We always use ATMs to withdraw money from the bank, but did you know you can also use bank ATMs to deposit money in your account? The requirement of cash is always going to prevail, but sometimes we have extra money that we do not need and want to deposit in the bank, or maybe we might want to pay bills by depositing cash in the bank and that’s why they have ATMs.
It can be tiresome to visit a bank physically and complete chores, in such cases, ATMs can come in handy. Here is a simple guide on how you can deposit your money in the bank through an ATM, and it is just as easy as withdrawing money. Here’s the process of depositing the money in the bank.
Check if you can deposit money from an ATM
Unsurprisingly, you can withdraw money from ATMs even as a noncustomer. However, depositing money through an ATM might only be possible through the ATM of the bank where your account is. You can check the bank’s website to gather the data of the ATMs where it is allowed.
Depositing checks? Sign on the back
This will save your time, as well as complete the process in a jiffy without holding up the line in the bank. You can also check if your bank collects checks through mobile, this allows you to deposit checks from any location.
Insert your debit card, enter your pin
This step helps in verifying your identity and maintaining the security of your funds. No one can access your account without the unique PIN.
Select where you want to deposit the money
If you have both a checking or savings account, you need to confirm where you want to deposit your money.
Stack bills/checks if envelope is not needed by ATM
With the staggering advancements in technology, ATMs have also moved forward with great scanning features. This helps to differentiate between checks and bills. You can deposit any amount of bills together, and the ATM will process it for you, no need to fill a slip. The ATM will guide you about the correct slot for inserting those checks.
Use an envelope if your bank obliges you to do so
There are hardly any ATMs that ask you to deposit money with an envelope, but if that’s the case then you need to take your bills and checks, put them inside the envelope. Further, you need to seal it properly and mention the total on the cover. After this, you need to manually enter the amount and deposit it. This process takes some business days to complete, as the funds first need to be verified by the bank.
Verify the amount
To be certain of the amount being deposited, the ATM will display a message to confirm if the amount is correct or not. You need to verify this before moving to the last step.
Wait for funds to reflect in your account
Usually, the funds appear in your account within some minutes. However, if there is a waiting time for your bank, then you need to keep checking for the funds to appear.
Deposit money through an online bank
Online-only bank accounts are becoming popular because they provide high rates. Depositing money through these banks can be but extensive. Online banks are participants in the shared ATM network, where you are allowed to deposit money without any additional charge. More ways to deposit money through these banks include transferring money from a traditional bank to an online-only bank account, or you can do it through the app of your online bank by buying and depositing a money order. For more on how to manage your money better and live life uninterrupted, read about cash now pay later on our blog.