Can You Deposit Cash in Someone Else’s Account?

Depositing cash into someone else’s bank account is a common financial activity that involves specific procedures, required information, and regulatory aspects. Banks have established protocols to ensure the security and compliance of these transactions. Individuals making such a deposit need to be prepared with the necessary details and identification. This guide outlines the practical methods, essential information, and relevant bank policies governing these types of cash deposits.

Common Methods for Depositing Cash

Individuals often deposit cash into another person’s account directly at a bank branch. This method involves approaching a teller, providing the recipient’s account details, and handing over the cash for processing. It is the most straightforward and frequently used option for third-party cash deposits, offering immediate confirmation.

Some automated teller machines (ATMs) also offer the capability for third-party cash deposits. This functionality varies significantly between different banks and specific ATM models. When available, the depositor usually needs to input the recipient’s bank account number directly into the ATM alongside the cash. It is advisable to verify if a particular ATM supports this feature before attempting such a deposit.

Information Required for Deposit

Before depositing cash, gather specific details about the recipient’s account. This includes their full legal name, precisely as it appears on their bank account, and their complete bank account number. If the deposit is at a different financial institution, the recipient’s bank routing number may also be required to facilitate the interbank transfer.

The individual making the deposit must present valid, government-issued photo identification. Acceptable forms include a driver’s license, a state-issued identification card, or a passport. Banks require this identification for security, to verify identity, and to comply with anti-fraud and financial regulations. Banks may also request the depositor’s full name, current address, and a contact phone number for transaction records.

Bank Policies and Transaction Reporting

While depositing cash into another person’s account is generally allowed, financial institutions maintain their own policies and procedures. Some banks may implement daily limits on third-party cash deposits or require additional verification steps to prevent fraudulent activity. Contact the specific bank beforehand to inquire about any requirements or limitations.

Federal regulations mandate that banks report certain cash transactions to the Financial Crimes Enforcement Network (FinCEN). A Cash Transaction Report (CTR) must be filed for any cash transaction, including deposits, withdrawals, or exchanges, totaling $10,000 or more. This threshold applies to single transactions or multiple related transactions that aggregate to $10,000 or more within a 24-hour period. The bank is responsible for filing this report, not the individual.

The purpose of CTRs is to assist law enforcement in combating money laundering, terrorism financing, and other illicit financial activities. Filing a CTR is a routine compliance measure for financial institutions and does not automatically imply suspicion regarding a transaction’s legitimacy. Attempting to evade these reporting requirements by breaking down large cash deposits into smaller amounts, known as structuring, is illegal and can result in severe penalties.