how to depost checks at an atm?

Question

Hi,
Im new to banking.
I want to sign up for an online savings account and I saw they use ATMs to deposit.

IF I do this, is there any protection that my checks wont get lost?
How safe and reliable is this and how does it work exactly?

thanks

Answer 1

I've deposited checks using ATM's and they're quite safe so far. Basically, you put the checks in an envelope that has a form printed on it. After you put it in, it spits out a slip which you can then use to make sure your account has been credited. The checks are then routed to the banks' clearing house which credits your account and debits the payor.

It's probably more important to check the stability of the bank and the security of their online facility than the ATM.

Answer 2

I am a personal banker and use an ATM as my only from of deposits besides automatic transfers. They are very reliable, and easier than standing in a teller line. If you want to be extra sure, just make sure to include the amount, check number, and maybe the last 4 digits of your account number on the envelope just in case something was to happen.

good luck!

Answer 3

Hi,
Depositing the cheque at ATM is quite simple. Just use the deposit slip at the ATM and clearly mention the account no and name preferably in whose you need to deposit the cheque and drop the same in the box in the ATM centre itself.

It is advisable if you also mention the name and account no on the reverse of the cheque. Also always deposit the cheque as account payee so that the same cannot be misused

Answer 4

you must deposit your check in an envelope with a deposit slip and only at the bank where you do your banking. You can go to any branch of that bank but you cannot deposit your check at any atm at any bank.

Answer 5

It's safe. As an added level of security write "For Deposit Only" on the back of each check (along with your endorcement).

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