Most online banks let you deposit cash, but not directly into the account

You cannot walk into a branch and hand cash to a teller at an online bank, because online banks do not have physical branches. But nearly all of them have found a way to let you deposit cash anyway — they just do not do it themselves. Instead, they partner with other banks or networks so you can deposit cash at an ATM or retail location, and the money moves into your online account within one to three business days.

The method depends on which online bank you use. Some let you deposit at any ATM in a shared network. Others let you deposit at retail stores like Walmart or CVS. A few do both. The catch is that not every online bank offers cash deposits at all, so you need to check your specific bank's policy before you open an account if cash deposits matter to you.

Key Takeaways

  • Online banks deposit cash through ATM networks or retail partners, not through their own branches, and the money typically arrives in one to three business days.
  • Some online banks charge a fee for cash deposits while others do not, so compare banks if you plan to deposit cash regularly.
  • A few online banks do not accept cash deposits at all, so confirm your bank's policy before opening an account.
  • You will need your debit card or account number to complete a cash deposit at most ATMs and retail locations.
  • Mobile check deposit and transfers from other banks remain faster ways to move money into an online account if you have those options.

Depositing cash at ATMs in shared networks

Many online banks belong to ATM networks that let you deposit cash at thousands of ATMs nationwide. Alliant Credit Union, Charles Schwab Bank, and some others participate in the Allpoint or MoneyPass networks, which means you can walk up to a participating ATM, insert your debit card, select deposit, and feed in cash. The ATM reads your card, credits the deposit to your account, and prints a receipt.

The deposit usually posts within one business day, though some banks take up to three. You will need your debit card to complete the transaction — you cannot deposit using just your account number at most ATMs. Check your bank's website or app to find participating ATMs near you before you need one, because not every ATM in a network accepts deposits, and availability varies by location.

Some banks in these networks charge a fee per deposit — typically $1 to $3 — while others do not. A few waive fees if you maintain a minimum balance or meet other conditions. Read the fee schedule on your bank's website, because the cost adds up if you deposit cash weekly.

Depositing cash at retail locations

Some online banks partner with retail chains so you can deposit cash at customer service desks. Walmart, CVS, and other stores accept cash deposits for certain banks during their operating hours. You walk to the customer service counter, tell them you want to deposit cash, provide your debit card or account number, and hand over the cash. The store issues a receipt and the money posts to your account, usually within one business day.

Not every online bank has retail partnerships, and not every store location participates even if the bank does. Check your bank's website to see which stores accept deposits and whether there is a fee. Some banks charge per deposit; others do not. Hours matter too — you can only deposit during the store's hours, which may not work if you need to deposit cash late at night.

Banks that do not accept cash deposits

A small number of online banks do not offer cash deposits through any method. These banks assume most customers use direct deposit, transfers from other accounts, or mobile check deposit instead. If you rely on cash deposits, these banks are not a fit for you, so confirm the policy before you open an account.

If your online bank does not accept cash deposits, you have a workaround: deposit the cash into a checking account at a traditional bank or credit union that you also use, then transfer the money to your online account. This takes an extra step and an extra account, but it works if you need to deposit cash occasionally.

Timing and what to expect

Cash deposits at ATMs and retail locations are not when ready. Most post within one business day, but some take up to three. Weekend and holiday deposits may take longer — a deposit made on Friday evening might not post until Monday or Tuesday. Check your bank's specific timeline on their website, because it varies.

You will receive a receipt at the ATM or retail counter showing the amount deposited. Keep it until the deposit appears in your account, in case there is a discrepancy. If the deposit does not post within the stated timeframe, contact your bank's customer service with the receipt and the date and time of the deposit.

Fees and limits on cash deposits

Fee structures vary widely. Some online banks charge $1 to $3 per cash deposit, while others charge nothing. A few charge based on the amount deposited — for example, a percentage of deposits over a certain threshold. Read your bank's fee schedule carefully, because these costs are separate from your monthly account fee.

Some banks also set limits on how much cash you can deposit per transaction or per month. These limits are usually high enough that they do not affect most people, but if you deposit large amounts of cash regularly, ask your bank about their limits before you open an account. Banks report large cash deposits to the IRS under federal law, but that is a reporting requirement, not a limit on what you can deposit.

Alternatives if cash deposits are inconvenient

If the nearest ATM or retail partner is far away, consider whether you actually need to deposit cash. Mobile check deposit — taking a photo of a check and uploading it through your bank's app — is faster and works for most online banks. Direct deposit from your employer or another source moves money when ready with no action on your part. Transfers from another bank account you control take one to three business days but cost nothing.

If you receive cash regularly and deposits are a hassle, you might keep a small account at a local bank or credit union just for cash deposits, then transfer the money to your online account. This costs nothing if you use a free checking account, and it may be faster than driving to a retail partner.

Frequently Asked Questions

Do I need my debit card to deposit cash at an ATM?

Most ATMs require your debit card to process a cash deposit. A few accept account numbers instead, but this is rare. Check with your bank about their specific ATM network's requirements before you need to make a deposit.

How long does it take for a cash deposit to show up in my account?

Most cash deposits post within one business day. Some banks take up to three business days. Deposits made on weekends or holidays may take longer. Your bank's website should state their specific timeline.

Can I deposit cash at any ATM, or only certain ones?

Only ATMs in your bank's network accept deposits from your account. Your bank's app or website has a locator tool showing which ATMs near you accept cash deposits. Not every ATM in a network accepts deposits, so check before you go.

What happens if I deposit cash at the wrong ATM?

If you use an ATM outside your bank's network, the transaction will be declined. The ATM will return your card and cash. Use your bank's ATM locator to find a participating machine before you attempt a deposit.

Are there limits on how much cash I can deposit?

Most banks set per-transaction limits of $500 to $2,000 for ATM deposits, though limits vary. Some also set monthly limits. Check your bank's terms to see if limits explore to you. Large cash deposits are reported to the IRS but are not illegal.