How To Deposit Cash at an Online Bank: 5 Ways To Know
Written by
Elizabeth Constantineau, AI Editor
Edited by
Elizabeth Constantineau
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Online banking has grown in popularity and many people enjoy the convenience and benefits of using online banks. However, one common challenge arises: how do you deposit cash when there’s no physical branch?
Read on to learn practical solutions for depositing cash into your online bank account, ensuring that you can fully enjoy the advantages of digital banking, even when dealing with paper currency.
5 Ways To Deposit Cash at Online Bank
For those who frequently handle cash but use an online bank, figuring out how to deposit that money can seem tricky. Here are some effective methods.
Use ATMs That Accept Deposits
Many online banks are affiliated with ATM networks that allow cash deposits. You can deposit cash directly into your account by using these ATMs. However, it’s important to note that not all ATMs have the capability to accept deposits.
To find an ATM where you can deposit cash, check your online bank’s website for a list of ATMs in their network that offer deposit services.
Transfer From a Traditional Bank Account
If you have an existing checking or savings account with a traditional bank, you can deposit your cash into this account and then electronically transfer the funds to your online bank account. While this process is reliable, keep in mind that it may take a few days for the transfer to complete.
This method bridges the gap between traditional and online banking, making it easier to manage cash deposits.
Use a Cash Reload Service
Certain online banks, including those offering savings, checking and even CD accounts, provide the option to deposit cash at retail locations through cash reload services. This can be particularly useful if you’re looking to fund an account you’ve just opened.
When visiting a participating retailer, you can add cash directly to your online bank account. It’s important to note that this service may include a fee, and there could be limits on how much you can deposit in one transaction.
Purchase a Money Order
Purchasing a money order is another way to deposit cash into your online bank account. You can buy a money order with cash from places like post offices or grocery stores. Once you have the money order, you can deposit it into your online bank account using their mobile check deposit feature. Remember that buying a money order usually involves a small fee.
Mobile Check Deposit
Alternatively, if you are to receive money from someone, you can ask them to write a check to you instead of giving cash. You can then deposit this check into your online bank account using the bank’s mobile app.
This method is particularly convenient for depositing funds without needing to handle cash directly.
Final Take
While depositing cash can be one of the more challenging aspects of using an online bank, there are several workable solutions.
Whether it’s utilizing ATMs within your bank’s network, transferring funds from a traditional bank or opting for mobile check deposits, you can find a method that fits your needs. These solutions ensure that you can enjoy the full range of benefits offered by your online bank while also managing your cash effectively.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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