How To Deposit Cash Into Your Bank Account
Depositing money into your bank account safeguards the funds and makes them available for you to spend or withdraw when you need it. Deposits are an essential banking task, and there’s more than one way to make them. Keep reading to learn about different ways to deposit cash, your paychecks and other forms of money into your checking or savings account.
How To Deposit Cash at a Bank or Credit Union Branch
Depositing money in person at a bank or credit union branch is the easiest way to add cash to your account. It’s also the most versatile way in terms of the types of payments you can deposit and the number and dollar amount of payments you can deposit at one time.
You usually need to fill out a deposit slip to deposit money at your bank branch. Each bank has its own deposit slip with the bank’s name and perhaps its routing number on it. You can use the preprinted deposit slips the bank or credit union provided when you opened your account, or you can use one of the blank slips typically provided inside the lobby. Filling it out properly ensures that your money is deposited into your account correctly and without delay.
How To Fill Out a Deposit Slip
Fill out your deposit slip with the following information:
Your name: Print your first and last name.
Your address: Print your street address, city, state and ZIP code in the assigned spaces.
Your account number: The account number is usually found in the center section of numbers at the bottom of the checks in your checkbook, or on monthly statements for your checking or savings account. You can also find it when you log in to your online account.
Date of the deposit: Print the date you’re making the deposit.
Amount of the deposit: List the total amount of cash you’re depositing in the space indicated. If you’re also depositing checks, list each one separately, writing the check number and the corresponding check amount.
Cash back: For check deposits from which you’re taking back some cash, write how much cash you want back on the designated line.
Total deposit: Add up the individual deposits and write the amount of the subtotal. Subtract any cash-back amount, and write the amount that remains in the space for the total.
How To Deposit Cash at an ATM
You can make cash or check deposits at any ATM in your bank’s network that accepts them. Count your cash and endorse your checks before you arrive at the ATM. Once there, insert your debit or ATM card and follow the on-screen prompts to make your deposit. These are the steps you’ll likely need to follow to make an ATM deposit:
Insert your debit card and punch in your PIN to access your account. Alternatively, use a mobile wallet for a no-contact ATM transaction.
Select “deposit” from the transaction types available.
Select the account you want to receive the money.
Insert your cash into an envelope if one is provided, and write any information indicated on the envelope. Insert the cash and/or checks into the machine when prompted.
Wait for your receipt. Keep it in a safe place in case there’s a problem with your deposit.
How To Make a Mobile Check Deposit
If you make a mobile check deposit, you don’t need to fill out a deposit slip. For most banks, you’ll just access your bank account with a mobile banking app on your smartphone or tablet.
Here are the steps to do that:
Log in to your account via your bank’s mobile app.
Snap photos of the front and back of your check.
Confirm the dollar amount and other details as requested.
Your mobile deposit is made.
Keep in mind that checks generally must be endorsed before you can deposit them.
Before you try to deposit anything other than a personal, business, cashier’s or government check drawn from a U.S. bank, check to make sure your bank’s mobile deposit feature allows it. Bank of America, Member FDIC, for example, doesn’t allow mobile deposits of traveler’s checks or money orders.
More Ways To Deposit Money Into Your Bank Account
Standard in-branch, ATM and mobile deposits aren’t your only options for depositing money. Here are some alternatives that are available.
Direct Deposit
Direct deposit lets you receive recurring payments, such as paychecks and government benefits, directly to your bank account. You can enroll online to receive government benefits this way. To have your paychecks direct deposited, fill out a direct deposit form provided by your bank or employer.
Account Transfer
If you have more than one account at your bank, you can use mobile or online banking to deposit funds by transferring them from another account.
External Transfer
Some financial institutions let you link accounts held by different banks. Once you’ve connected the accounts by following the bank’s instructions, which you’ll generally find in online banking, you can transfer money between the accounts.
Wire Transfer
If someone wants to send you money from their account at a different bank, or from a service like Western Union or MoneyGram, they can schedule a wire transfer. Although you and they might be charged a fee, wire transfers are secure and can be initiated quickly in most cases. However, you’ll have to share your bank information with the individual sending you money, so don’t agree to a transfer from a business or individual you don’t know well.
Peer-to-Peer Transfer
Money-transfer apps and platforms like Zelle, Venmo and PayPal let you receive money from other people. You can then transfer the payment to your linked bank account if the app doesn’t send it there automatically. Note that transaction amounts might be limited, and depending on the platform, you could incur a fee.
Caitlyn Moorhead and Kim Olson contributed to the reporting for this article.
This article originally appeared on GOBankingRates.com: How To Deposit Cash Into Your Bank Account
