You can make deposits into your bank account in a few ways, and they safeguard your funds while making them instantly available for spending or withdrawing when you need them. Deposits are an essential banking process, and you can make them in a few ways. Today, we will update our readers on how to deposit cash into a bank account in 2022.
We shall also touch on other areas that concern cash deposits. Like, how to put money in a bank account from ATM, how to deposit cash if your bank is far away, among other related areas in making cash deposits.
How to Deposit Cash into Bank Account
Depositing money in person at your local bank branch or credit union is the easiest and most convenient way to add cash to your account. You can deposit a variety of payments, and you can deposit a number of payments and a dollar amount at one time.
You usually need a deposit slip when you deposit money at your bank branch. Each bank has a specific deposit slip with the name of the bank and perhaps its routing number. You can use the preprinted deposit slips the bank or credit union provided when you opened your account.
If you fill it out correctly, the deposit into your account will be made correctly and timely.
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How to Fill Out a Bank’s Deposit Slip
Your name: Type your first name, middle initial, and last name in these spaces.
Address: Write your street address, city, state, and ZIP code.
Your account number: Your account number is located at the bottom of the statement in the center part of the numbers.
Deposit Date: Write down the date on the deposit slip.
Deposit Amount: You’ll find several lines with designated single-space boxes that are meant to hold one number. Count the amount of cash you’re depositing in the space provided, then list each check separately, writing the check number and the corresponding check amount in the box.
Cash Back: The amount of cash you wish to receive back from your check deposits should be written on the designated line.
Total Deposit: The total deposit amount is the sum of the individual deposits. Write the amount remaining in the “total” area if you’ve received cashback. Checks must generally be endorsed before they can be deposited.
How to Deposit Cash at an ATM
If the ATM is outside your bank’s network, you can still deposit cash or checks. However, expect a delay if you aren’t using your own bank’s ATM. Before you go to the ATM, count your money and endorse your checks.
Once you arrive, insert your debit or ATM card and follow the on-screen instructions to make a deposit.
Below are the steps to follow on how to make an ATM deposit.
- Insert your debit card and punch in your PIN to access your account.
- Alternatively, you can use a mobile wallet to conduct a no-contact ATM transaction.
- Choose “deposit” from the available transaction options.
- Select the account you want to receive the funds from.
- Put the cash, and/or checks, into an envelope if one is provided, and write down any information that appears on the envelope.
- Insert the cash or checks into the machine when prompted.
- Wait for your receipt, which you should keep in a safe place if there’s a problem.
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Disadvantages of ATM Deposit
As glamourous as it may look, you must get to know some of the disadvantages of ATM deposits. ATM deposit has been proven to be a digitally automated way of depositing cash into the bank. But, it has its own pitfalls as stated below.
High Probability of Errors: There are occasions when ATMs make mistakes, and investigating transactions can take several days or more.
Can Be Very Unsafe: Bringing cash to an ATM opens you up to robbery or to somebody stealing your card information and PIN (the same goes for ATM withdrawals). Keep an eye on the location of your ATM, stick with well-lit areas, and try to deposit cash in different places so nobody can learn your patterns. If you’re only depositing checks, there’s less risk, and you can deposit the checks with your bank’s mobile app.
Delay in Accessing Deposited Funds: Again, you may have the quickest access to funds by depositing with a bank employee in person. If you’re running short on time, you may want to get to a teller before branches close. ATM deposits can take quite a long period before it reflects.
How to Make a Mobile Check Deposit
When we started, we mentioned touching many areas that concern how to deposit cash into a bank account. Making a mobile check deposit is an integral part of depositing money into a bank account.
A mobile check deposit doesn’t require you to fill out a deposit slip. Most banks allow you to access your account online through a mobile banking app on your phone. Below are the prerequisite steps before you can make a mobile check deposit.
The steps are as follows:
- Log in to your account.
- Take a photo of your check.
- Verify the dollar amount and other details as needed.
- Your mobile deposit will be made.
It is necessary to confirm that your bank’s mobile deposit feature allows you to deposit checks other than personal, business, cashier’s, or government checks.
Bank of America, for example, won’t accept traveler’s checks or money orders through its mobile deposit feature.
Bank Deposit Alternatives
Another interesting aspect of how to deposit cash into a bank account is alternatives.
Apart from the traditional in-bank, mobile deposit, and ATM deposits, there are a couple of other digital methods that appear safe and easy to use and deposit cash.
See Also: Where Can I Put Money On My Cash App Card: Full Guide
Direct Deposit:
The direct deposit program allows you to receive recurring payments, such as paychecks and government benefits, directly to your bank account.
You can enroll in government benefits online. To have your paychecks direct deposited, fill out the direct deposit form provided by the bank.
Account Transfer:
Transferring funds from another account to your bank’s account using mobile or online banking is an option if you have more than one at the bank.
External Transfer:
By linking accounts held by different banks, you can transfer money between them.
After you connect the accounts by following the bank’s instructions, which you usually find in online banking, you can transfer money between the accounts.
Wire transfer:
Wire transfers are an efficient, secure, and quick way for someone to send you money from a bank account in a different country or platform, such as Western Union or MoneyGram.
Although a fee may be involved, wire transfers are generally secure and can be initiated quickly.
To avoid giving your bank information to a stranger or unknown individual, be cautious about transferring money from a business or individual you don’t know well
Peer-to-Peer (P2P) Transfers:
Apps and platforms like Zelle, Venmo, and PayPal let you receive payments from others. If an app doesn’t transfer the funds automatically, you can then transfer the funds to your linked bank account.
Note that transaction amounts may be limited. Therefore, a fee might be incurred.
Prepaid Cards:
Using prepaid debit cards may be a workaround if your bank doesn’t accept cash at ATMs. Some prepaid debit cards allow cash deposits, and some allow you to link your prepaid account with your online bank account.
Consider prepaid cards you can “cash load,” or make deposits, at stores such as Walmart or national pharmacy chains. You can also use a debit card that can be reloaded with reload cards. A second option is to use a debit card that can be reloaded by purchasing reload cards.
You’ll pay cash for the reload cards, and you can then add that money to your prepaid account. Before you take this route, find out how much loading cash costs.
Money Orders:
In the event your bank accepts deposits by mail, you can buy a money order with cash and mail it to them. It is a slow and difficult process, but it may be your only option.
You will have to pay for each money order plus postage, so small deposits may not be worth it.
Avoid Mailing Cash
Like we said earlier, we will ensure we touch every aspect of that borders on how to deposit cash in the bank. One method of depositing and transferring cash some people use is cash mailing. Cash mailing is the process of using the postal service to transfer cash.
Do not send cash through the U.S. mail system. It is quite safe, but it doesn’t warrant the risk. If your letter goes missing, you can’t track it down, while cash cannot be tracked down.
When cash cannot be deposited in a bank account and you are tempted to send money by mail, consider using a money order instead.
Unlike cash, only one person or business can use a money order. Take your cash to any money order issuer and mail the money order to the specified recipient.
If a money order is lost or stolen, you can cancel it and track its whereabouts. Money orders and stamps can be pricy, but losing 100 percent of your cash is worse.
See Also: How to Make Money on Cash App
Conclusion
Deposits are essential parts of financial practice. Thanks to technology and the internet, more than one way has been devised to deposit cash in the bank. One should get abreast with modern trends, especially regarding making deposits and transfers.
We ensured we made the topics as easy as they should be. However, it is equally important for you to subscribe to our newsletter for subsequent inquiries and updates on depositing cash in the bank.
FAQ (Frequently Asked Questions)
It’s impossible to deposit cash directly into an account without going to the bank. However, if you have a Cash App account or Venmo account, or something similar (Zelle), you can ask a friend to send you the money through the app and then you can give them the cash.
You can deposit cash at an ATM, but not all do. The details (such as fees) will vary depending on your bank. If your bank only operates online, you may not be able to deposit any, cash.
In most cases, ATMs are simply cash dispensers, without the necessary hardware and support to allow deposits. Another possible reason is that your card is not issued by the bank that owns the ATM.
Almost all banks and credit unions allow you to deposit money at branches or in-network ATMs. However, this doesn’t apply to all financial institutions. For instance, online banks may require additional steps to deposit cash.
References
- How to Deposit Cash at an ATM – www.thebalance.com
- How to deposit money into your bank account – www.gobankingrates.com
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