Several ATMs cannot accept cash deposits from different banks.
If you’ve been paid cash for selling unwanted items out of your home or your employer has perhaps given you a monetary bonus, you’ll most likely want to get it deposited into your bank account as quickly as possible to prevent it from being lost or stolen.
One of the fastest and most convenient options for ensuring that your money remains safe is to deposit it at an ATM – especially if you don’t have any branches of your bank located near where you live. While ATM deposits can be a lifesaver in cases like these, it’s important to remember that not all of these machines will offer the same variety of customer services – primarily if it’s not owned by your specific bank.
Deposit with Caution
In cases where an ATM does not belong to the bank that you want to deposit money with, there’s a strong possibility that you won’t be able to perform your transaction there. Your only alternative in a case like this will be to find a physical branch of your bank or an ATM belonging to them.
If you’re fortunate enough to find an ATM that doesn’t belong to your specific bank but will be willing to accept a cash deposit from a non-regular customer, chances are that you’ll be charged a hefty fee for this service. Non-network banks will often charge a set fee and a percentage of the amount of money being deposited as a ‘convenience fee for using their equipment and network to perform your transaction.
Long Waiting Periods May Apply
If you have been able to perform a cash deposit at an ATM that doesn’t form part of your bank’s network, you’ll not only pay hefty deposit fees; there will usually also be quite a long waiting period before you will be allowed to access and use any funds that you’ve deposited into your account.
Most banks will place a hold on your deposit that can be as long as 7 to 10 days in many cases, and this is done to provide enough time for your transaction to be verified. This also helps to ensure that no fraudulent currency has been included in the transaction.
Limitations Could Apply
Another aspect to consider when attempting to perform a cash deposit at an ATM that doesn’t belong to your bank is the amount of cash you’ll be allowed to deposit in a single transaction. Some ATMs may be limited with the number of actual bills that can be deposited in one transaction, while others may stipulate that a maximum overall amount can be processed at a time.
Before depositing cash at an ATM that doesn’t belong to your bank’s network, it’s a good idea to ensure that you read any instruction lists that may have been placed next to the unit. This will give you an idea of what will be required when making a cash deposit.
For instance, some banks will provide a physical envelope that you’ll need to put the cash in, along with a printed slip that the ATM will provide. Other ATMs may have a slot that allows you to load the cash without an envelope – these usually have a set limit on the number of bills that can be deposited at a time.
Before performing any transaction at an ATM, you should always inspect the machine for any visible signs that it may have been tampered with or vandalized.