Despositing at ATMs

When Ian Cohen was in college, his bank didn't have any branches nearby. Instead of waiting until he got home to deposit his checks, he made deposits at an ATM.

It was something he wasn't comfortable with at first, "I was a little nervous about it because I didn't know if it would work. I didn't know if the transfer would go through. I had no way of knowing if somebody could get into the ATM, steal my check and get all my info," he says.

Well, Laura Bruce with Bankrate.com, says in most cases, you have nothing to worry about, "There probably really isn't much of a risk in depositing at an ATM," she says.

When you're ready to face your fears and make a deposit at an ATM, Bruce tells us a few things you should know.

Why Not Deposit at an ATM?

Bruce says that depositing at ATMs offers many benefits for the consumer, "People who like to deposit at ATMs say it's very convenient." Plus, there are a lot more ATMs than there are banks so you have more places to choose from to deposit.

Bruce also points out that there is usually not a line at ATMs, and if there is, it's shorter than what you'd find inside a bank.

Funds Availability

When you deposit at an ATM, that doesn't mean the money is there for you to take right away. Bruce says it depends on what kind of check it is and if you're depositing it at one of your bank's branches.

Local Checks

"If it's a local check, and you're depositing at an ATM that belongs to your bank, those funds will be available after the second business day," Bruce says.

Non-Local Checks

If it's a non-local check, you can take up to five business days before those funds will be available.

Depositing at Another Bank

"If you deposit a check into a ATM that is not owned by your bank, the funds should be available to you no later than the fifth business day," Bruce says.

But here's the catch, if you deposit at another ATM like one in a gas station or mall, then the day of deposits is the day the ATMs are emptied. Bruce says some banks only pick up checks a couple of times a week, so it may take even longer for you to get your money.

Fees

Everyone knows that you get hit with a fee from your bank if you deposit at an ATM that's not owned by your bank. Well, if you make a deposit at another bank's ATM or a private ATM, that ATMs owner will often also charge a similar fee, so it'll be a double hit, Bruce says.

Here are some ways to avoid those costly ATM fees whether you're depositing or withdrawing:

Think Ahead

Before you go to an ATM, think about what kind of cash you'll need over the next week or two. That way, you won't have to run back three or four times to make different transactions.

Register This!

The next time you're out shopping for things like groceries, ask for money back at the register. If you pay with your ATM or debit card, you can generally get cash back for no fee.


Avoid Non-Bank ATMs

When you're at places like casinos, sporting events, and convenience stores, follow this rule of thumb: Don't use the ATM. If it's a non-bank ATM, there could be additional fees, even a percentage of the amount you withdraw. Depositing fees can be just as high.

Credit Unions

If you get in a bind and can't get to your bank's ATM or one in your network, head to a small bank or credit union. Studies show national banks tend to charge the highest fees.


ATM Networks

"Most banks don't have that many ATMs, so they hook up with a network," says Bruce. Being a part of a network allows banks to offer their customers more ATMs. That comes in handy especially when consumers are traveling.

How can you tell what networks your bank belongs to? "You can find out what payment network your bank belongs to by looking on the back of your ATM or debit card," says Bruce. There you will find a logo, like Cirus or Nice. Just look for those same logos when you go to an ATM. If you see the same symbol, you're all set.

Read more smart consumer tips and strategies
from Fox11 Eyewitness News Online

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