In today’s digital age, financial transactions primarily occur electronically. However, if you find yourself holding physical cash, you might wonder whether you can deposit it at an ATM. The concise answer: Yes, it’s feasible. Nonetheless, not all ATMs accept cash deposit, and some impose charges. To successfully deposit cash at an ATM, you must select the appropriate one and follow specific steps.
Before venturing to make a deposit, a little preparation can go a long way. Initially, you must locate an ATM equipped for cash deposits. Anthony Martin, CEO of Choice Mutual Insurance Agency, advises, “Not all banks or ATMs will offer this feature.” Typically, your best bet is an ATM affiliated with your bank or its network. For instance, Allpoint is a global network comprising around 55,000 ATMs that allow fee-free usage for customers from participating banks, credit unions, and prepaid card providers. To locate an in-network ATM, simply refer to your bank’s website or mobile app for location-based search functionality.
Moreover, you might be able to deposit cash at select out-of-network ATMs, albeit with fees and a delay before your funds become available.
Checking if any limits apply to cash deposits is also prudent. Most often, there is no monetary cap on ATM cash deposits, but there might be restrictions on the number of items you can deposit.
Lastly, exercising caution when handling cash at an ATM is crucial. Gates Little, president and CEO of The Southern Bank Co., emphasizes the importance of organizing and securing your money in an envelope in advance. It is also advisable to stick to well-lit ATMs secured behind a card-access door.
When you are ready to deposit your cash, follow these steps:
- Log into your account using your debit card and PIN or a mobile wallet, depending on your bank.
- Select the account you wish to deposit the money into.
- Insert your cash into the ATM, either directly or in a designated envelope.
- Double-check the deposit amount.
- Always request and retain a receipt for your transaction.
But what if you are a customer of an online-only bank? Depositing cash might be more challenging since these banks often lack physical branches and secure ATMs. Exceptions like Capital One have their branded ATMs that accept cash deposits.
If your online bank doesn’t offer this feature, you have alternative solutions. If you maintain a checking account at a traditional bank, you can deposit cash there and then transfer the funds to your online account. Alternatively, you can convert your cash into a money order and deposit it into your online-only bank through mobile check deposit. Be prepared for potential fees based on your bank’s policies.
Also Read: The Convenience of Cardless ATMs: Accessing Cash On ATM with Just Your Phone
In a digital era, where cash transactions are becoming less common, knowing how to handle cash deposits at ATMs is essential for maintaining financial flexibility. So, whether you’re with a traditional bank or an online-only bank, to deposit cash at ATMs is still within reach.
