Online banks are well-known for high-yield bank accounts and low bank fees. But for easily depositing cash? Not so much.
If you’re looking for an online bank or credit union that allows you to deposit cash directly into your account, we compiled a list of institutions you may want to consider exploring. We’ll walk you through the steps of depositing cash, and go over tips on how to choose an online financial institution.
Here’s a list of banks and credit unions featured in our best guides that allow you to deposit cash at in-network ATMs.
When choosing an online financial institution, you may want to review how you can deposit money into a bank account.
Some online banks and credit unions won’t allow you to deposit cash directly into your account. Instead, you’ll have to deposit cash in a roundabout way. You’ll deposit cash into an external bank account. Then, you’ll initiate a transfer from your external bank account to your online bank account.
The online financial institutions included in our list offer more direct ways to deposit cash. You may deposit cash at select ATMs or stores. Here are quick step-by-step guides on how to deposit cash at these locations.
First, visit your bank’s website to confirm which ATM accepts cash deposits. Some financial institutions offer a limited number of ATMs with this feature, so you’ll have to use your bank’s location search tool to find a nearby ATM you can use.
Once you’ve arrived at the ATM location, insert your debit card to initiate access to your bank account. After putting in your PIN, you’ll be asked which type of transaction you’d like to perform. You’ll select the option Deposit, and insert cash into the ATM. The ATM will ask you to verify the amount of cash deposited, and you’ll complete the transaction.
Financial institutions will provide a list of retailer locations you may visit to deposit money.
You’ll go up to the cashier at an eligible store and ask them to load cash onto your online bank’s debit card. The cashier will process the transaction by swiping your card, and you’ll have money deposited into your bank account through your bank’s debit card.
If you bank with Capital One, you can also ask the cashier at CVS/Pharmacy to help you add cash to your bank account. You’ll log into your bank’s mobile app and use the “Add Cash in Store” feature to process the transaction.
Quick tip: You may be asked to pay a fee of up to $4.95 per transaction if you’re visiting a Green Dot location.
Alvin Carlos, CFA, CFP®, financial planner and managing director of District Capital Management, shares that he’s had clients who are hesitant to deposit money into an online bank because they don’t trust banks.
“It’s fair. It’s fear of the unknown. They haven’t done that before. They don’t know anyone who’s used that thing. The myth is online banks are not safe, or through online banks, you won’t be able to have access to money,” says Carlos.
If you’re unsure whether a bank is safe, Carlos suggests checking if the bank is FDIC insured.
“If they are a legit bank, then it’s most likely FDIC insured,” says Carlos. “If they really want to be diligent, you can actually go to the FDIC website and look up the bank.”
Carlos also advises people to see if there are limits on how much money you can transfer out of an online bank or how much you can withdraw from an ATM per day. This may be helpful insight if you frequently make transactions or expect to make big purchases.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.