Can you deposit cash at an ATM?

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What happens when you want to deposit cash without visiting a bank branch? For many, the answer is ATM cash deposits. ATMs allow bank customers to make a cash deposit any time of day — and often, in many different locations. 

This service has become increasingly popular in recent years. The number of people using bank tellers for cash deposits decreased from 24.8% to 14.9% between 2017 and 2021.

Depositing cash is important for financial management. It's a valuable way to build up an emergency fund that you can use during unexpected times. It's also good for saving up for specific goals, such as a new car or a house down payment.

When you're able to deposit cash in an ATM, you can safely store your money without driving to a certain location or waiting for the bank to open.

Can you deposit cash at an ATM?

Yes, most traditional banks allow you to deposit cash in an ATM. One exception is online banks, which may not allow ATM cash deposit access. It's important to know the differences between traditional and online banks around ATM cash deposits. 

How to deposit cash at an ATM

The deposit process itself is very simple, according to David Pommerehn, general counsel and head of regulatory affairs at the Consumer Bankers Association.

"You put the money into the ATM, and it counts it," says Pommerehn. "Then, it gives you a slip back and deposits it in your account. Sometimes, you don't need a deposit slip — just your ATM card, PIN, and the amount you're depositing into the ATM."

Luckily, many banks offer cash deposits at universal ATMs networks. Two popular networks are:

• Locate an ATM that accepts cash deposits. Your bank's website should have an ATM locator page. You can also search for an Allpoint+ ATM.
• Prepare cash for deposit. Double-check the amount and make sure the bills aren't sticking together. You'll want to ensure the bills are clean enough to read by the machine.
• Insert your debit card. At the ATM, insert your card into the ATM, then sign into your account with your PIN.
• Select the cash deposit option. The machine will likely ask you how much you're depositing and ask you to confirm the account you want it to go into.
• Insert the cash into the designated slot. For most modern machines, this means putting the bills into the deposit slot. However, if you're using an older machine, you may need to bundle them in a provided envelope.
• Confirm the deposit amount. Make sure the machine counted your money correctly and that you haven't added an extra zero to the total. Then, confirm the transaction.
• Get a receipt for your records. Once the transaction is complete, a receipt is the only proof of your deposit. Always keep it handy just in case there's an issue.

ATM networks for cash deposits 

Not all ATMs are set up for cash deposits, and many banks require you to use an in-network or bank-specific ATM. For example, Chase is one bank that requires you to perform all cash deposits at a Chase ATM.

Luckily, many banks are part of ATM networks that offer widespread access to cash deposit-enabled ATMs. Two popular networks are:

• Allpoint: Allpoint network has over 55,000 locations nationwide that allow you to deposit cash. Allpoint+ ATMs are typically in Walgreens, CVS, and other retail stores.
• MoneyPass: This network has 40,000 ATMs that allow cash deposits.

Some banks allow you to make deposits at out-of-network ATMs, but you'll likely pay a fee.

Advantages of depositing cash in an ATM 

Despite these limitations, ATM cash deposits are still an important tool for people who might not have regular access to a bank. 

"ATMs are widely available, allowing you to deposit cash outside of traditional banking hours and locations," says Alyson Basso, a certified financial planner and chartered financial consultant. "Additionally, ATM deposits are typically processed quickly, making all or a portion of the funds available for use in your account immediately."

Pommerehn agrees about the convenience of depositing cash at ATMs.

"It gives consumers access in areas that may not have convenient access to a bank branch," Pommerehn says. "For some banks, consumers can deposit cash at a deposit-taking ATM located in a grocery store or a parking lot — areas that are more convenient for them."

Another big benefit of ATM cash deposits is the reduced risk of carrying large amounts of cash. There's less chance of you losing it or having it stolen.

Because cash ATM deposits are mostly automated, they also integrate well with mobile banking apps. If you're using your bank's app, you should be able to see that your cash was deposited just a few minutes after the transaction.

Limitations of ATM cash deposits

While ATM cash deposits offer many benefits, there are some risks and limitations. 

Safety and security 

While depositing cash at an ATM is generally safe, it is important to take precautions to protect yourself and your money.

"ATMs can be subject to folks that would like to commit crimes, whether that's taking money from you or hacking ATMs," says Pommerehn. This can be especially true if the ATM is in a secluded or poorly lit area.

Use ATMs in well-lit, populated areas to protect yourself when depositing cash. Bank lobbies or ATMs inside buildings are often safer than standalone outdoor ATMs.

Always shield the keypad when entering your PIN. Be wary of any devices that look out of place on the ATM, as they could be skimmers designed to steal your card information. If you're depositing a large amount, count it before you arrive and double-check the amount on the ATM screen.

Processing time 

Once you've deposited your money, it should be available in your account that same day or the next, depending on the bank's policies. For example:

• Wells Fargo processes cash deposits the same day if they're made by 9 p.m. Deposits made after that will be available the next business day.
• U.S. Bank instantly credits cash deposits to your account, regardless of time or day.

For large deposits or in certain circumstances, banks might place a hold on some or all of the deposited funds. Bank of America, for example, can hold your deposit for up to seven business days in some cases.

That’s why it’s always important to take and keep the receipt from your transaction. If you notice an error, contact your bank's customer service immediately. Many banks have 24/7 hotlines for such issues.

Deposit limits 

Many ATMs have a limit on the number of bills you can deposit in a single transaction. For example, U.S. Bank limits deposits to 50 bills at a time, effectively capping single deposits at $5,000 if you’re using $100 bills.

Some banks impose daily limits on ATM deposits. These can vary widely between banks and account types.

If you need to deposit a large amount of cash, you might need to make multiple transactions or visit a branch instead.

Fees 

Using ATMs owned by your bank or within your bank's network is typically free. Using ATMs outside your bank's network often incurs fees. 

Fees vary depending on your bank's policies and the specific ATM you use, but the average out-of-network ATM fee is $4.73. If you make a lot of cash deposits, this can quickly add up.

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Alternatives to ATM cash deposit 

While ATM cash deposits are convenient, they're not the only option for adding money to your account. 

Pommerehn thinks the next best alternative to depositing cash in an ATM is going to a bank branch in person. With this method, you can feel confident that your cash will be deposited into your account. However, it can be inconvenient, especially if you don't have time in your day to make a special trip to the bank.

If all else fails and you need cash in a specific account, you can transfer funds electronically from another account. This only works if you have multiple accounts, though.

"ATM cash deposits offer convenience and accessibility for many consumers, but it's essential to weigh the pros and cons and consider alternatives based on your individual needs and preferences," Brasso says.

Frequently asked questions about ATM cash deposits

The bottom line

Not only can you deposit cash at an ATM, but it's one of the most convenient ways to get cash into your account without visiting a bank.

If you handle cash frequently, ATM deposits can reduce the hassle of visiting the bank regularly. But if you hardly ever have cash, it might be easier to go to the bank when you need to make a rare deposit.

"Everybody is a suitable candidate for depositing cash in an ATM if it's convenient for them and they feel secure doing it," Pommerehn says. "It's a safe and sound way to deposit your cash." 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.