Summary

Depositing cash at an online bank can be challenging since these institutions lack physical branches. However, there are still several effective ways to move your cash into your online account. By utilizing linked bank accounts, money orders, ATMs, or prepaid debit cards, you can successfully fund your account while enjoying the benefits of online banking.

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💰 Deposit Locally, Transfer Electronically

One of the simplest methods to deposit cash into your online bank is by using a linked traditional bank or credit union. If this institution has a physical branch, you can deposit your cash there first. Once the money is in that account, you can perform an ACH (Automated Clearing House) transfer to move the funds to your online bank. Many financial institutions provide free ACH transactions, though these transfers can take up to three business days to process.

Takeaways:

• Deposit cash at a linked traditional bank or credit union.

• Use an ACH transfer to move funds to your online account.

• Transfers may take up to three business days.

Key Terms

• ACH Transfer: A type of electronic funds transfer between banks that typically takes a few business days to process.

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📜 Buy a Money Order

If you don't have a linked traditional account, consider purchasing a money order. Available at post offices and retailers, money orders allow you to convert cash into an easy-to-deposit check. Simply make it payable to yourself and deposit it into your online bank via mobile check deposit, if available. If your bank does not support this feature, you can mail the money order to the bank’s headquarters. Money orders typically cost less than $2 for amounts up to $1,000. For larger sums, a cashier’s check may be required.

Takeaways:

• Purchase a money order at a post office or retailer.

• Make the money order payable to yourself.

• Deposit using mobile check deposit or mail the money order to your bank.

Key Terms

• Money Order: A prepaid form of payment that acts like a check and is widely accepted.

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🏧 Deposit Cash in a Linked ATM

Some online banks partner with ATM networks like Allpoint and MoneyPass, which may allow cash deposits. If your bank supports this option, you can locate a nearby ATM that accepts cash deposits and directly fund your account. Not all ATMs in these networks offer this feature, so check with your bank before attempting a deposit.

Takeaways:

• Some online banks support cash deposits via select ATMs.

• Check if your bank is part of a network like Allpoint or MoneyPass.

• Not all ATMs in these networks accept cash deposits.

Key Terms

• ATM Network: A group of ATMs that partner with banks to offer fee-free or additional services.

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💳 Load Cash on a Reloadable Prepaid Debit Card

Another option is to use a reloadable prepaid debit card, which you can fund with cash at participating retailers. Once the funds are on the card, you can link it to your online bank account and transfer the money electronically. However, some prepaid cards come with fees for reloading, monthly maintenance, or transfers, so carefully compare your options before choosing this method.

Takeaways:

• Buy a reloadable prepaid debit card.

• Load cash onto the card at participating retailers.

• Link the card to your online bank and transfer funds.

• Be aware of potential fees for reloading and transactions.

Key Terms

• Prepaid Debit Card: A card that can be loaded with funds and used for transactions or bank transfers.

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Conclusion

While online banks don’t make cash deposits easy, there are multiple workarounds. Whether you use a linked bank, money order, ATM, or prepaid card, you can successfully deposit your cash with a little extra effort. Understanding the available methods and their potential fees can help you choose the best option for your needs.