Can You Deposit Money Into an ATM?

Automated Teller Machines (ATMs) offer widespread banking convenience, allowing individuals to manage finances outside traditional bank hours. ATMs perform various routine transactions, including withdrawals, balance inquiries, and fund deposits. Depositing money directly into an account via an ATM provides a straightforward method to add cash or checks to accounts at numerous locations.

Types of ATM Deposits

Individuals can deposit two primary types of financial instruments at an ATM: cash and checks. When depositing cash, most modern ATMs accept individual bills, often without an envelope. Flatten and organize bills, ensuring they face the same direction, to facilitate accurate counting. Some ATMs may limit the number of bills that can be inserted in a single transaction.

Depositing checks at an ATM involves specific preparation. Endorse the check by signing the back, often with “For Deposit Only” to protect against misuse. Modern ATMs scan checks directly, eliminating deposit envelopes. This technology reads the check’s details, including the bank and amount, and creates a digital image transmitted to the bank. This electronic processing allows banks to exchange digital images of checks instead of physical paper documents.

How to Deposit Money at an ATM

The process of depositing money at an ATM is consistent across most banking institutions. Insert your debit card and enter your Personal Identification Number (PIN). After authentication, the ATM menu will present a “Deposit” option. Select the specific account for the deposit, such as checking or savings.

Once the account is chosen, the ATM prompts you to insert cash or checks into the designated slot. For cash, the machine counts bills and displays the total for verification. For checks, the ATM scans items and may ask you to confirm the amount. Review the displayed amount for accuracy before confirming. After confirmation, the ATM processes the deposit and offers a printed receipt, which serves as a record.

Important Considerations for ATM Deposits

Financial institutions impose limits on ATM deposits, which vary by bank and deposit type. ATMs may have a physical limit on the number of bills accepted per transaction, commonly 40-50 bills. There is generally no strict daily dollar limit on cash deposits for IRS reporting, which typically applies to amounts over $10,000.

Funds deposited at an ATM may not be immediately available due to bank hold policies, governed by federal regulations like Regulation CC. Cash deposits are often available by the next business day, with some banks making a portion, such as $275, available sooner. For checks, funds are typically available by the second business day after deposit at your bank’s ATM, extending to five business days if deposited at a non-proprietary ATM. Larger check deposits (exceeding $5,525) or deposits into newer accounts may experience longer holds, sometimes up to seven business days.

Always retain the ATM receipt as it provides proof of the transaction, including date, time, amount, and account number. In the event of an error, such as a miscounted deposit or the ATM retaining funds, document the incident with photos of error messages and note the ATM’s location and time. Contact the bank promptly; under the Electronic Funds Transfer Act, banks must investigate errors within 10 business days, extending to 45 days if a provisional credit is issued.