Can I use another bank to deposit money into my bank account? (2024)

Can I use another bank to deposit money into my bank account?

Other Banks

A traditional way of transferring money between banks is by writing a check and depositing it either at a bank branch, online, through a mobile app or by mail. A money order can be used instead, though some bank's websites and/or apps lack the capability to deposit a money order.

A bank transfer lets you move money from one bank account to another. It's usually instant, free and done using mobile or online banking, over the phone or in branch.

Not all ATMs accept cash. Often, banks mainly accept cash deposits at branch ATMs or machines that are part of a more extensive ATM network. If you find a bank that allows out-of-network ATM deposits, keep in mind that the processing time may take longer than at an in-network ATM.

You can make check and cash deposits at virtually any Chase ATM 24 hours a day, 7 days a week. Use our locator to find an ATM or Chase branch.

Wells Fargo: You can only deposit funds into a Wells Fargo checking account at a Wells Fargo ATM. Withdrawals, transfers and balance inquiries work at other ATMs. But a $2.50 fee from Wells Fargo will apply, along with any applicable ATM-owner surcharge.

Wire transfers: If you need to send thousands of dollars quickly, it may make sense to use a wire transfer. These services are not always free, but the funds often reach the recipient much faster, sometimes in as little as a few minutes.

Typical bank transfers take one to five days, but there are some options to transfer money between banks instantly with P2P apps and third-party transfer services.

Can I deposit money into a bank that's not mine?

Deposit cash at the bank

You can put cash into someone else's account by going to a bank where the person holds an account and giving the teller the person's name and account number. However, some banks don't allow you to deposit cash into an account that's not in your name.

During checkout, advise your Walmart cashier you would like to load cash into your checking account. Simply swipe or insert your debit card, hand the cash to your Walmart cashier and the money will be loaded into your checking account.

The report is done simply to help prevent fraud and money laundering. You have nothing to lose sleep over so long as you are not doing anything illegal. Banks are required to report when customers deposit more than $10,000 in cash at once. A Currency Transaction Report must be filled out and sent to the IRS and FinCEN.

Generally, you'll use your debit card and PIN to access your account, then select which account to deposit to. Some ATMs read and count the bills as you insert them, while others require you to enclose cash in an envelope (a bank employee will count the amount later). The ATM should indicate which method you'll use.

Unlike visiting a bank branch, you can deposit a check into any ATM at any time, as long as the ATM accepts checks. Just like when visiting your branch though, you may still have to wait around two business days before having access to all the funds depending on the amount of the check.

You can pay in both notes and coins at a Post Office® counter. Cash deposit limits vary. You should check the cash deposit limit at the Post Office® you intend to use.

If it was cash, most big banks will not accept a cash deposit from a third party because of their liability of potential money laundering. A third party trying to make a deposit in a new account raises suspicions of money laundering.

FAQ: Chase Bank

Many banks have come together to form J.P. Morgan Chase Bank over its 220-year history, including Bank One, Manufacturers Hanover Trust Co., Chemical Bank, The First National Bank of Chicago, National Bank of Detroit and The Bear Stearns Companies Inc., to name a few.

Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.

You can transfer money between your Wells Fargo checking and savings accounts and accounts you may have at other U.S. financial institutions. Simply sign on to Wells Fargo Business Online to access transfers, and click Add Non-Wells Fargo Accounts to get started.

Can I make a deposit at a non Wells Fargo ATM?

It must be a Wells Fargo ATM. No other bank has details about your account(s), nor do they have a way to credit anyone but their own customers.

You can deposit a check of any amount in an ATM. When the money will become available is going to depend on when the bank runs it through the system and releases the funds.

RTGS (Real Time Gross Settlement)

Business owners can use RTGS when they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is the transaction speed, since the entire amount is transferred in real time.

No-verification instant ACH transfers are somewhat limited but possible through various methods: 1. Digital Wallets and Transfer Services: Platforms like Zelle, Venmo, Cash App, and PayPal offer instant ACH transfers within their networks. However, there may be limits on the amount you can send without verification.

Most banks offer same-day domestic wire transfers without issue. There are some stipulations (which we'll cover below). When it comes to international wire transfers, however, same-day just isn't possible—at least, not through the traditional SWIFT network.