Can You Make a Deposit for Someone Else?

Making a deposit into another person’s bank account is a common financial transaction, often for reasons like sending money to family or settling a debt. While generally permissible, the ease and specific requirements for such a deposit can vary significantly. Understanding the different methods, necessary preparatory steps, and specific scenarios helps ensure a smooth transaction.

Common Methods for Making Deposits

Depositing funds into another person’s account can be accomplished through several established methods.

When making an in-person deposit at a bank branch, an individual typically uses a deposit slip and provides the recipient’s account number. For cash deposits, the bank may ask for the depositor’s identification to comply with internal policies or regulatory requirements.

Automated Teller Machines (ATMs) offer a convenient way to deposit funds, usually requiring only the recipient’s account number. ATMs generally accept both cash and checks, but there might be limitations on immediate availability, particularly for check deposits, which often require verification time.

Mobile check deposits allow a person to endorse a check made out to the account holder and then use a banking application to photograph and submit it. This method requires a proper endorsement for mobile deposit to be valid.

Online transfers provide a direct way to move money from one’s own bank account to another person’s account. This typically necessitates knowing the recipient’s bank routing number and account number to initiate the transfer electronically.

For larger sums or international transfers, wire transfers are available. These involve specific forms, higher fees, and usually take a few hours to a few business days to process. Another option involves mailing a check directly to the recipient’s bank, clearly indicating the account number for deposit on the check or an accompanying deposit slip.

Key Information and Preparation

Before initiating any deposit for another individual, gathering specific information and preparing appropriately is necessary. The depositor will typically need the recipient’s full legal name, their exact bank account number, and the precise name of the financial institution where the account is held. This information ensures the funds are directed to the correct destination.

Identification requirements for the depositor vary by bank policy and deposit nature. Large cash deposits might trigger a request for government-issued identification, or some banks may require ID for all in-person transactions.

When depositing a third-party check (made out to someone else), the payee must properly endorse it. This usually involves signing the back of the check and often writing “For Deposit Only” along with the recipient’s account number.

Banks may impose daily or per-transaction deposit limits, especially for cash or mobile deposits. It is advisable to confirm these limits with the specific bank beforehand to avoid delays.

Accurately completing a physical or digital deposit slip with the gathered information, including the account number, recipient name, and deposit amount, ensures the transaction processes correctly.

Understanding Specific Deposit Scenarios

Certain deposit scenarios present unique considerations beyond standard procedures.

When depositing into a business account, requirements can differ from personal accounts. Some institutions may require the depositor to be an authorized signatory or use specific business-deposit-only slips, ensuring compliance with corporate banking regulations.

Deposits into joint accounts are straightforward, as both account holders typically have equal access and authority over funds. For trust accounts, deposits must align with the trust agreement’s stipulations and can only be made by authorized individuals. It is important to confirm the trust’s rules and the authorized parties before attempting such a deposit.

Individual banks maintain unique internal policies that influence deposit procedures, such as stricter requirements for large cash deposits or, rarely, requiring the account holder’s presence. It is always prudent to consult with the specific bank in advance, especially for unusual or substantial deposits, to understand any particular requirements.

Large cash deposits exceeding $10,000 are subject to reporting requirements under the Bank Secrecy Act (BSA). Financial institutions must file a Currency Transaction Report (CTR), FinCEN Form 104, with the Financial Crimes Enforcement Network (FinCEN) for such transactions. This is a procedural obligation of the bank, not the depositor.