Depositing money into your bank account can be tedious, especially if you don’t have an internet banking facility. How to deposit cash into a bank account? There are ways, however, that you can deposit money quickly and easily. Here are four such methods:
Online Bank Transfers
Online bank transfers are a fast and convenient way to deposit money into your account. With this method, you can send money directly from your own bank account using any of the following methods:
- Automated Clearing House (ACH). ACH is a system that allows businesses and individuals to make electronic payments between banks without paper checks. ACH transfers are typically processed within 1-2 business days but may take up to 5 business days, depending on how your financial institution processes them.
- Wire transfer or wire transfer request (WTR). Wires allow you to send funds across international borders quickly and easily using multiple currencies; however, they incur additional fees compared with ACH transfers if both are available at your financial institution. “The good news is that wire transfers are fast, as money arrives pretty much immediately,” as professionals like SoFi suggest.
Through cash deposit machines
Cash deposit machines are also known as cash deposit points. They are used to deposit money into your account quickly. There is a certain limit to deposit in the machine.
You don’t need to provide any ID or documentation when depositing money through these machines, but you must have your phone with an internet connection to confirm the transaction.
Using check & drafts
- A paper-based payment method.
- Meaning they can be used to make money transfers.
- Payments or purchases.
Checks are used by millions of people in the UK every day. The British are known for having an appreciation for good manners, which extends to how they pay bills and settle debts with others. Check is often considered one of the most convenient ways of paying bills because you can keep them in your wallet or purse until you need to make a payment.
The main advantage of a check is that you don’t need any special equipment; all you have to do is sign them with a pen and then post them off at your local post office or bank branch. You’ll find that many stores will accept checks as payment (even if it’s only for small amounts), but there may be restrictions on how much cashback can be paid out using this method compared with other forms such as debit cards or credit cards.
Cash deposits through branches
You can deposit cash at any of the branches. The process is quick and secure, with no extra fees beyond the standard fees for the service. The ATMs are also a great place to deposit money, but if you’re planning on using one, be sure to check the ATM’s website for details about any surcharges or other fees that may be associated with the transaction.
There you have it—four ways to deposit money in your account. There’s no reason not to deposit funds quickly and easily when so many options are available!