How Much Money Can I Deposit at an ATM?
Learn the ins and outs of depositing money via ATM, from transaction limits to accepted funds and important processing details.
Automated Teller Machines (ATMs) offer a convenient way to manage personal finances, providing flexibility to deposit funds outside of traditional bank hours. While ATMs are widely accessible and user-friendly, there are important practical considerations and specific limits associated with their use for deposits. Understanding these aspects helps ensure smooth and successful transactions.
Understanding Deposit Limits
ATM deposit limits vary among financial institutions. Limits are often set per transaction, as well as daily, weekly, or monthly. Some ATMs may limit the number of bills accepted per transaction, such as 40 to 200 bills.
Deposit limits are for security and fraud prevention. Your financial institution’s policies, account history, and account type can influence these limits. To determine your ATM deposit limits, check your bank’s website, mobile application, or contact customer service.
Types of Deposits Accepted
Most ATMs accept deposits of both cash and checks. When depositing cash, ATMs only accept paper bills; coins are not accepted.
For check deposits, proper endorsement is necessary. Ensure the check is accurately filled out and is a valid form, such as a personal check, cashier’s check, or money order. While some older ATMs might require an envelope, many modern machines are “envelope-free” and scan checks and cash directly.
Making an ATM Deposit
Depositing funds at an ATM begins with inserting your debit card and entering your Personal Identification Number (PIN). You will then select the “Deposit” option from the on-screen menu. The machine will prompt you to indicate whether you are depositing cash or a check.
After selecting the deposit type, follow the on-screen instructions to insert your cash or check into the designated slot. Some ATMs may ask you to manually enter the deposit amount, while others automatically read the amount. Confirm the transaction details on the screen for accuracy before finalizing. Always collect and review your printed receipt, as it serves as a record of your transaction.
Deposited funds may not be immediately available. Banks have hold policies, and funds from check deposits are subject to a delay, becoming available within one to two business days. Cash deposits are available sooner, sometimes immediately. If an issue occurs during the deposit, such as an ATM error or a lost receipt, contact your bank’s customer service promptly.
Considerations for Large Deposits
For large cash deposits, be aware of regulatory reporting requirements. Financial institutions must report cash transactions exceeding $10,000 to the Internal Revenue Service (IRS) using a Currency Transaction Report (CTR). This applies to single transactions or multiple transactions by the same person aggregating over $10,000 within a single business day.
CTR filings are standard regulatory procedures to detect and prevent financial crimes like money laundering and tax evasion. It does not imply wrongdoing. Deliberately breaking up a large cash deposit into multiple smaller transactions to avoid the $10,000 reporting threshold, known as “structuring,” is illegal. Structuring can lead to severe penalties, including fines and imprisonment, even if funds were obtained legitimately.
Maintain thorough records for any large cash transactions, especially if funds originate from a legitimate source. This documentation can be helpful if questions arise about the source or purpose of the funds.