Can You Deposit Cash at an ATM?
ATMs are handy little devices. They give out money at your convenience, but can you deposit cash at an ATM?
Of course, you can! Stick with us as we go through a step-by-step list to help you out!
Let’s get right into it!
Can you Deposit Cash at an ATM?
It generally depends on the bank. Some banks allow you to deposit cash at an ATM, while others do not. If your bank does not allow you to deposit cash at an ATM, you can always go to a nearby branch and deposit the cash there.
However, most banks nowadays have a “deposit” option on their ATMs, which allows you to deposit cash directly into your account, with some banks allowing you to insert the cash directly, whereas other require the cash to be placed in an envelope.
The bigger issue today is the limit of the minimum or maximum limit of bills you can deposit. For example, some banks may only an ATM deposit up to a certain amount of cash each day, while others may not have any limits at all. It’s important to check with your bank to see what their policies are.
Can you Deposit a Cheque at an ATM?
Yes, most banks offer advanced ATM machines that allow you to deposit cheques as well.
You may deposit a certain pre-set number of bills and cheques at a time, which is convenient because you don’t have to do it one by one or fill out a deposit slip. The cash machine will urge you to insert the stack of notes and cheques you want to deposit into the appropriate slot.
What About Fees?
When it comes to ATM depositing fees, they may vary. For example, your bank may charge you a fee for using an ATM that is not owned by them. They may also charge you a fee for depositing cash into your account. So, it’s important to check with your bank to see what their policies are.
Read More: How to Transfer Money Between Banks
How to Deposit Money at an ATM?
To effectively deposit cash in an ATM, just follow these simple steps:
- Locate an ATM and access your account by entering your card and verifying your account with your PIN code.
- Once you’ve accessed your account, choose the “Deposit” action.
- Choose or type the amount of money you’re depositing.
- The deposit slot should be opening by now and you can insert your bills.
- Wait for the ATM to process the action. Once processed, the ATM should inform you about the amount that it managed to count.
- If the amount is correct, confirm the action and ask for a confirmation receipt.
- Keep the receipt in case of any technical issues, you need to be able to prove to the bank that you did in fact deposit cash at an ATM.
There you have it, you’ve just deposited money to your account using an ATM.
ATM Cash Deposit Limit
So, how much cash can I deposit at once?
The ATM deposit limits at Canadian banks vary by far, so let’s take a closer look at some of them.
| RBC | $500,000 |
| BMO | $25,000 |
| CIBC | $250,000 (cheque) |
| Capital One | No daily limit, $5 million total |
| Scotiabank | $500,000.00 (cheque) |
| TD | 30 cheques or 50 bills (no limit in terms of amount) |
It’s important to check with your bank to see what their policies are before you leave your house with a bunch of cash, hoping to deposit it all at an ATM.
Wrapping up
That’s all folks! Depositing cash in an ATM is no rocket science and you can easily get it done in a few steps.
Just remember to review your bank’s policy regarding ATM deposits and you’re good to go!
FAQ
Deposit limits usually vary from bank to bank so make sure to review your bank’s policy to inform yourself about the exact depositing limits.
Unfortunately, ATMs do not accept coins in general. If you’re keen on depositing coins, you’ll need to visit the banks and execute your deposit with the help of a teller.
Most banks will allow it but note that you may be subject to higher depositing fees. It’s best to locate one of your own bank’s ATMs.
Yes, most banks’ ATMs offer depositing services. Just locate the “Deposit” action on the machine and follow the instructions provided by the ATM.
ABOUT AUTHOR
When Angela combined her deep-seated love for linguistics with her growing interest for finance and money management, she struck a gold mine. She’s scoured the internet far and wide for all things related to money and finances, including payments, budgeting and investing. Now she’s eager to share her knowledge and skills with the world, determined to make it a better place. In her free time, she loves to read a good book.
