If you conduct your finances through an online bank, there’s one transaction that you probably didn’t think you could do: deposit cash. Most ATMs from banks will not accept deposits from non-customers. For instance, you are a customer of Bank A and you go to an ATM from Bank B to try to make a deposit — this doesn’t work.

The Allpoint ATM network, which touts a fleet of more than 55,000 ATMs in the U.S., operates ATMs that are able to accept deposits on behalf of other financial institutions. Many of the ATMs are located in popular U.S. retailers such as 7-Eleven, Target, CVS, Costco, and more.

More Options for Deposits

For many financial institutions (e.g., online banks) the only way to deposit a check is through paper mail and remote check deposit. Depositing a check through mail takes several days and there’s always the risk that the check is lost.

Mobile check deposit has been extremely beneficial to customers of online banks — and all other financial institutions — since checks can deposited from wherever their phones have an Internet connection. Additionally, some online banks also allow customers to upload photos (such as scanned images) of checks to deposit remotely.

Cash, on the other hand, has always been a problem point for financial institutions that lack physical locations.

The deposit-taking functionality means that Allpoint’s partnered financial institutions will be able accept checks and cash deposits through more traditional means.

This makes an even better case for online banks, community banks, and credit unions, which are more likely to offer accounts with lower fees and higher interest rates.

Major Upgrade for Online Banks, Community Banks, Credit Unions

The ability to deposit funds through a separate ATM network is a big feature for customers of online banks, community banks, and credit unions. These financial institutions tend to lack the large physical presence that are maintained by big banks. To stay competitive with these megabanks, the increased access to deposits will help the case for these other financial institutions.

Although it may not be the most common ATM transaction in a digitally-focused world, cash deposits are still a reality in consumer banking. Offering the ability to deposit cash will further blur the lines that separate online banking and traditional banking.

If you’ve been holding back from switching to an online bank solely because you want to be able to deposit cash, you don’t have a reason to worry if you go with a bank that is partnered with Allpoint.

Extending convenience of ATM banking

Deposit-taking capabilities through the Allpoint ATM network doesn’t just mark an evolution in online banking, it also affects Americans who conduct their finances with small community banks and credit unions.

While community banks and credit unions do have some of their own branches and ATMs, these physical locations are not as far-reaching as the networks of major national banks. Therefore, some of them also rely on partnerships with ATM networks to offer more convenience for customers and members.

The positive implication of deposit-taking functionality at these ATM networks for online banks also extends to community banks and credit unions.

Allpoint is not the only major ATM network to allow customers of partnered financial institutions to deposit cash. The MoneyPass ATM network, which has 24,000 ATMs nationwide, also offers deposit-taking capabilities (called “Shared Deposits”). Nearly 5,000 credit union branches make up the CO-OP ATM network, which allows members of partnered credit unions to make deposits at any of the network’s ATMs for free.

How Does It Work?

The deposits works just like any other deposit that you’d make at an ATM. Just insert an ATM card or debit card from a partnered institutions that the Allpoint ATM will recognize it. Proceed to follow the on-screen instructions to deposit cash or checks.

Note: Deposits slips or envelopes are not needed for these deposits.

Does It Cost Anything?

If you’ve been watching the banking industry, you may have become sensitive to fees. With every new feature, you’re worried that your bank will find a reason to slap you with a new charge. But, in line with it’s surcharge-free policy, check and cash deposits through the Allpoint ATM network will also be free of charge.

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  • This sounds like a great opportunity for online banks. I do think that given the majority of individuals comfortable with online banking are most likely comfortable with mobile check deposit, it may not be revolutionary. However, it may broaden the number of people willing to do online banking.

    • Simon Zhen

      Agreed. Additionally, I’d like to see more online banks jump onboard the Allpoint network (and other ATM networks) that now accept deposits.

    • Shawn

      “check and cash deposits through the Allpoint ATM network will also be free of charge” – this is great! A hit with online banks imo. I also agree with you in regards to it not being revolutionary but surely convenient.

  • Christina

    Where are these atm located . The ones that accept cash/check deposits. All point ATMs.. I have capitalone 360 but I don’t live near a branch . Only thing we have around here are the allpoint. Which are a lot of them. But which ones accept this transaction

    • Simon Zhen

      At this moment, Allpoint is working on a gradual rollout of this ATM feature. Unfortunately, there is no detailed list of locations that currently offer this feature. They also haven’t disclosed which financial institutions are working with Allpoint to offer this feature. We’ll be sure to update this story once we get more news on the rollout’s progress.

      • Lea Ann Irick Williams

        is this option available yet?

        • Simon Zhen

          Lea Ann, I have not spotted any news of any financial institutions that are testing/offering deposit-taking capabilities via the Allpoint ATM network.

          However, I know that some other banks are already partnered with other ATM networks that do offer deposit-taking functionality. One example is Radius Bank, which is working with the NYCE ATM network for fee-free cash and check deposits.

          More info on one of Radius Bank’s better accounts: http://www.mybanktracker.com/news/radius-bank-new-best-online-checking-account

    • It’s 2 years later, is the site where I can look up the location of cash deposit ATM’s?