Unlike Zelle and some other digital payment networks that move money in minutes, this kind of bank-to-bank transfer can take a few days. Similar to ACH transfers, wire transfers allow you to send money to an external bank account. Unlike other options, though, wire transfers are ideal for larger amounts of money since they don’t have the same limits. They’re also fast; money is usually received in one business day or less. When banks and credit unions refer to deposits, they are talking about the money in your accounts, which they’re holding for you for safekeeping. It can also refer to other valuables they hold for you, such as jewelry in a safety deposit box.
- (Some of these banks are NerdWallet partners, which was not a factor in our evaluations.) Our selections, and information on how to open an account, are below.
- 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).
- However, banks and credit unions have until at least the next business day to make your cash deposit available to withdraw or to use these funds to cover your checks and debits.
- That’s simply a slip of paper that tells the teller where to put the money.
- It’s increasingly rare for many of us to have cash in our wallets these days.
In that case, you may want to use Zelle, Venmo, PayPal, or another service to deposit funds. When you deposit cash at a bank or credit union, you typically need to use a deposit slip. That’s simply a slip of paper that tells the teller where to put the money.
Use a Money Transfer App
For instance, maybe you bank with a national bank but your friend banks with a local institution across the country. It can be a great spot to park your emergency fund or money that you’re setting aside for a specific purchase, like a vacation or a down payment on a house. Since everyone’s savings goals are different, the amount of money that you should keep in your savings account varies depending on your situation. Unlike cash, a money order can be used only by a specific person or company. Take your cash to any money order issuer and then mail the money order to your bank (along with a deposit slip, or whatever your bank requires for mail deposits).
Use a cashier’s check
Though paper checks are falling out of favor, you can still deposit a personal check into someone else’s bank account. For security reasons, banks may prefer checks to cash because they can trace the money with a check, unlike cash. If your recipient is enrolled in Zelle, you only need their email address or phone number to send money straight to their bank account. This is notable since payments via Venmo sit in the app until the recipient transfers it to their bank account. If your recipient doesn’t have a Zelle account, you can still send them money; they’ll get a notification on how to enroll and get the funds.
If you need to send money to someone else, you have many options including P2P apps, online transfers, writing a check and wire transfers. Unlike most checking accounts, savings accounts earn interest — that’s money the bank adds to your account just for keeping it with the institution. The higher your bank’s savings account interest rate, the faster your balance will grow. Most major bank apps now include Zelle, a feature that allows transfers from your checking or savings account to that of friends and family for free and in minutes.
Ways to Deposit Cash Into Someone Else’s Account
The account holder has the right to withdraw deposited funds, as set forth in the terms and conditions governing the account agreement. Critics say this incentive has led to the creation of a law enforcement dragnet, with more than 100 multiagency task forces combing 5 ways to deposit cash into someone elses account through bank reports, looking for accounts to seize. The best checking accounts have several ways to deposit money into someone else’s bank account. Instead of writing a personal check, you can deposit a cashier’s check into someone else’s bank account.
The article was reviewed, fact-checked and edited by our editorial staff. To view important disclosures about the Experian Smart Money™ Digital Checking Account & Debit Card, visit experian.com/legal. See if your address, email and more are exposed on people finder sites. The downside is that there’s usually a limit on how much you can send with a money order.
