If you have an online bank, you might want to learn how to deposit cash at it. So, let’s find out!

Online bank has become the go-to choice for many seeking a streamlined, tech-savvy banking experience. But what you and many other might have asked yourselves is: can I deposit cash at it? And if so, how can I do that?

Without any further ado, let’s answers these questions and explore methods to seamlessly deposit your cash into your online bank account, so next time you decide to do it you’ll be prepared. Also, if you want to check out more financial tips on our website, you can click on this link!

What is an Online Bank?

It operates solely online without physical branches. They offer a variety of financial services, including checking and savings accounts, money transfers, and bill pay, all accessible through a user-friendly website or mobile app.

Since it doesn’t have the overhead costs associated with physical branches, they often entice customers with competitive interest rates, lower fees, and user-friendly interfaces. However, one of the drawbacks is the lack of a physical location to deposit cash, but yes, you can deposit cash into your account.

How To Deposit Cash At An Online Bank

While online banks themselves don’t have cash deposit facilities, there are several workarounds to deposit cash at them. But it’s important to be aware that online banks may have daily or monthly limits on mobile deposits and some may charge fees for them or for using a third-party service to deposit cash. Here are some of the ways you can deposit cash at an online bank:

Deposit Locally, Transfer Online

Many online banks partner with traditional banks that have physical branches and ATMs. If you have an existing account at a brick-and-mortar bank, you can easily deposit cash there and then transfer the funds electronically to your online bank account. There are different ways to do so:

• Write Yourself a Check: write a check from your traditional bank account and then deposit it using your banking app;

• Bank-to-Bank Transfer (ACH): allows you to electronically transfer funds from your traditional bank account to your online bank account;

• Mobile Wallets and/or Peer-To-Peer (P2P) Payment Services: with services like Zelle and Venmo, you can instantly transfer funds from one account to another.

Use Retail Partner Deposit Networks

Some online banks partner with retail stores, like Walgreens, CVS and 7-Eleven, that offer cash deposit services through their in-store network. This can be a convenient option if you frequently shop at these stores. Be sure to check with your online bank to see if they have any retail partners and what the fees associated with using this service might be.

Money Orders and Cashier’s Checks

You can purchase, for a small fee, a money order or cashier’s check at a grocery store, pharmacy, or other retailer and make it payable to yourself. If your online bank has an electronic scan feature, you can snap a photo and upload the money order to your account for deposit. If it doesn’t have this feature, you can mail it to the bank’s headquarters for deposit.

Reloadable Prepaid Debit Cards

Consider getting a reloadable prepaid debit card that allows cash deposits. They are usually available from retailers – Target and Walmart -, at supermarkets, or at your credit union. You load cash to the card and then make an ACH transfer to your online bank. They tend to charge fees, like card activation, monthly maintenance, ATM and international transaction fees.