Depositing cash into your bank account might seem like a straightforward task, but there are a few ways to do it, and each comes with its own set of considerations. Choosing the right method can save you time, hassle, and even money.
Here’s what you need to know about depositing cash safely and efficiently into your bank account.
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In many situations, depositing cash into your bank account may be necessary. Maybe you have bills to pay, and it may not be possible to pay with cash. If you don’t have checks, your only choice may be to pay online. And if you don’t have enough money in your bank account, you might have some cash that would bring your balance high enough to cover your expenses.
Another concern is safety. Carrying a large amount of cash with you can be risky, especially if you are frequently on foot or using public transportation. Depositing cash into your bank account keeps your money safe from theft or loss.
Also, spending money can feel easier when you carry cash; it’s as simple as reaching for your wallet. Keeping the money in your bank account creates a small barrier that could make you less likely to spend and reach your budget or savings goals.
Read more: 6 times you may be charged extra for paying in cash
There are a few ways to deposit cash into a bank account — the methods available to you may depend on your bank. Traditional banks typically have more options for depositing cash than online ones. For example, some online banks don’t accept cash deposits, while others let you deposit cash at ATMs and retail stores.
Read more: How to deposit cash at an online bank
Here are some common methods of depositing cash into a bank account:
If you use a traditional bank, this is one of the most straightforward ways to make your deposit. Large national banks often have a branch nearby, whether you are at home or in another state. Check your bank’s website or app to find the nearest branch.
When you visit the branch, you typically fill out a deposit slip with the amount you are depositing. After completing the form, hand it to a bank teller with your cash. They will then handle depositing it into your account.
Some banks allow you to deposit cash when using an ATM. Once at the ATM, insert your debit card into the appropriate slot and enter your PIN. You will then see a list of options — select the one to make a deposit.
If your bank supports cash deposits at the ATM, you may be able to insert cash directly into the deposit slot. Other banks may require you to use an envelope. After depositing your cash, confirm the deposit and check the receipt to ensure your balance reflects the money you deposited.
Read more: Guide to ATM safety: Tips for protecting yourself and your money
Some banks allow you to deposit cash at retail stores, such as pharmacies and convenience stores. This is common with online banks due to a lack of physical branches.
At retail stores, cash deposits are typically handled by customer service or a cashier. Ask an employee if you aren’t sure who handles cash deposits in the store.
Once you find the right person, let them know you want to deposit cash. You will likely have to hand them your debit card and a photo ID, along with your cash. Keep in mind that when depositing cash at a retail store, there is often a fee of up to around $5.
Read more: How much cash should I have on hand?
Depositing cash into your bank account ensures that your funds are protected and allows you to spend that money with a debit card or check. However, it’s not always the best option, depending on what you plan to do with the money.
Another option is to purchase a money order, usually available at retailers, convenience stores, and post offices. For example, you might get one for the exact amount of cash you have and then use it as a payment later. If you later decide to deposit it into your bank account, you can do so at a branch or via mobile deposit on your bank’s app. Note, however, that money orders come with a fee.
Alternatively, consider putting your funds on a prepaid debit card. This is a type of payment card that you load with money in advance, allowing you to spend only the amount you’ve deposited. You can use it for purchases or withdrawals wherever the card network (such as Visa or Mastercard) is accepted.
When the balance runs out, you can typically reload it with more funds. This may be a good option if you need help with budgeting or avoiding overdraft fees. However, many debit cards come with a host of fees, so be sure to compare your options and choose a low-fee card if you go this route.