Can I Deposit Money Through an ATM?
Understand how to easily deposit money at an ATM. Get clear insights into the process and essential information for seamless banking transactions.
ATMs offer a convenient and accessible way to deposit funds into your bank account, often outside of traditional banking hours. These self-service terminals are widely available and can save time compared to visiting a bank branch.
What You Can Deposit
Most ATMs accept cash and checks. For cash deposits, ATMs typically accept various U.S. currency denominations, though some machines may limit the number of bills per transaction. Ensure bills are flat and organized to prevent machine errors.
Regarding checks, ATMs generally accept personal checks, payroll checks, and cashier’s checks. It is important to properly endorse the check by signing the back before depositing it. While most ATMs do not accept foreign currency, some may allow money orders to be deposited, often treating them similarly to checks. However, specific policies for money orders can vary between financial institutions.
How to Make an ATM Deposit
Initiating an ATM deposit typically begins with inserting your debit card into the machine and entering your Personal Identification Number (PIN). After successfully accessing your account, you will select the “Deposit” option from the on-screen menu. If you have multiple accounts, the ATM will prompt you to choose the specific checking or savings account where you wish to deposit the funds.
The machine will then guide you to insert your cash or checks into the designated slot. Modern ATMs often feature advanced scanning technology that can count cash and read check information directly, eliminating the need for deposit envelopes. The ATM will display the amount it has counted for your review, and it is important to confirm that this amount matches your intended deposit.
Some ATMs may also provide an image of deposited checks for verification. After confirming details, finalize the transaction and retrieve your debit card and a printed receipt. The receipt serves as proof of your deposit and includes transaction details.
Key Details for Your Deposit
Financial institutions often set daily or per-transaction deposit limits for ATMs, which vary by bank and account type. These limits primarily relate to the number of bills for cash or the total dollar amount for checks. For instance, some banks may have a daily cash deposit limit of up to $10,000, while others might cap check deposits at a higher amount.
The availability of deposited funds is governed by federal regulations, specifically Regulation CC. Cash deposits are typically available on the same or next business day. For check deposits, a portion may be available the next business day, with remaining funds accessible within one to two business days for deposits at your own bank’s ATM. Funds from checks deposited at a different bank’s ATM may take longer, potentially up to five business days.
Keep your deposit receipt until funds are processed and appear in your account, as it provides crucial documentation. When using an ATM, remain aware of your surroundings, shield the keypad when entering your PIN, and ensure the transaction is complete before leaving. These security measures help protect your information.