place the cash in an envelope before you deposit. In that case, make sure to fill out whatever information is necessary on the envelope before depositing the cash. In case your bank allows you to deposit without an envelope, place all of the bills together in the slot indicated by the machine.

Enter the Amount

These days, most ATMs are capable of automatically reading the amount on the bills you deposit. If your bank does not read your bills, you will need to enter the amount you have deposited manually.

Confirm the Amount

Once you have entered the deposit amount, the ATM will ask you to confirm the amount you have just deposited. Click on ‘OK’ and complete the transaction.

Take the Receipt

Before you walk away, remember to print out a receipt to confirm your transaction. And, of course, the very last thing you will do is take back your debit card.

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Can You Deposit Cash to an Online Bank Account?

Online banks are gaining immense popularity today, not only because they offer convenient ways in which you can carry out financial transactions, but for several other reasons as well. For instance, people choose online banks for the high-interest rates they provide (as opposed to the interest rates given by traditional banks) to customers.

If you have an online bank account, then depositing cash into it might be slightly more complicated than it is with a traditional bank account. However, rest assured that it is possible to deposit cash into your online bank account. The three main ways in which you can accomplish this are:

Through Your Traditional Bank Account

The first way you can deposit cash into your online bank account is by using a traditional bank account. All you need to do is deposit the cash into your traditional bank account (either through an ATM or a bank teller) and then transfer the amount electronically to your online bank account. This is a slightly longer process, and it only works if you have an account with a traditional bank. If you do not have a traditional bank account, then you can use the other two methods below.

Through a Money Order

A simple way to deposit cash into your online bank account is by purchasing a money order. After purchasing it, simply deposit the money order into your online bank account through the bank’s mobile app.

Through an ATM

Some online banks share networks with ATMs or partner up with ATMs to allow customers to make cash deposits and withdrawals. Take Radius Bank, for instance. Customers can use in-network ATMs to make cash deposits at this online bank. Capital One 360, on the other hand, does not allow you to make cash deposits at the ATMs of its network partner, Allpoint.

However, if you have an account with Capital One 360, you can still make cash deposits in various branch locations and Capital One Cafes. It would be wise to check with your online bank first (either on the website or on the mobile app) to understand which ATMs you can use to make deposits and whether there are any rules and restrictions that you need to be aware of.

Depositing Cash at an Out-of-Network ATM

Now, just because we said it is possible to make cash deposits at an ATM does not mean you can do it in every ATM that belongs to your bank. 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.”

However, some banks do allow you to make deposits at out-of-network ATMs. In this case, you can follow the same steps given above to make cash deposits at an ATM. But before you do so, you need to keep in mind a couple of things.

  • First, you might have to pay an additional fee (on top of the operator fee) to use an out-of-network ATM. Some banks reimburse this amount, but others might not.
  • Second, deposits made in an out-of-network ATM can take much longer to reflect in your account. In fact, it might even take up to four days for the amount to be reflected.

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Conclusion

Using an ATM for a cash deposit is a simple and hassle-free alternative to making deposits at the bank. However, keep in mind that the amount you have deposited might take a while to reflect in your account. While some banks have immediate transactions, some may take a day or two to reflect the amount on your account.


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