To deposit cash via ATM, the first thing you need to do is ensure that the ATM you’re visiting is capable of taking cash deposits — and that your bank takes deposits through that particular type of ATM.
At some ATMs, cash deposits are made available immediately, while with other ATMs you may experience some lag between the moment you feed the money into the machine and the moment the money shows up in your account balance.
Well, for starters, the length of time a deposit may be held can be problematic for some customers if they need access to the funds as soon as possible. And the automated reader on some ATMs may refuse to accept legitimate bills, at least on the first try, which can be frustrating.
If you’re using an in-network ATM that’s directly linked to your bank, you’re unlikely to encounter any fees. But if you’re using an out-of-network ATM, there are a couple of fees you might need to be on the lookout for.
Making ATM cash deposits is sometimes the best way to get that money into an account where it can be more readily used to pay bills — or transferred to a savings or investment account, where it may earn more interest.