When you have extra cash, it’s best to deposit that money into a bank account. That way the funds are safe from loss, theft, or damage. Show
But what’s the best way to deposit cash, and what are your options if you want to use an online bank account or ATM? Your Local BankIf you have an account at a brick-and-mortar bank or credit union, you can bring cash to a branch and make a deposit right there. You’ll start earning interest quickly if you deposit to savings, and you should not pay any fees for making the deposit. When you make a deposit with a teller in person, the funds should be available more or less immediately, so you’ll be able to pay bills, transfer the money to another account, or make purchases with your debit card. However, banks and credit unions have until at least the next business day to make your cash deposit available to withdraw or to use these funds to cover your checks and debits. Credit Union BenefitsHopefully, you’ve got plenty of branches nearby. If you bank at a credit union that’s part of the shared branching network, you can deposit cash at any member branch—not just at your home credit union. That might make life easier if you're traveling or you've moved since opening an account. ATM DepositsNowadays, you can deposit cash at ATMs with a reasonable degree of confidence (which means no more banker's hours). How To Make ATM DepositsThe process for depositing cash at an ATM varies from bank to bank. First, confirm that your ATM accepts deposits. Generally, you'll use your debit card and PIN to access your account, then select which account to deposit to. Some ATMs read and count the bills as you insert them, while others require you to enclose cash in an envelope (a bank employee will count the amount later). The ATM should indicate which method you'll use. If the ATM requires an envelope, they're generally provided next to the machine. Fill out the envelope as indicated, insert your cash, then seal it and feed it into the machine. Before you leave the ATM, confirm that the machine deposited the correct amount to the right account. Funds AvailabilityATM deposits are convenient, but the funds might not be available in your account immediately after making a deposit—even though you’re depositing cash. Most policies (and federal law) allow banks to hold funds for an extra day, and the hold can last longer, depending on who owns the ATM. If you need money quickly, in-person deposits are best. Online-Only BanksIf you’re trying to deposit cash to an online bank account, the process may be harder—but it’s not impossible. Getting your cash into an online bank lets you take advantage of some of the best savings rates in the nation. There are a few methods that will work:
Ask your bank how they handle money orders (or read your deposit agreement) before you go out and buy one. The Deposit SlipWhen you deposit cash at a bank or credit union, you typically need to use a deposit slip. That’s simply a slip of paper that tells the teller where to put the money. Write your name and account number on the deposit slip (deposit slips are usually available at the lobby or drive-through). The first line on the right side of the deposit slip is generally labeled “CASH,” and that is where you would write the amount of your deposit. Don’t Mail CashWhatever you do, do not ever mail cash. The U.S. mail system is quite safe, but it’s not worth the risk. If your letter gets lost or stolen, you’re out of luck. Unfortunately, when cash goes missing, there’s no way to track the money or get it back. If you are unable to deposit cash into a bank account and you’re tempted to use the mail, try using a money order instead. Unlike cash, a money order can be used only by a specific person or company. Take your cash to any money order issuer and then mail the money order to your bank (along with a deposit slip, or whatever your bank requires for mail deposits). You’ll be able to track the money order and cancel it if the document is lost or stolen. Money orders and stamps can cost a few bucks, but that’s better than losing 100 percent of your cash. Use Cash AlternativesIf it’s a nuisance to deposit cash, try to use it less often. Ask people to pay you another way: Online payments, checks, or money orders are all common ways of getting paid.
Frequently Asked Questions (FAQs)How do you deposit large amounts of cash?You can deposit a large amount of cash via ATM, in person, or by adding or loading funds to a prepaid card. In other words, the methods are the same regardless of the amount of cash. Depositing a large amount of funds in person may be best, though, so you can confirm that the amount is correct and address any errors with the teller. Businesses that need to deposit large amounts of cash should consider using a secure bag and using their overnight deposit box if they need to drop off cash after business hours. How do you deposit cash into someone else's bank account?You may be able to deposit cash by visiting a bank or credit union in person, letting the teller know that you'd like to deposit cash into someone else's account, and providing that person's name and account number. Some banks won't allow you to deposit cash into someone else's account, though. In that case, you may want to use Zelle, Venmo, PayPal, or another service to deposit funds. |