If you have an account at a banking institution, there are many different ways that you can deposit funds. Most banks still have tellers who will help you deposit or withdraw funds. You can also have your money directly deposited by an employer, and one of the easiest ways to deposit funds is by using an ATM.
Banking With An ATM
With ATMs being cheap to operate and service, many banks will aggressively promote you to utilize them. All that ATMs require is an adequate supply of cash, deposit envelopes and power. These machines don’t have too many restrictions. The main constraint has to do with the amount of funds that you can withdraw. These limits are usually set at a maximum of $300-$500. This is done to prevent customers who require large amounts of money from quickly depleting the machines.
Most ATMs will rarely need a visit by an authorized bank representative. Once cash has been loaded, they sit idle until someone needs to withdraw or deposit some cash. Some ATMs will be stocked with higher amounts of funds on weekends so that customers can make a withdrawal if it is needed.
Deposit Limits For An ATM
Most banking institutions don’t have any type of deposit limits on their ATMs. Banks encourage the use of these machines as it doesn’t require them to pay someone a wage. Yet, a transaction can still be completed. ATM machines are designed to accept deposits and checks for just about any amount. When you deposit a check, you should make sure that it is endorsed, and if needed, use an appropriate deposit envelope for the transaction.
Preventing Forgery
The bank wants to make sure that no nefarious activity is conducted with their institution. If you do have a large check to cash, a large majority of the funds may be held before you are allowed to use them. This time period usually ends after one business day. A bank employee who handles bank security has to examine the check to make sure that it is authentic.
In some cases, the deposit you make will have funds held for longer periods of time. This will occur if you use a third-party ATM that isn’t directly affiliated with your banking institution. To remedy this, only use ATMs that clearly indicate a direct association with your bank. When an ATM is used for deposit, the machine must be checked at least once per day so that deposited checks can be removed and returned to the organization that issued them.
ATMs With Deposit Limits
If an ATM does have a limit on deposits, they are typically quite large. These type of limits will exist to deter customers from making large cash deposits to a machine that is already full of money. Yet, there are a few ATM machines that will impose customer specific limits on deposits. In this type of situation, you might be restricted if you made a large deposit and quickly tried to withdraw those funds.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!