Can I Deposit Money Through an ATM?

Automated Teller Machines (ATMs) offer a convenient way to manage banking needs without visiting a physical branch. These machines provide various services, including depositing cash and checks. Utilizing an ATM for deposits saves time and offers flexibility, especially outside of traditional banking hours. Understanding the proper procedures ensures a smooth transaction.

Types of Deposits Accepted

ATMs accept two main types of deposits: cash and checks. For cash, most machines process various denominations like $1, $5, $10, $20, $50, and $100 bills. Ensure bills are unfolded, flat, and free from foreign objects to prevent jams and allow accurate counting.

For check deposits, ATMs generally accept most personal and business checks, including payroll, government, and cashier’s checks. Some machines may also process money orders. The ATM scans the check’s Magnetic Ink Character Recognition (MICR) line to identify routing and account numbers, along with the amount. Checks often need to be inserted individually into a designated slot for proper scanning.

Preparing for Your Deposit

Before heading to an ATM, gather the necessary items. Your debit card and Personal Identification Number (PIN) are required to access your account and authorize the transaction. While some modern ATMs offer cardless deposit options, the debit card method remains common.

For cash deposits, count your money beforehand. Ensure all bills are smooth, unfolded, and free from tears or excessive crumpling. Remove any staples or paper clips from bills to avoid obstructions.

Properly endorsing checks is a necessary step. Sign your name on the back of the check exactly as it appears on the payee line. Below your signature, write “For Deposit Only” to restrict the check’s use and ensure funds are credited directly to your account. Including your bank account number below the endorsement can provide additional security.

While many contemporary ATMs do not require a physical deposit slip, some older models might still use them. If a slip is necessary, accurately fill in the date, your account number, and the amount of cash and checks being deposited.

How to Make an ATM Deposit

The process at the ATM is straightforward. Insert your debit card into the designated slot and enter your PIN when prompted. This authenticates your identity and provides secure access to banking services.

Select the “Deposit” option from the ATM menu. The machine will ask you to specify whether you are depositing cash, checks, or both.

Insert your cash smoothly into the designated slot, or feed each endorsed check individually into its respective slot, following on-screen guidance. Many ATMs can accept a stack of bills or checks. The ATM will process them, displaying the counted cash total and scanned check amounts for your review. Verify these displayed amounts against your own count before confirming the transaction.

Upon confirming the deposit, the ATM will finalize the transaction and offer a printed receipt. Always take this receipt. It serves as immediate proof of your transaction, detailing the date, time, and deposited amounts.

Deposit Availability and Record Keeping

Funds deposited through an ATM may not be immediately available. Banks commonly place a hold on ATM deposits, particularly for checks, with processing times often ranging from one to several business days. Federal regulations, such as Regulation CC, establish guidelines for how quickly banks must make deposited funds available. Specific policies can vary depending on the bank and deposit type. For instance, funds from checks deposited at an ATM not owned by your bank may take up to five business days to become available.

The ATM receipt confirms your deposit and should be retained. This receipt provides a record of the transaction, including the date, time, and the amount credited. Keep this receipt until the funds appear in your account and the transaction is fully settled.

Monitoring your bank account online or through your mobile banking application is advisable after making an ATM deposit. This allows you to confirm the deposit has been processed correctly and funds have become available.