Can I Deposit Cash and Checks at an ATM?

Automated Teller Machines (ATMs) offer a convenient way to manage banking needs, allowing individuals to perform various transactions outside of traditional bank hours. Depositing funds at an ATM is a widely available service provided by most financial institutions, making it a common choice for quick and efficient deposits.

Accepted Deposit Types

ATMs typically accept both cash and check deposits. When depositing cash, most machines are designed to accept paper currency, such as dollar bills, which are then counted by the machine. However, coins are generally not accepted for ATM deposits; these usually require a visit to a bank branch or specific coin-counting machines. Some ATMs may have a limit on the number of bills that can be inserted per transaction.

Depositing checks at an ATM is also a common practice, but it requires proper preparation. Before inserting a check, it must be endorsed by the payee. Signing the back of the check in the designated area is typical. For added security and to ensure the funds are deposited into the correct account, it is often recommended to write “For Deposit Only” along with the account number above the signature. Modern ATMs often scan the check directly, eliminating the need for an envelope, though some older machines may still require one.

Making a Deposit

The process of making a deposit at an ATM is generally straightforward. To begin, insert your debit card into the ATM and enter your Personal Identification Number (PIN) to access your account. The ATM screen will then display a menu of transaction options, from which you should select “Deposit.” You will typically be prompted to choose the account where you wish to deposit the funds, such as checking or savings.

Once the account is selected, the machine will instruct you to insert your cash or endorsed check(s) into the designated slot. The ATM will then count the cash or scan the checks. After processing, the ATM will display the amount it has read, allowing you to verify its accuracy. It is important to confirm this amount on the screen before finalizing the transaction. The ATM will offer a receipt, which should be kept as proof of your deposit.

Key Considerations

Several important factors should be considered when making ATM deposits, particularly regarding the availability of funds. While cash deposits are often available immediately or by the next business day, check deposits are frequently subject to a “hold” period. This hold allows the bank to verify the funds from the check’s issuing institution.

Federal regulations dictate that a portion of the deposited check, typically the first $225, must be made available on the next business day, with the remaining balance becoming available within two to five business days. Extended holds, potentially up to seven to nine business days, may occur for larger deposits (e.g., over $5,525), new accounts, or if the bank has reason to doubt the check’s collectibility.

Financial institutions often impose deposit limits at ATMs, which can vary by bank and account type. These limits may restrict the total amount of cash or the number of bills that can be deposited in a single transaction or over a daily period. Check with your specific bank for their particular limits.

It is always recommended to obtain and retain the transaction receipt provided by the ATM. This receipt serves as a record of your deposit and can be valuable proof in case of any discrepancies. Using an ATM outside of your bank’s network for deposits can sometimes incur fees, often encompassing charges from both your bank and the ATM operator. These fees typically range from $2 to $5 per transaction.