Top online banks accepting cash deposits

Key Takeaways

Several online banks and credit unions provide multiple options for depositing cash, including through ATMs and retail partnerships. These services often come with varying fees, making it important to understand the costs involved. For individuals who handle cash regularly, such as servers, bartenders, or small business owners, finding the right bank that offers convenient cash deposit methods is essential.

Most online banks allow free cash deposits at their own ATMs, while some retail locations may charge up to $4.95 per transaction. Many of these institutions have partnered with the Green Dot Network, enabling customers to deposit cash at major retailers like Walmart, CVS, and 7-Eleven. Additionally, alternative methods such as money orders, prepaid cards, and mobile check deposits can be used when direct cash deposits are not available.

Online banks typically offer higher interest rates and lower fees than traditional banks, but they may lack physical branches, which can make cash deposits more challenging. However, many online banks have developed partnerships that allow customers to deposit cash at ATMs or retail stores nationwide. Understanding these options can help users choose the best fit for their financial needs.

Best Online Banks for Cash Deposits

Alliant Credit Union

Members of Alliant Credit Union have access to over 80,000 surcharge-free ATMs, with some of them allowing cash deposits. The credit union provides an ATM search feature that helps members locate machines that accept deposits.

Axos Bank

Axos Bank allows customers to deposit cash at participating ATMs across the country. It also partners with the Green Dot Network, enabling deposits at various retailers such as 7-Eleven, CVS, Dollar General, Walgreens, Walmart, Kroger, Rite Aid, Safeway, and ACE Cash Express. To make a deposit, simply visit the register and ask the cashier to add the money to your Axos debit card. The amount can range from $20 to $500, with some locations allowing higher amounts. While Axos does not charge a fee for cash deposits, participating stores may impose a service fee of up to $4.95.

Capital One

Although Capital One has branches in nine states, many customers access their accounts online. Cash deposits can be made at branches, Capital One Cafés, any Capital One-owned ATM, and select Allpoint locations. Customers can also deposit cash at CVS and Walgreens/Duane Reade locations into their 360 Checking account.

Chime

Chime, a neobank without physical branches, allows customers to deposit cash at participating retailers like 7-Eleven, CVS, Walgreens, and Walmart. However, there are no fees at Walgreens, while other stores may charge a fee for this service. Chime customers cannot deposit cash at ATMs.

Current

Similar to Chime, Current allows customers to deposit cash at various stores, including 7-Eleven, CVS, Dollar General, and Family Dollar. To complete the deposit, customers hand the money to the cashier and have them scan a barcode in the Current mobile app. The funds are usually available instantly.

Discover

Discover Bank offers a popular cash-back checking account. Customers can deposit cash by bringing their debit card and cash to any Walmart location and asking the cashier to add it to their account. The transaction typically posts within 10 minutes.

LendingClub

LendingClub customers can deposit cash at NYCE Shared Deposit ATMs and MoneyPass Deposit Taking ATMs.

Pentagon Federal Credit Union

Pentagon Federal Credit Union has nearly 40 branches across 12 states and Washington, D.C., but customers can open and manage accounts entirely online. Members have fee-free access to over 85,000 ATMs in the U.S., some of which accept cash deposits.

SoFi

SoFi, a personal finance company and online bank, allows customers to deposit cash at retail locations that offer Green Dot services, including ACE Cash Express, CVS, Walgreens, Walmart, and 7-Eleven.

USAA

USAA Federal Savings Bank customers can deposit cash at ATMs owned by the bank. The bank’s ATM locator page lists ATMs that accept both cash and checks.

Varo Bank

Varo Bank customers can deposit cash at the cash register at participating Green Dot locations, including some Walmart, Walgreens, 7-Eleven, Albertsons, Safeway, and Kroger stores. The money is usually added to the account balance within 10 minutes, though some locations may take up to an hour. Stores may charge a fee of up to $4.95 per transaction.

How to Deposit Cash at an Online Bank

Deposit Cash at ATMs

Many online banks allow cash deposits at their ATMs. Some banks’ ATM locators let customers filter results to show only machines that accept cash. It's also important to check if there are limits on the amount of cash or the number of bills allowed per transaction.

Deposit Cash at Retailers

Through partnerships with the Green Dot Network, several online banks enable customers to deposit cash at participating stores like 7-Eleven, CVS, Dollar General, Walgreens, and Walmart. To do so, simply hand the money to the cashier and either present your debit card or have them scan a barcode in your bank’s mobile app.

Use a Prepaid Debit Card

Some online banks allow customers to transfer funds from a prepaid debit card to their account. You can load cash onto a prepaid card at participating retailers and then use your bank’s app or website to move the money into your account. Be sure to check for any fees or limitations associated with loading and transferring funds.

Buy a Money Order or Check

If direct cash deposit is not available, you can purchase a money order or cashier’s check with your cash at places like post offices, grocery stores, or convenience stores. Then, use your online bank’s mobile app to deposit it by taking a photo of the money order or check. Watch out for deposit limits and processing times.

Are There Fees for Depositing Cash at Online Banks?

Most banks do not charge customers a fee for depositing cash at their ATMs. However, some banks may charge fees for deposits at out-of-network ATMs. In addition, the owner of the out-of-network ATM may also charge a fee. Deposits made at retailers through the Green Dot Network may incur a fee of up to $4.95 per transaction.

Bottom Line

The benefits of online banks often include higher returns and fewer fees compared to traditional banks. For those who prefer online banking and plan to make frequent cash deposits, it is worth exploring banks that offer convenient cash deposit options through ATMs or retail locations. Choosing the right institution can simplify the process of managing cash and ensure that funds are accessible when needed.