Buy a money order
If you can't use an ATM, don't want a prepaid debit card, and can't get a friend or a family member to help you out, you could buy a money order.
Money orders can be purchased from the post office or retail stores. There's a small fee for buying a money order. The fee depends on the amount of the money order. Once you've purchased the money order, you can mail it to the address that your online bank provides for deposits.
This method costs a little bit of money and it can take time, since you have to wait for the mailed money order to arrive at your bank and for the deposit to be processed. Still, if you have only a very occasional cash deposit to make, this could be a good approach.
How to deposit cash to a brick-and-mortar bank
Depositing cash is easier with traditional banks. You have access to more convenient methods than you do with most online banks, like:
- In person at a local bank branch
- Your bank's ATM network
Keep in mind that ATM deposits could be subject to holds. Your funds likely won't hit your account immediately. Your best bet for quick access to your money is in person at a bank branch. The downside with in-person banking is that you're limited to specific business hours.
A lot of traditional banks have adopted modern banking practices. If your bank has a mobile app, you may have access to mobile check deposits too.
Choose the right approach when you deposit cash into your bank account
As you can see, depositing cash into an online bank account is more trouble than when you have an account with a local bank. But since online banks have many other advantages, it may be worth dealing with a few extra steps. Especially if you don't deposit cash on a regular basis.
Online banks and brick-and-mortar banks both offer various ways to deposit cash when you need it. The right option depends on your preference.
Still have questions?
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