How to Put Money in a Bank Account

Depositing money into a bank account is a foundational step for effective personal financial management. Bank accounts securely hold your funds, protecting them from loss or theft. They also provide convenient access for transactions like paying bills or making purchases. Familiarizing yourself with the different deposit methods ensures that your money is safely placed and readily available.

Depositing Cash

Depositing cash into a bank account can be done through a bank teller or an automated teller machine (ATM). When visiting a bank branch, you typically fill out a deposit slip, including your account number and deposit amount. Present the cash, completed slip, and a valid form of identification, such as a driver’s license, to the teller. The teller will count the money and provide a receipt.

Using an ATM for cash deposits offers 24/7 convenience. You insert your debit card, enter your Personal Identification Number (PIN), and select the deposit option for cash. The machine will prompt you to insert the bills, count them, and display the total for your confirmation. ATMs usually issue a receipt detailing the transaction. ATMs often have daily deposit limits, which can range from $1,000 to $5,000.

Depositing Checks

Depositing checks requires proper endorsement. Endorsement means signing your name on the back of the check in the designated area. Some banks may also require you to write “For Mobile Deposit Only” or your account number below your signature, especially for mobile deposits. Ensuring the check is valid, with a clear date, payee name, matching numeric and written amounts, and the maker’s signature, is important before depositing.

For in-person deposits at a bank branch, you can present the endorsed check and a deposit slip to a teller. They may ask for identification and will provide a receipt. ATMs also accept check deposits, where you insert your card, enter your PIN, and then feed the endorsed check into the machine. The ATM will read the amount for your confirmation before issuing a receipt.

Mobile check deposit, available via most bank mobile applications, allows you to deposit checks using your smartphone camera. After endorsing the check, you take clear photos of both the front and back, following app guidelines for lighting and positioning. Banks often set daily or monthly limits for mobile deposits, which typically range from $2,000 to $5,000, though limits can vary and may be higher for established customers.

Other Ways to Add Money

Direct deposit is a common electronic method for receiving funds directly into your bank account, commonly used for paychecks, tax refunds, and government benefits. To set this up, you provide your employer or other payer with your bank’s routing number and your account number. This process typically eliminates the need for paper checks, ensuring funds are transferred electronically through the Automated Clearing House (ACH) network.

Bank transfers, including ACH and wire transfers, move money between accounts. ACH transfers are often free for consumers and are suitable for routine payments, typically taking one to three business days to process. Wire transfers, by contrast, are faster, often complete within the same business day, but usually incur fees ranging from $20 to $75 for domestic transfers. These are typically used for larger, time-sensitive transactions.

Electronic payment services, such as peer-to-peer apps, allow money to be transferred to your bank account. Funds received through these apps can often be moved to your linked bank account, though transfer times may vary by service. Money orders can also be deposited into a bank account, similar to a check deposit, requiring endorsement and potentially a deposit slip.

When Your Money Becomes Available

Understanding when deposited funds become available is important for managing your finances. Federal regulations govern the availability of funds from deposits. While cash deposits are often available on the same or next business day, funds from checks may be subject to a temporary hold. This hold allows the bank to verify the check and collect funds from the issuing bank.

For most checks, banks are required to make at least $225 of a deposit available by the next business day. The remaining funds from checks are generally available within one to five business days, depending on check type, amount, and your account history. Government or cashier’s checks may have faster availability than personal checks. Banks must disclose their funds availability policies, found in account agreements or posted at branches and ATMs. You can check your available balance through online banking, mobile apps, or ATMs to confirm when funds are accessible.