Depositing cash at an ATM is reasonably straightforward. Locate an ATM. Access your account. Some banks, like Chase, allow cardless ATM access through the use of a mobile wallet. Choose your transaction. Once you log in, you may see several transaction options on the screen.
Choose the deposit option to start the process. Insert bills into the ATM. Enter the amount of your deposit on the screen and then insert your cash into the ATM. Some banks allow you to deposit bills directly into the machine. Other banks may provide an envelope to use for your deposit. Take your receipt. Depending on your bank, your funds could be available to use immediately.
Typically, funds are available the same day or next business day when depositing cash at a branch or in-network ATM. Because of the nature of online banks, they tend to offer fewer cash deposit options, including ATM cash deposits. Online banks are known to provide higher interest rates and convenient ways to bank digitally. Instead of cash deposits, online banks may offer other options like bank transfers and mobile check deposit.
Some online banks do allow cash deposits at ATMs. Check with your online bank to see if you can make cash deposits at ATMs and for any rules or limitations you need to follow. Not all ATMs accept cash. If you find a bank that allows out-of-network ATM deposits, keep in mind that the processing time may take longer than at an in-network ATM.
Some banks will reimburse customers for out-of-network ATM fees. The bank should have a list of authorized ATMs on its website or mobile app. Make a note of any restrictions and fees. Remember, using an ATM also opens up the possibility of being robbed or having your bank information stolen.
You may have noticed that when you deposit money into a bank, sometimes you have access to that money right away while at other times it might take a few days before it becomes available for you to use.
Why the difference? Well, it often has to do with the way banks process different types of deposits. Your teller will be able to let you know. Scheduled direct deposits from a payer—like your employer—are usually available in your account on your regular payday—or the following business day. That means that the processing—making sure the account that the deposit is coming from has enough money to cover the transaction—can also happen in advance.
When you deposit a check at a bank or ATM, it can take a little more time because your bank needs to collect the funds from the payer, whose account might be at a different bank.
Some large banks work directly with each other to clear checks. But many others will send a check through an intermediary called a clearing house in order to process it. The clearing house will sort all the transactions coming from one bank to another and send the correct amount of money to each. And this can happen after your bank has made the money available to you.
Now, the amount of your check deposit can also affect how quickly the money is available. But larger amounts can take longer to become available. There are also a few reasons a bank might delay portions of certain deposits—and most of them have to do with managing risk.
A bank can lose money if a check is fraudulent or counterfeit. There are other factors that can delay the availability of a check deposit as well. So if you need to know when your money will become available, talk to a bank representative when you make your deposit.
Mobile deposits—where you snap a picture of your check that gets sent electronically to your bank—are generally processed the same way regular check deposits are. They can save you a trip to the bank, but how long it takes to process them can vary from bank to bank. But, depending on the bank and the type of deposit, the end of day—that is, the cutoff time—can actually be any time from noon until midnight.
Which means it could take an extra day before you have access to your money. Some banks have later cutoff times for ATM and mobile deposits—so if you miss the cutoff time to deposit a check in person, you may have other options to deposit your check within the same business day.
Different banks have different policies regarding when money from deposits is made available. So if you need to know when your money will be available, you can review your bank's deposit availability policy, or talk to a bank representative to make sure you have access to your money when you need it.
The material provided on this video is for informational use only and is not intended for financial or investment advice.
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