Does it take longer before I can withdraw money if I deposit a check using an ATM instead of inside the bank/credit union? | Consumer Financial Protection Bureau (2024)

FAQs

Does it take longer before I can withdraw money if I deposit a check using an ATM instead of inside the bank/credit union? | Consumer Financial Protection Bureau? ›

If you deposit a check at an ATM instead of inside a bank or credit union, your bank or credit union has more time under the law to make the funds available. If you deposit a check into an ATM not owned by your bank or credit union, it is allowed to take even longer.

After successfully depositing your check into an ATM, you'll likely be wondering how and when you can access your cash. Many banks make check deposits available within two business days, and some may process them even faster.

How do ATM Deposits work? When making a deposit, simply insert cash or checks and the ATM does the rest. The ATM scans your checks, counts your bills, and totals them on screen. You can adjust your amounts, then request printed images of your checks on your receipt.

If you deposit a check at a staffed facility, a contractual branch or at an onsite ATM, the funds will be deposited the same business day and should be available within one or two business days. But if you made a deposit elsewhere, the funds could take longer to appear in your account.

The role of business days and holidays

If you deposit cash, that money goes directly to your account and will be ready for you to use immediately. But for checks and other items that might need verification (to protect you and the bank), the money usually won't be available until the next business day.

Other deposits will be made available by the Second Business Day after the day we are considered to have received your deposit. non-cash deposits made at ATMs we do not own or operate may not be available until the fifth Business Day after the day you make the deposit.

Use your Visa Debit Card or CUCARD to make free:

check and cash deposits at participating CO-OP Network ATMs.

Generally, a bank must make the first $225 from the deposit available—for either cash withdrawal or check writing purposes—at the start of the next business day after the banking day that the deposit is made. The rest of the deposit should generally be available on the second business day.

Most modern ATMs can also accept check deposits. These ATMs scan checks just as they scan cash, but funds may take a couple of days to become available, as the time to fully process a check can vary from one financial institution to another.

Depositing a check into an ATM can be a convenient, painless way to get your cash fast. If you don't have access to remote banking or just can't make it to a bank during business hours, cashing a check at an ATM can be an excellent alternative.

Is it faster to deposit check in ATM or phone? ›

The fastest way is via - mobile deposit - if your bank offers it. It is an app on a smartphone where you can take a picture of the front and the back of the check, and have it deposited directly into your account.

The fastest way to have access to check funds is to deposit the check in person at a bank or credit union branch. That ensures the deposit is made before the bank's cutoff time, which speeds up the process. Mobile check deposits and those made at ATMs after hours typically take longer to clear.

You can deposit a check of any amount in an ATM. When the money will become available is going to depend on when the bank runs it through the system and releases the funds.

Pending deposits aren't available for withdrawal; however, they'll generally post to your account within one to two business days.

If you deposit in an ATM not linked to your bank then you have to additionally wait for that bank to transfer the money to your bank. That can take up to three days. Always try to deposit direct into your own account and not via another bank if you want the money available quickly.

Usually, it takes about two business days for a check to clear. That can vary from check to check, though. It's important to review your financial institution's deposit agreement, which will specify how long they typically hold checks for.

In most cases, there is no cap on the dollar amount you can deposit through an ATM. However, there may be a maximum number of items you can deposit.

Deposits made in-person to bank employees work best if you need the funds quickly. You can also deposit it at an ATM or use your mobile device, but those methods might have longer bank hold times.

Many popular banks such as Ally Bank, Axos, SoFi and PNC offer instant mobile deposit availability.