deposit cash at ATM

How Can You Deposit Cash At An ATM?

Depositing cash at an Automated Teller Machine (ATM) is an effortless procedure. However, finding an ATM that accepts cash deposits is not. Earlier, ATMs used to dispense cash and display account information. Now, due to technological advancement, ATMs accept both cash as well as cheque. But the ratio of ATMs accepting cash is higher as compared to ATMs that accept cheques. Also, the cash accepting ATMs are popularly called Cash Deposit Machine (CDM). So today in this blog, we will talk about how can you deposit cash at ATM.

Why Depositing Cash at an ATM Is Easy and Time-Saving?

Can you deposit cash at ATM

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We have all spent time in bank lines waiting – whether to deposit cash or for any other inquiry. However, in recent times, technological advancement has helped in curbing that time span.

Whether it is to generate a bank statement or resolve a query, you have to log in to your mobile banking application. Similarly, to deposit cash into your account, you do not have to stand in a long queue and waste your time. You can simply use an ATM, anywhere to deposit cash into the account.

Also, it is easy to manage time when you know how to deposit cash in an ATM. The ATMs are working 24/7, which means you can deposit cash, at any time of the day. You will not have to schedule your timings according to banking hours.

The process of depositing cash is as simple as withdrawing it. If you know how to withdraw cash from an ATM, you will easily grasp the procedure to deposit cash at an ATM.

Here are some ways to deposit cash at an ATM

Check Whether Your Banks’ ATM Accepts Cash or Not

Before hunting for any ATM to deposit cash, you need to check whether your bank accepts money through ATM/CDM or not. Sometimes, ATMs within the reach of a branch accept cash, and the ATMs that are set inside a grocery store do not.  

Check For The Nearest ATM

The easiest way to check for the nearest cash depositing machine is to visit the bank’s website. Or else, you can also visit the credit union’s website to get more clarity.

Also, it is always better to use your bank’s ATM to deposit cash to discount the fees charged and time taken.

Carry Your Necessities

If your bank does not feature a ‘mobile wallet’. Then, to deposit cash in an ATM a Debit/ATM card is a necessity. Some of the ATMs require you to fill in the deposit slip as well. In that case, you will require a pen as well.

Insert the Debit/ATM Card and Pin

After reaching the ATM, your first step would be to insert the debit card and enter your Personal Identification Number (PIN).

Select the Account

After successfully entering the PIN, you have to select the “deposit cash” option. If you have multiple savings accounts, then you need to select the account in which you would like to deposit money. 

Insert the Cash/Bills

Can you deposit cash at ATM

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Once you select the account number, wait for the lid to open and then insert bills directly. The ATM will calculate and display the amount on the screen.

However, not all machines do the calculation automatically. Some of the machines require you to put the bills inside an envelope. In that case, you have to enter the amount yourself before dropping the envelope in.

Do remember, that if your bills are damaged in any way, the machine will not accept that cash. Also, the ATM does not accept coins.

Wait for the Receipt

Once the above-mentioned steps are complete, this means you have successfully deposited the cash. However, it is always better to wait for a confirmation message and then collect the printed receipt for acknowledgment along with the debit/ATM card. 

Time It Takes to Deposit Cash

Can you deposit cash at ATM

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If you are depositing cash at an ATM that counts the money automatically. Then, the money is instantly deposited into your account. However, according to the Federal Deposit Insurance Corp. (FIDC), the cash given to the teller inside the branch, will get credited the next day into the account.

Also, there may be a delay, if you choose to deposit cash from any other banks’ ATM. You can check the policies with the bank before depositing any amount.

Fees/Charges Related Depositing Cash at an ATM

Some banks do not charge any fees for depositing cash at an ATM. However, others charge a nominal fee for depositing. Therefore, it is better to know about these charges.

There are two types of fees involved in a cash deposit transaction: ATM operators’ fee and Non-network fee.

ATM Operator Fee:

If the ATM you are using is not in your bank’s vicinity, then the owner will charge you an operator fee. The fee for the transaction ranges between $1.50 to $10. 

Non-Network Fee:

For using an ATM outside a bank’s vicinity, the bank can charge you a non-network fee, ranging from $2 to $3.50.

Also Read: Things You Can’t Afford To Keep In A Safe Deposit Box

Limits to the Amount of Cash Deposit 

Can you deposit cash at ATM

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The majority of the banks put limits on depositing cash. Generally, there are two types of limits on depositing cash:

Cash Limit

In this case, there is a limit on the amount of cash to be deposited at an ATM.

Limit on Number of Bills

In this case, the limit is on the number of bills used to deposit cash. Here, the amount does not matter.

Bottom Line

Depositing cash in ATMs is an excellent way to save time and effort. Some banks are still picking up the pace to ensure they deploy more and more cash deposit machines.

FAQs

Do All ATMs Allow Cash Deposit?

No, not all ATMs allow cash deposits. Some ATMs allow cash deposits and some ATMs that allow you to deposit cheques. While the traditional ATMs only dispense money.

How Can You Deposit Cash at an Online Bank?

There are three ways to credit your online bank account with money:

  • First, If you have a savings account with any local bank. You can deposit the cash in it and then transfer it to your account with an online bank.
  • Second, if your online bank provides access to ATMs then you can directly deposit cash in an ATM.
  • Third, in this case, you will have to make a money order or cashier’s cheque and then mail it to your banker.

What Are the Common Issues Faced While Depositing Cash at an ATM?

These are some common issues faced while transacting:

  • Safety Concerns: Carrying cash is anyways risky. Therefore, take precautions and make sure you are aware of your belongings.  
  • Time Concerns: Cash deposit in an ATM, may take some time. Sometimes, due to technical issues, you might receive the money later.
  • Limited Options: Number of ATMs that provide cash deposit facility are limited, therefore, the probability of getting an ATM near your place decreases.

For more finance-related concepts you can have a look at the FinanceShed, and stay tuned for more updates.