Best Online Bank to Take Cash Deposits

In many cases, using online-only banks means you get higher rates and have fewer fees than brick banks. However, the potential drawback of not being able to access the bank branch is that it is more difficult to deposit cash into your account. In fact, some online banks do not allow cash deposits.

Workers who get tips such as bartenders, servers, hairstylists and more may need to deposit cash frequently. Many business owners who are paid in cash also generally need to go to the bank.

Fortunately, some online banks have alternative channels for adding cash to their accounts.

The best online bank for cash deposits

To avoid a shortage of physical branches while reaping the benefits of online banking, let’s take a look at some online banks and credit unions that allow you to deposit cash into your account at locations such as ATMs and stores.

Alliant Credit Union

Alliant Credit Union members have access to over 80,000 non-additional ATMs, some of which allow cash deposits. Credit Union’s ATM Search Web page specifically allows you to search for ATMs that accept deposits.

Axos Bank

Axos Bank customers can deposit cash at participating ATM locations nationwide. The bank also partners with Greendot Network to allow customers to deposit cash into their accounts at a variety of retailers across the country, including 7-Eleven, CVS, Dollar General, Walgreens, Walmart, Kroger, Ritual Aid, Safeway, Ace Cash Express, and more.

To create a deposit at any of these stores, stop by the register and ask the cashier to add money to your Axos debit card. You can add between $20 and $500 at any of these locations. You can add it at Walmart and ACE Cash Express locations.

Axos does not charge cash deposit fees, but participating stores may charge a service fee of up to $4.95.

Capital 1

Capital One maintains branches in nine states, but many of its bank customers live elsewhere and access their accounts only online. Cash deposits can be created at branches, Capital One Cafés, any Capital 1-owned ATMs, and selected Allpoint locations. Capital One provides customers with free access to ATMs on the AllPoint and MoneyPass network, but bank customers cannot deposit cash at MoneyPass locations.

Cash can also be added to 360 checking accounts at CVS and Walgreens/Duane Reade locations.

chime

Chime is a neobank that does not operate a branch, but customers can deposit cash in their store’s current account by handing their money and debit cards to the cashier. Participating retailers include 7-Eleven, CVS, Walgreens and Walmart. There is no charge for depositing cash with Walgreens, but other stores may charge a fee for this service.

Chime customers are unable to deposit cash into their accounts at ATMs.

the current

Like Chime, Neobank Current customers can deposit cash at various stores across the country, including participating 7-Eleven, resumes, general dollars, and family dollar locations. To deposit funds, the customer gives the cashier the money and lets the barcode scan it in the current mobile app. The money will then be available instantly on your account.

Discover

Discover Bank offers popular cashback checking accounts. To deposit cash in your account, customers can bring their debit cards and cash to Walmart and ask the cashier to add them to their account. According to discovery sites, transactions are usually posted within 10 minutes.

Lendclub

Online only bank LendingClub customers can deposit cash in their accounts with NYCE shared deposit ATMs and MoneyPass deposits from the ATMs.

Pentagon Federal Credit Union

The Pentagon Federal Credit Union maintains nearly 40 branches across 12 states and Washington, DC, but those living elsewhere still have accounts open and are fully accessible online. Credit union members have free access to more than 85,000 ATMs in the US. Some of them accept cash deposits.

Sophie

SOFI is a personal finance company and online bank with products that include checks and savings accounts. Like Axos Bank, SOFI allows customers to deposit cash in retailers that offer green dot services. These include Ace Cash Express, CVS, Walgreens, Walmart, and 7-Eleven.

USAA

USAA Federal Savings Bank customers can deposit cash in bank-owned ATMs. You can find ATMs to take cash and checks on the bank’s ATM locator page.

Varo Bank

Varo Bank customers cannot deposit cash using ATMs, but they can do so at cash registers at participating Green Dot locations, such as Walmart, Walgreens, 7-Eleven, Albertsons, Safeway, and Kroger Stores. Money is usually added to your account balance within 10 minutes, but in some locations it may take up to an hour. Stores may charge a fee of up to $4.95 for services.

How to deposit cash with an online bank

• Deposit cash at the ATM: Online banks may allow cash deposits at some or all of the ATMs. Some banks’ ATM locator webpages allow customers to check boxes, so only ATMs that accept cash are listed. It is also important to find out whether the bank imposes a limit on the amount of cash, or whether it imposes a number of dollar invoices.
• Deposit cash with the retailer: Various online banks are partnered with Greendot Network, allowing you to deposit cash into your bank account at participating stores such as 7-Eleven, CVS, Dollar General, Walgreens, and Walmart. To do so, hand the cashier the money. You will also need to show your debit card to the cashier or have the barcode scanned on your bank’s mobile app. (The process may vary depending on the rules of each bank.)
• Use a prepaid debit card: Some online banks allow you to transfer funds from your prepaid debit card to your account. You can load cash into the participating retailer’s prepaid card and then use the bank’s app or website to move the money into your online account. Be sure to check the fees or restrictions associated with the funds load and transfer.
• Please check if you would like to purchase mail order. If direct cash deposits are not available, you can purchase Money Order or Cashier CAS checks at places such as post offices, grocery stores, or convenience stores. Next, use the online bank’s mobile app to take and deposit your mail order or check photos. Pay attention to deposit limits and processing times.

Is there a fee to deposit cash at an online bank?

Most banks do not charge customers the fees to deposit cash into their accounts at their bank’s ATMs. Some banks also allow account holders to deposit cash at out-of-network ATMs, but they may charge customers the fees for these transactions. (In addition, owners of out-of-network ATMs may charge fees for such transactions.)

Deposits deposited in retailer bank accounts via the Green Dot network may cost up to $4.95 per transaction.

Conclusion

The advantages of online banking include higher rates of return and lower fees than brick banks’ profits. For those who prefer online banks and plan to make frequent cash deposits, you can pay for bank purchases where you can put cash in your account at ATMS or retailers.