on-line banks offer batch of perks, including better than average sake on savings accounts. But since they do n’t have physical locations, depositing cash is n’t deoxyadenosine monophosphate comfortable as stopping by your local branch.
Reading: How to Deposit Cash to Online Bank
In this usher, you ‘ll learn how to :
Which online banks accept cash deposits?
Most online banks do not allow cash deposits, including
Most on-line banks do not allow cash deposits, including Ally Discover Bank, and CIT. But keep reading and we ‘ll share with you some chic workarounds .
Deposit and Transfer with a Traditional Bank
- Convenient, local solution
- Requires accounts at multiple banks
- Deposits not instantly accessible
on-line banks allow you to link your accounts to external ones. If you have a savings or checking explanation at a traditional bank or credit union, you can deposit cash at their branches then move it directly to your on-line account via ACH transfer .
These types of transfers are complimentary. however, it may be a few business days before the money arrives in your on-line account .
federal police limits savings account withdrawals to 6 per month. If you regularly deposit and then transfer cash to your on-line bank, a check bill at your local bank is the best option.
Use an ATM That Accepts Cash
- Direct, instant deposit into your online account
- No fees
- Limited availability based on bank and ATM
Your on-line bank may offer access to a fee-free network of ATMs for casual transactions. Some of these ATMs are equipped to accept adenine well as administer cash. If you find one AND your on-line deposit allows for ATM cash deposits ( many do n’t ), you can deposit your cash directly into your account .
here ‘s how the process normally works ( though it may vary by ATM ) :
- Enter your card and personal PIN number.
- Select Deposit and then Deposit Cash.
- Choose the right account.
- Slide the bills into the portal when it opens.
many cash-accepting ATMs let you to deposit a smokestack of bills, which is then sorted. A dislocation by prize and issue of bills will appear onscreen. You ‘ll need to confirm this to complete your situate. Make sure to get a receipt—it should besides itemize your deposit .
Can I deposit money at an ATM that’s not my bank?
You can only deposit cash in an ATM that is connected to your bank. But that doesn’t mean the ATM must be owned or operated by your bank. Some online banks and credit unions are linked to nationwide ATM networks like AllPoint or Money Pass.
You can only deposit cash in an ATM that is connected to your bank. But that does n’t mean the ATM must be owned or operated by your savings bank. Some on-line banks and credit unions are linked to countrywide ATM networks like AllPoint or Money Pass. If an ATM within your network accepts cash deposits AND your bank allow them, you should have no trouble making a sediment. If you ‘re uncertain, double-check using the ATM locator on your depository financial institution ‘s web site or mobile app. Or merely call your bank directly to ask.
Buy a Money Order
Read more: Average Credit Card Debt in America: 2021
- Many available locations
- More deposit options than cash
- More time-consuming process
- (Small) fee for every order
- Deposit amounts are limited
A money arrange is an easy way to turn your extra cash into a check for deposit into your on-line bank. You can purchase a money holy order for a small fee at banks, a post function branch, some retailers or supermarkets, and early places. The price will vary based on the measure of the decree, but you ‘ll normally pay under $ 2 .
money orders are limited to $ 1,000. To deposit a larger total, you may want to consider a cashier ‘s check from a local anesthetic bank. however, most banks require you to have an outdoors bill to order a cashier ‘s discipline, and you ‘ll normally pay a fee.
here ‘s what to do :
- Visit an available location. Money orders cannot be purchased online.
- Fill out the form using your name and address.
- Pay with cash.
- Keep your receipt.
once you receive your money ordain, you ‘ll still need to deposit it. Some on-line banks treat money orders just like checks— they can be deposited remotely from your mobile device or from a deposit-accepting ATM within your network. Others require you to mail it to the bank ‘s independent agency. To be certain, check with your bank before you purchase .
Find a Reloadable Pre-Paid Debit Card
- Convenient, readily available options
- May curb debit card spending
- Transfer takes a few business days
- Possible fees for each re-load
- Convoluted process
much like an external bank report, a pre-paid debit card can be linked to your on-line bank account. If your pre-paid debit batting order is reloadable, you can add the money you wish to deposit and just move it to your account via ACH transfer .
Some banks and stores let you reload pre-paid debit cards. But be leery of fees. Depending on where you load your card, you may get charged a bland tip or share of the total. And some cards have monthly fees, besides. These can add up if you ‘re making frequent deposits .
here ‘s how to link a pre-paid debit batting order to your on-line bank account.
- Register your debit card.
- Visit your online bank website.
- Follow directions to connect your card to the account.
- Transfer money from your card to the account via ACH transfer.
What to Look for in an Online Bank
matter to in an on-line bank ? You ‘ve got plenty of choices. here are things to consider before choose :
- High Interest Rates
Online banks tend to offer higher APY, but rates vary.
- Reimbursement of ATM Fees
Some online banks offer free access to nationwide ATM networks like AllPoint. Others reimburse fees for using ATMs. Whatever bank you choose, make sure you aren’t going to pay to access your money.
- Monthly Service Fees
Some online banks charge fees if you don’t meet a monthly balance requirement.
- Deposit and Withdrawal Restrictions
Your online account may limit the number of transactions each month. Be sure to read the fine print before committing.
Banking online can put your money at risk. Most banks have sophisticated security measures, including data encryption.
- Customer Service
With online banks, you can’t walk into a branch with questions. Many online banks offer customer service via phone, email, or chat (some have 24/7 phone support).
on-line banks offer benefits like eminent interest and low/no fees. But depositing cash may take more attempt than walking into a local branch. Find a deposit that offers the most convenient—and accessible—deposit policy for your needs .