How to Deposit Cash Into a Bank Account

Depositing cash into a bank account allows individuals to secure their funds and make them accessible for transactions. This process helps manage personal finances, ensuring money is safely stored and available for payments, savings, or investments. Understanding deposit methods and requirements helps maintain control over financial resources.

Preparing for Your Deposit

Before heading to a bank branch or an ATM, gather necessary items and information to streamline the process. You will need your full name as it appears on your bank records, along with your account number. For in-person deposits, a valid government-issued photo identification may be requested. If using an ATM, your debit card is required.

A deposit slip is often used to detail your deposit. On this slip, write the current date, your account holder’s name, and the account number. Fields specify the cash amount, and a space is for the total. Count your cash beforehand and ensure bills are neatly organized and unfolded.

Depositing Cash at a Bank Branch

With your cash, identification, and completed deposit slip ready, depositing at a bank branch is straightforward. Approach a bank teller or drive-thru window and state you wish to make a cash deposit. Hand over your cash, the filled-out deposit slip, and identification if requested. The teller will count the money and confirm the amount.

After verification, the teller will process the transaction and provide a receipt. This receipt details the date, time, and amount deposited for your records. Confirm the amount matches your expectations before leaving.

Depositing Cash at an ATM

Automated Teller Machines (ATMs) offer a convenient way to deposit cash, often outside regular banking hours. Insert your debit card into the ATM and enter your Personal Identification Number (PIN). From the main menu, select “Deposit” then “Cash Deposit.” The machine will prompt you to insert your cash into a designated slot.

Most modern ATMs count bills automatically and display the total for confirmation. Ensure bills are smooth, unfolded, and facing the same direction to avoid jams or errors. After confirming, complete the transaction and retrieve your debit card and printed receipt.

Important Considerations for Cash Deposits

Banks may place a “deposit hold” on funds. Cash deposits usually become available immediately or by the next business day. However, holds can occur for large sums, especially those exceeding $5,525, or for new accounts, delaying fund availability for several business days.

For larger cash amounts, banks must report deposits of $10,000 or more to the Internal Revenue Service (IRS). This reporting, known as a Currency Transaction Report (CTR), helps prevent money laundering and other illicit financial activities. Deposits structured to fall just below this $10,000 threshold can also draw attention.

Depositing cash into someone else’s account is possible, but policies vary among financial institutions. You will need the recipient’s full name and account number. Some banks might require identification from the depositor or have specific rules for non-account holders. Confirm specific requirements with the bank beforehand.