Can You Make a Cash Deposit at an ATM?
Your guide to depositing cash at an ATM. Learn what you need, how to do it, and when your money becomes available.
Making a cash deposit at an Automated Teller Machine (ATM) offers a convenient way to add funds to your bank account, often accessible beyond traditional banking hours. These self-service machines provide a range of banking transactions, including the ability to deposit physical currency. Understanding the steps involved ensures a smooth and efficient deposit experience, saving time compared to visiting a bank branch during peak hours.
Preparing for Your Cash Deposit
Before heading to an ATM to deposit cash, gather the necessary items. You will need your debit card, linked to the account where you wish to deposit the money, and your Personal Identification Number (PIN) to access your account. The cash itself should be neatly organized, with bills unfolded, facing the same direction, and free from tears or excessive crumpling to ensure the ATM can accurately count them. Some banks may have a limit on the number of bills an ATM can accept in a single transaction, though not necessarily a dollar amount limit.
It is important to confirm that the specific ATM you plan to use accepts cash deposits, as not all ATMs are equipped for this function. Your bank’s website or mobile application typically provides a locator tool that indicates which ATMs in their network support cash deposits. Depositing cash at an ATM not owned by your bank (an out-of-network ATM) is generally not possible or may incur additional fees and longer processing times. Familiarizing yourself with your bank’s specific policies regarding ATM cash deposit limits and potential fees, especially for out-of-network transactions, is a useful preparatory step.
Making the Cash Deposit
Once you have prepared your cash and confirmed the ATM’s capabilities, the deposit process involves a series of straightforward steps. Begin by inserting your debit card into the designated slot and entering your PIN when prompted. This action secures your transaction and grants access to your banking options. After successfully logging in, the ATM’s main menu will appear, offering various transaction types.
From the options displayed, select “Deposit.” The machine will ask you to specify “Cash Deposit” and select the account where you want the funds credited, such as your checking or savings account. Most modern ATMs feature a direct cash deposit slot, eliminating the need for envelopes. Insert your cash into this slot when instructed, ensuring all bills are properly aligned.
The ATM will count the bills and display the total amount for your verification. Carefully review this displayed amount to ensure it matches the cash you deposited before confirming the transaction. Finally, the ATM will issue a receipt, which serves as your proof of deposit, and return your debit card. Always remember to retrieve both your card and the receipt before leaving the ATM.
Understanding Fund Availability
After completing your cash deposit at an ATM, it is important to understand when the funds will become available. While your account balance may update immediately, the funds might not be “available” for immediate withdrawal or other transactions. Banks differentiate between a “posted” balance, which shows the total amount in your account, and an “available” balance, which indicates the funds you can actually access.
For cash deposits made at an ATM owned by your bank, funds can often be available on the same business day or by the next business day. Federal regulations allow banks to place holds on deposited funds under certain circumstances. For example, deposits made after a bank’s daily cut-off time, which can be as early as noon for ATM transactions, may be treated as if they were made on the next business day.
Larger cash deposits, such as those exceeding $5,525, or deposits into new accounts, may be subject to extended holds. If you deposit cash at an out-of-network ATM, the funds may take longer to become available, potentially up to five business days. Maintaining your ATM receipt is always advisable, as it provides proof of your transaction in case of any discrepancies or issues with fund availability. Any cash deposit of $10,000 or more will be reported by the bank to the federal government.