is depositing cash through ATM instant? (BofA)?

Question

I was wondering, if I went to an ATM right now and deposited cash, would I instantly have the money in my account? If not, would going to the bank and depositing cash through a teller make the money instantly available to my account?

Answer 1

What Bank of America does is it instantly gives you a CREDIT when you deposit money in an ATM, but the credit is temporary and may not be for the full amount of your deposit (usually it's just a couple hundred dollars at most). That credit will be instantly available, but may be retracted and the actual deposit is not likely to occur for a day or two.

In addition, Bank of America does reserve the right to delay a deposit but up to 11 business days. Some of the reasons they may do this include: (directly from their website)

- You deposit checks totaling more than $5,000 in one day.
- You re-deposit a check that has been returned unpaid.
- We believe a check you deposit won't be paid.
- You've overdrawn your account repeatedly in the last six months.
- There is an emergency such as an equipment failure.

Seeing a living, breathing teller, on the other hand, usually does instantly deposit the actual amount of your deposit into your account right away, though sometimes it doesn't get posted until the next business day. You can always ask the teller when you are doing the transaction. And as above, they reserve the right to reverse the transaction for a variety of reasons or delay it as well if they feel they have a reason to.

Answer 2

Instant Cash Atm

Answer 3

If you need the cash immediately, do not put the cash into the account in the first place.

Most banks have a time cut-off. For example, if you put the money in after 2:00 PM, it may not get added into your account until the next business date (actually about midnight) If you deposit the cash before, it will not really be available until that night for an ATM withdrawal.

If you deposit cash through the ATM, it will not be seen by a bank employee until the next day anyways. They will not put the money into your account without being physically seen and touched by the bank employee. You could be putting shredded newspaper in the envelope. They cannot trust without having seen the cash.

Answer 4

Cash does not become available right away. ATM transactions are processed through actual tellers, therefore it becomes available when the tellers open up the ATM collects all the deposits and actually physically runs the deposits through as though you were right in the bank. Then become available only at that point, although your receipt shows that you were credited. ATM deposits are just convenient. Checks on the other hand usually take longer. Depending on the routing numbers, checks may take up to 5-6 business days to clear. Local checks can take as little as one night. It all depends on the routing numbers. The nine digit number on the bottom of the check.

Answer 5

RE:
is depositing cash through ATM instant? (BofA)?
I was wondering, if I went to an ATM right now and deposited cash, would I instantly have the money in my account? If not, would going to the bank and depositing cash through a teller make the money instantly available to my account?

Answer 6

I don't know about BofA, you got to ask their policy regarding depositing cash through ATM .

Usually the time it takes from deposit to it being credited into the account depends on what kind of banks and ATMs.

If it's an ATM that counts money directly and it's directly linked to the network, then it's usually instant.

Answer 7

No. Most banks give the money about 3 (business) days to post to your acct. Thats for everyone's protection: yours and the banks. The bank wants to make sure that you actually put real American currency into your acct and not Monopoly money. Plus, chances are the ATM you used isn't owned by your bank, but by a different bank. That means the funds would have to be verified by the receiving bank, then transmitted electronically to your bank.
And you are protected in case someone doesn't make a deposit (using monopoly money) with your ATM card without your knowledge/permission then writes themselves a check against that (fake) deposit.

Answer 8

When you deposit cash in your account it automatically goes into your bank account and therefore you can withdraw it at anytime. Now if it was a check it would take maybe two or three days cuz it has to clear but cash goes straight through.

Answer 9

Some banks do not let you have your money immediately or, depending on the amount or their moods :), they will not let you have it for a while longer than a day or so. These banks also like to hold checks you write and not put them through till you've almost spent all that's in the account...and then hit you with fees. But a responsible person will probably not need to know that last part....

Answer 10

First of all you cannot deposit cash at a ATM machine,so to answer your question it would be easier to go to the bank and deposit the cash through a teller and that money would available on your account.