Last Updated on 06/02/2017 by GS Staff
[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Can I deposit cash at an ATM?
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] You may not have considered depositing cash at an ATM, however, it is an option at many machines. You need to locate a deposit-enabled ATM in order to deposit cash or a check into an ATM. Most ATMs located at banks allow deposits of cash 24 hours a day.
Be aware that there are ATMs that do not allow deposits. These machines are designed to allow only withdrawals. You can find these at places such as a convenient stores or concert venues.
How To Deposit Cash At An ATM
There two main types of ATMs that you may deposit your money into. The first type is the traditional ATM where you place your deposits into an envelope and write the deposit amount and bank account number on the envelope. The second type is the modern ATM that does not require an envelope for deposit. Let’s take a look at how to deposit cash into each ATM.
Envelope Deposit (Traditional ATM)
- Place the cash and deposit slip (if required) in a deposit envelope and complete the requested information on the front of the envelope (i.e. deposit amount, account number). Seal the envelope. The envelopes are commonly located next to the ATM or the machine may issue one.
- Insert your ATM card.
- Enter your PIN.
- Select the “Deposit” option on the screen.
- Select the account you wish to deposit the cash into (i.e. savings or checking).
- You then may be asked the type of deposit, select “cash”.
- Type in the amount of the deposit when prompted.
- Insert the deposit envelope when instructed. There will be a slot on the ATM with lights indicating where to insert the envelope.
- Obtain a receipt and verify the information on it is accurate. You should address any discrepancies with the bank as soon as possible.
Please view the below video for visual instructions on using a traditional ATM for a cash deposit.
Envelope-Free Deposit (Modern ATM)
- Insert your ATM card.
- Enter your PIN.
- Choose “Deposit” for the type of transaction.
- Select the account where you will deposit the cash (i.e. savings or checking).
- The screen will then ask if you want to deposit a check or cash. Pick cash.
- Insert the cash into the appropriate slot. The slot will typically light up when it is ready for the cash to be inserted. Modern machines can accept stacks of cash so you do not need to feed them one at a time. For example, Chase ATMs can accept 50 bills in a stack.
- The bills will be counted and the screen will indicate the total cash deposited. Check the screen for accuracy and confirm the amount deposited.
- Obtain a receipt.
The below video provides a step-by-step guide on how to use a no envelope deposit ATM.
Deposit Availability
Generally, cash deposits at the ATM are available the day they were deposited. However, some banks have different policies on deposit availability. For example. a bank may have a cut off time for deposits, such as 8PM, where the funds will not be available until the next business day for withdrawal. Check with your bank to see their policy on ATM deposit availability.