How to Deposit Cash Into Higher One Account
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Despite digital banking's rising popularity, there are still areas where traditional banking excels, including depositing cash at an ATM. Many banks and credit unions allow you to deposit money at either branch or in-network ATMs. However, this doesn't apply to all financial institutions. For example, at online banks, you may have to jump through some additional hoops to deposit cash into your account.
Here's a closer look at where and how you can deposit cash at an ATM.
Can You Deposit Cash at an ATM?
You can deposit cash at many ATMs, but not all of them. There's no hard-and-fast rule regarding ATM cash deposits—it's at the discretion of the bank or credit union. But many institutions allow cash deposits at a branch or in-network ATMs.
You may know that most banks have ATM withdrawal limits. Deposit limits exist, too, although they are less common. Capital One, for example, has a one-time cash deposit limit of $5,000.
Some banks also set limits on how many bills (individual banknotes) you can deposit through an ATM. For example, Wells Fargo allows you to deposit up to 30 bills and checks combined when making a deposit at one of its ATMs.
How to Make Cash Deposits at an ATM
Depositing cash at an ATM is reasonably straightforward. The process varies by the financial institution, but here are the steps you'll typically take when depositing money at an ATM:
1. Locate an ATM. Use your bank's website or mobile app to find an ATM that allows cash deposits.
2. Access your account. Most ATMs require you to use your debit card and PIN to access your account. Some banks, like Chase, allow
cardless ATM access through the use of a mobile wallet.
3. Choose your transaction. Once you log in, you may see several transaction options on the screen. Choose the deposit option to start the process. If you have more than one account, you may also need to choose the specific account for which you're making the deposit.
4. Insert bills into the ATM. Enter the amount of your deposit on the screen and then insert your cash into the ATM. Some banks allow you to deposit bills directly into the machine. Other banks may provide an envelope to use for your deposit. If an envelope is required, check to see if you're required to fill out any information on the envelope itself before proceeding.
5. Take your receipt. Once your cash is deposited and your transaction is complete, don't forget to print your confirmation receipt and get your card back before you drive or walk away.
Depending on your bank, your funds could be available to use immediately. Typically, funds are available the same day or next business day when depositing cash at a branch or in-network ATM.
Can You Deposit Cash to an Online Bank Account?
Because of the nature of online banks, they tend to offer fewer cash deposit options, including ATM cash deposits. Online banks are known to provide higher interest rates and convenient ways to bank digitally. That's because online banks typically don't have the overhead costs associated with traditional brick-and-mortar banks. Instead of cash deposits, online banks may offer other options like bank transfers and mobile check deposit.
Some online banks do allow cash deposits at ATMs. For instance, Radius Bank allows fee-free cash deposits at in-network ATMs. Capital One 360 doesn't accept cash deposits through its ATM network partner, Allpoint, but it does accept cash deposits at ATMs in Capital One Cafés and branch locations.
Check with your online bank to see if you can make cash deposits at ATMs and for any rules or limitations you need to follow.
Depositing Cash at an Out-of-Network ATM
Not all ATMs accept cash. Often, banks mainly accept cash deposits at branch ATMs or in-network ATMs that are part of a more extensive ATM network. If you find a bank that allows out-of-network ATM deposits, keep in mind that the processing time may take longer than at an in-network ATM. PNC Bank, for example, accepts cash deposits at non-PNC ATMs, but your funds may not be available for up to four business days.
There's also a chance the ATM operator will charge you a fee for using its ATM. Some banks will reimburse customers for out-of-network ATM fees. Other banks may charge you a fee on top of the ATM operator's fee for using an ATM outside of its network.
Tips for Making Cash Deposits at an ATM
Familiarize yourself with your bank's policies concerning ATM cash deposits. The bank should have a list of authorized ATMs on its website or mobile app. Make a note of any restrictions and fees.
Remember, using an ATM also opens up the possibility of being robbed or having your bank information stolen. If you use an ATM—especially where the exchange of cash is involved—check your surroundings and make sure it's in a well-lit area.
How to Deposit Cash Into Higher One Account
Source: https://www.forbes.com/advisor/banking/can-you-deposit-cash-at-an-atm/