To fund your online bank account, you can deposit cash into a separate bank account that has ATMs or branches and then transfer that money to your online bank electronically.
You can also buy a money order and make it payable to yourself before making a mobile check deposit into your online bank account. (Alternatively, you could write yourself a standard check from a traditional account and deposit it into your online account.)
If your online bank is part of an ATM network, you can deposit cash into your online account via a linked cash machine.
You can also consider getting a reloadable prepaid debit card that you can deposit cash onto and link it to your online bank account.
Got cash? Great. Or not so great if you want to deposit it in an online bank account.
Although cash deposits aren't a strong suit for online banks, great rates and lack of fees may more than make up for it. Depositing cash requires a few extra steps, but it's doable. Here are four ways.
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1. Deposit locally, transfer electronically
Online banks should let you link your account electronically to another account at a traditional bank or credit union. If that linked institution has a local branch, make your cash deposit there. Then, create an electronic transfer, also known as an ACH transfer, to move the money to your online bank.
Many institutions allow free ACH transactions, though they can take up to three business days to complete.
2. Buy a money order
Transform your cash into an easy-to-deposit check by buying a money order at a local retailer or a post office, then make it payable to yourself. If your online bank has an electronic scan feature, you can snap a photo and upload the money order to your account for deposit. If your bank doesn’t have this feature, you can mail it to the bank’s headquarters for deposit.
You might have to pay a small fee for the money order — often less than $2 — for a value of up to $1,000. But you would have a safe alternative to cash, which is one of the main reasons to buy a money order. For amounts larger than $1,000, you may have to spring for a cashier’s check at a bank, which usually costs a few dollars more. Remember, you could also write yourself a standard check from a different account and deposit that into your online bank account.
Make the most of your cash
Track all your spending at a glance to understand your trends and spot opportunities to save money.
To make frequent cash deposits, consider buying a reloadable prepaid debit card and linking it to your online bank account. You can then load cash to the card at certain stores and make an ACH transfer to your online bank.
But there are drawbacks: Many cards charge for deposits at other retailers, and some have extra fees, such as monthly membership charges, that will eat into your balance. Use NerdWallet's guide to compare prepaid debit card options before deciding to get one.
Online banks are optimized for online transactions, so electronic transfers and even mobile check deposits are often a snap. That’s not the case with cash, but there are ways to eventually stash your money into an online account. It may take some effort, but it will be worth it the next time a wad of bills comes your way.
If your online bank is part of an ATM network, you can deposit cash into your online account via a linked cash machine. You can also consider getting a reloadable prepaid debit card that you can deposit cash onto and link it to your online bank account.
While some online banks and credit unions accept cash deposits at select ATM locations, your options may be limited to a small number of machines. For example, the Allpoint Network is one of the most common networks that give credit union members and online banking customers access for withdrawals.
You can also deposit money into a bank through various online fund transfer methods. You can opt for payments systems like RTGS, NEFT, and IMPS to deposit money into a bank account.
Wondering how to deposit cash in bank accounts without hassle? Simply go to your bank branch and fill out a deposit slip with your account number and the amount you are depositing. Hand the slip and your cash to the representative, who will process the transaction and provide you with a receipt for your records.
Can you deposit cash at an ATM that isn't your bank? Most banks don't allow you to deposit cash at an ATM that's out-of-network. The banks that do accept cash deposits through out-of-network ATMs often charge an extra fee — and, typically, require longer processing periods.
Enter the account number you want to deposit money into. The account holder's name will appear on the machine. Click "Enter" if the displayed name is accurate. Click "Continue" after placing the cash in the cash deposit slot.
Customers can deposit checks online using a mobile device. To be eligible for a mobile deposit, you typically must have a checking or savings account with the associated bank.
The safest option is to make the deposit inside a bank branch. If you decide to deposit it at an ATM, make sure the location looks safe, is well lit and not isolated from view. Whenever possible, deposit it during regular business hours, when bank staff are around.
Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.
Access your personal or business bank account at any of our Post Office branches. Pay in cash and cheques, make withdrawals or check your balance. Manage your personal finances and borrowing.
Direct bank deposit. The most basic way to move money into someone else's account is to walk into the bank and tell the teller you'd like to deposit cash. ...
You can deposit paper money into your Cash App balance at participating retailers. Cash App charges a flat-rate $1 processing fee on each paper money deposit. This fee is automatically collected from the funds that you are depositing.
Methods for transferring money from bank to bank include wire transfers, automated clearing house transfers, peer-to-peer payment apps, personal checks and cashier's checks. There may be fees to send money with a wire transfer, cashier's check, digital-payment app or expedited ACH transfer.
Introduction: My name is Nicola Considine CPA, I am a determined, witty, powerful, brainy, open, smiling, proud person who loves writing and wants to share my knowledge and understanding with you.
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