Can You Put Cash on Your Card at an ATM?

Automated Teller Machines (ATMs) have become a common fixture in modern banking, offering convenient access to financial services beyond just withdrawing cash. A frequent question arises regarding the ability to deposit physical currency directly into an account using an ATM, which is indeed possible under specific circumstances, depending on the type of card and the bank’s services.

Types of Cards and ATM Deposit Capabilities

The ability to deposit cash at an ATM largely depends on the type of card used and its associated financial account. Debit cards, which are directly linked to a checking or savings account, are the primary means for making cash deposits at ATMs. These deposits are typically processed at ATMs owned and operated by the cardholder’s specific bank.

Credit cards, conversely, are generally not designed for depositing cash onto the card. Their function is to provide a line of credit for purchases or cash advances, which is a loan against the credit limit, not a means to add funds. While some banks might allow a cash payment towards a credit card balance at an ATM, this is distinct from depositing funds onto the card itself for spending.

Prepaid cards present varying capabilities for cash deposits. Some reloadable prepaid cards, particularly those issued by major networks like Visa or Mastercard, may allow cash loads at specific ATMs or participating retail locations. The possibility of depositing cash onto these cards depends on the issuer’s policies and the network’s infrastructure. In contrast, gift cards cannot be used for cash deposits at an ATM. These cards are designed solely for spending pre-loaded funds and lack the banking functionality for deposits.

Steps for Depositing Cash at an ATM

Depositing cash at an ATM involves a straightforward sequence of actions, assuming the ATM supports cash deposits and you are using an eligible card. The process begins by inserting your debit card into the ATM’s card reader and then entering your PIN to access your account. The ATM will then present a menu of transaction options.

From the displayed options, select “Deposit.” The machine will prompt you to choose which account you wish to deposit into, such as your checking or savings account. Following this selection, the ATM will instruct you to insert your cash into a designated slot. Feed bills flat and unfolded into the machine, as most modern ATMs automatically count the inserted currency.

Once the cash has been counted, the ATM screen will display the total amount detected. After confirming, the ATM will process the deposit and typically provide a printed receipt.

Key Considerations for ATM Cash Deposits

Banks frequently impose deposit limits, which are often based on the number of bills rather than a specific dollar amount. For example, some ATMs may accept up to 50 bills per transaction, meaning the total cash value depends on the denominations of the bills inserted. While most banks do not have strict overall cash deposit limits, any single deposit or cumulative deposits exceeding $10,000 within a 24-hour period are subject to federal reporting requirements to the Internal Revenue Service (IRS).

Cash deposited at an ATM may not be immediately accessible. Banks typically place a hold on ATM deposits, and funds may become available within one to two business days, particularly for larger amounts. This contrasts with in-person deposits made with a teller, which often provide immediate access to funds.

Cash deposits made at an ATM owned by your own bank are generally free of charge. However, attempting to deposit cash at an out-of-network or third-party ATM that processes deposits could potentially incur fees from both the ATM operator and your bank. Therefore, it is advisable to use your bank’s own ATMs for cash deposits. Lastly, it is always recommended to obtain and retain the ATM receipt as proof of your transaction, which includes details like the deposit amount and transaction time.