How to deposit money into a bank account
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Putting money into your bank account protects the funds and makes them available for you to spend or withdraw when you need them. Deposits are an essential banking task and there are several ways to make them. Read on to learn more about the different ways you can deposit your paychecks, cash, and other forms of money into your checking or savings account.
How to deposit money in a bank or branch of a credit union
The easiest way to add money to your account is to deposit money in person at a bank or branch of a credit union. It is also the most versatile way when it comes to the types of payments you can deposit and the number and 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 name of the bank and possibly its routing number on it. You can use the pre-printed deposit slips provided by the bank or credit union when you opened your account, or you can use one of the blank slips usually provided inside the lobby. Completing it correctly ensures that your money is deposited into your account correctly and without delay.
How to complete a deposit slip
- Your name: Enter your first name, middle initial and last name on this line.
- Your address: Print your address, city, state and zip code in the spaces provided.
- Your account number: The account number is usually found in the center numbers section at the bottom of your checkbook checks or on your monthly checking or savings account statements. You can also find it when you log into your online account.
- Date of deposit: Print the date you make the deposit.
- Amount of the deposit: On what will usually be the right side of the deposit slip, you will see multiple lines with designated single space boxes intended to contain a single number. Fill in the total amount of money you are depositing in the space provided and list each check separately, writing the check number on the line and the corresponding check amount in the box.
- Cash back: For check deposits that you are withdrawing money from, write the amount you want to collect on the designated line.
- Total deposit: Add up the individual deposits and write the amount in the subtotal box. Subtract any cash back amount and write the remaining amount in the “total” space.
Keep in mind that checks usually need to be endorsed before they can be deposited.
How to deposit money at an ATM
You can make cash or check deposits at any ATM that accepts them, even if the ATM is outside your bank’s network. However, expect a delay if you don’t use your own bank’s ATM.
Count your cash and endorse your checks before arriving at the ATM. Once there, insert your debit or ATM card and follow the on-screen instructions to make your deposit. Here are the steps you will likely need to take to make an ATM deposit:
- Insert your debit card and enter your PIN code to access your account. You can also use a mobile wallet for a contactless ATM transaction.
- Select “deposit” from the types of transactions available.
- Select the account where you want to receive the money.
- Place your money in an envelope if there is one and write any information that is listed on the envelope. Insert cash and / or checks into the machine when prompted.
- Wait for your receipt. Keep it in a safe place in case there is a problem with your deposit.
Good to know
Note that some banks have restrictions on ATM deposits. Wells Fargo, for example, does not allow checks or foreign currency deposits and limits deposits to 30 checks or bills.
How to make a mobile check deposit
If you are making a mobile check deposit, you do not need to complete a deposit slip. For most banks, you will simply access your online banking account with a mobile banking app on your smartphone.
Here are the steps to do it:
- Sign into your account.
- Take a photo of your check.
- Confirm the dollar amount and other details requested.
- Your mobile deposit is complete.
Before trying to deposit anything other than a personal, business, bank, or government check drawn on a U.S. bank, make sure your bank’s mobile deposit feature allows it. Bank of America, for example, does not allow mobile deposits of travelers’ checks or money orders.
More ways to deposit money into your bank account
Standard deposits at branches, at ATMs and on mobile are not your only options for depositing money. Here are others:
- Direct deposit: Direct deposit allows you to receive recurring payments, such as paychecks and government benefits, directly to your bank account. You can register online to receive government benefits This way. To have your paychecks deposited directly, complete a direct deposit form provided by your bank or employer.
- Account transfer: If you have multiple accounts at your bank, you can use mobile or online banking to deposit funds by transferring them from another account.
- External transfer: Some financial institutions allow you to link accounts held by different banks. Once you’ve connected the accounts by following the bank’s instructions, which you’ll usually find in online banking, you can transfer money between the accounts.
- Bank transfer: If someone wants to send you money from their account at another bank or from a service like Western Union or MoneyGram, they can schedule a wire transfer. Although you and they may be charged, wire transfers are secure and can be initiated quickly in most cases. However, you will need to share your banking information with the person sending you the money, so don’t accept a transfer from a company or someone you don’t know well.
- Peer-to-peer transfer: Money transfer apps and platforms like Zelle, Venmo, and PayPal allow you to receive money from other people. You can then transfer the payment to your linked bank account if the app doesn’t automatically send it there. Note that transaction amounts may be limited and you may be charged fees.
When will your deposited funds be available?
Your bank has an availability of funds policy that determines how long you will have to wait before accessing your non-cash deposits. Many banks allow you to immediately take a fixed amount of money, for example $ 100. The rest is then available to you on the designated day.
Kim Olson contributed to the writing of this article.
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