Gone are the old days when people would keep all of their money under their mattresses. Having a bank account ensures that your money is protected by the federal government and you have the benefit of earning interest.
However, you may think you need to physically visit a bank to get your bills and checks where they need to go. We’re here to tell you that by depositing your money into an ATM, you can skip the hassle of trying to get to the bank before they close. Keep reading to learn How To Deposit Cash In An ATM!
Table of Contents
How To Deposit Cash In An ATM, Step by Step
- Confirm whether you can deposit money into a particular ATM. Normally, most bank ATMs allow withdrawals from anyone, including noncustomers, for a fee. Most of the time, you’ll want to use your own bank’s ATM system to make deposits.
- If you have checks to deposit, prep them by signing the back. To avoid slowing anyone else in line behind you, make sure you sign the checks you want to deposit before going to the bank. Also, if checks are the only thing you want to deposit, see if your bank offers mobile check deposits, which lets you deposit your check from the comfort of your home.
- Insert your debit or ATM card into the card reader and enter your pin. Your pin is generally the four digit code you create when you first established your card. This acts like a security precaution for accessing your funds.
- Tell the ATM which account you want to deposit into. If you have a couple of different checking or savings accounts, this is the step where you can choose what amounts of your money goes where.
- If the ATM doesn’t require an envelope, stack your bills and/or checks together and insert them. Modern ATMs nowadays will have scanning technology that can differentiate between bills and checks, so you don’t have to insert them separately.
- If the ATM does use envelopes, put your bills and/or checks inside and insert the envelope. Although many major bank ATMs do not require envelopes, there are some ATMs that will. Simply, put any bills or checks inside the envelope, seal it, and write the total on the envelop and manually type in how much you’re depositing into the ATM. This method might take a couple of days to process because the bank must confirm the amount deposited.
- Verify your deposit at the machine. Finally, you must make sure the ATM registered the correct amount you deposited and to the right account. The ATM will display the total amount deposited and you must verify that it is correct for the bank to put the funds into your account.
- Wait for your deposit to clear. Generally, access to your cash is immediate following your deposit, but sometimes there is a wait period for certain banks. Just keep an eye on your account over the next few days to make sure your full deposit is shown in your account.
When the Money Is Available
When you deposit your money through an ATM, there will be a short delay before you can use your money. Any debit card purchases, bill payments, and withdrawals. You can always check to make sure what your bank’s policies towards this by checking their funds availability policy, which will explain your bank’s rules for holding deposits.
Any cash deposit to a no-envelope ATM might be available as soon as you leave the ATM or the next day. Check deposits generally will post the same day you deposit or just make the first $200 available for you to use. The remaining amount will be available in a few business days.
Problems with ATM Deposits
Before you completely rely on an ATM, here are some things you should keep in mind:
- Errors: Even though they are calculated machines, they still make mistakes and researching transactions can take several days or more.
- Safety: If you bring cash to an ATM, it opens up the possibility of robbery or for somebody to steal your card information and PIN. Make sure the location of your ATM is safe and stick to a well lit area when making any kind of transaction.
- Access to funds: Depositing in person with a bank employee will be the fastest way to get access to your funds from a check if you need it right away. Head to your local bank before they close to get this done.
Depositing Money With An Online Bank
Depositing cash in an online-only bank account is becoming more and more popular due to their high rates. There are some extra obstacles using this process though. Many of these online banks partner up with shared ATM networks like Allpoint, which allow customers to deposit cash without any charges. Other options include depositing cash into a traditional bank account, then transferring it into your online-only bank account or buying a money order and depositing it with your online bank mobile app.
Sometimes after a long day, the banks might already be closed, but that is when ATMs come in handy because you can still deposit your check whenever you’re ready. Depositing funds into your bank account doesn’t have to be a hassle every time you get your paycheck.
With these step by step instructions and tips, your banking experience will be a breeze. Hopefully you found this post useful, if you wish to read more, be sure to check out HMB and see our posts on more Bank Bonuses!