Online-only banks are becoming increasingly popular these days due to their convenience and flexibility. They essentially have everything a traditional bank does, except a physical location. However, sometimes it can be a hassle to deposit cash into your online bank account.
If you are thinking about making a switch to an online bank, make sure you’re aware of all the ways to deposit cash into an online bank account. Keep reading to learn more about depositing cash into an online bank account!
Depositing Cash into Online Banks
Checks can be easily deposited to an online bank but when it comes to cash deposits, it can be a little more difficult. If you are having difficulties trying to deposit cash into your online bank account, here are four ways you can do it.
Use a Linked ATM
There are some online banks that participate in ATM networks. If your online bank is one of them, check out the bank’s website to find the closest ATM.
Once you’ve found an ATM, take your cash to the ATM, fill out a deposit slip with your account information, and put the money into the deposit envelope. Then use your ATM card to make your deposit.
You’ll receive a receipt when you deposit cash into an ATM. Make sure you keep the receipt until your money shows up in your account.
Use a Prepaid Debit Card
Another way to deposit cash into your online bank account is by using a prepaid debit card. If your bank isn’t part of an ATM network, this is a way to get around that.
Prepaid debit cards let you load money onto them in different ways. One of these ways is by visiting participating retailers to make cash deposits. Once the money is on your debit card, you could transfer the money from the prepaid debit card to your linked online bank account.
However, the downside of prepaid debit cards is that many charge you fees for getting the card, depositing cash, or withdrawing funds. But if you keep looking, there are some cards that allow you to avoid paying fees.
Make a Local Deposit and Transfer Money
If you still have a local bank account, another way you can make a deposit is at your branch and transfer the money over. However, some banks charge you a fee to move money from one financial institution to another.
This method somewhat contradicts the purpose of opening an online bank account since you’d still be stuck with a local bank and all its associated fees.
If you have a family member or close friend with a local bank account, you could ask them to make a local deposit for you. You could give them cash to deposit into their account and ask them to send the money to you using a service like Zelle or Venmo. These money transfer services are free and can be linked to your online bank.
Buy a Money Order
If none of the above methods appeal to you, the last option for depositing cash into an online bank account is to buy a money order. These can be purchased from the post office or retail stores, however, there is a small fee for buying a money order. Once you’ve purchased the money order, you can mail it to the address that your online bank provides for deposits.
Unfortunately, this method costs a little bit of money and can take time to wait for the mailed money order to arrive at your bank and for the deposit to be processed. Despite this, this can be a good approach if you only need to make cash deposits occasionally.
Author’s Verdict
All in all, depositing cash into an online bank account can be more of a hassle compared to a traditional bank, but online banks also offer many advantages. Before making a switch, I recommend you research all the pros and cons of online banks. If you do decide to switch to an online bank, be sure to come back to this post to learn about all the ways to deposit cash into an online bank account.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
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