If you’re wondering whether you can deposit cash into an ATM, you can indeed. Most major Canadian banks offer ATMs equipped with advanced functionalities, allowing users to deposit both cash and cheques into their accounts.
With that said, there are some exceptions to this. Not all ATMs accept cash, and sometimes it’s not possible to deposit cash into an ATM that doesn't belong to your bank. In addition, some digital banks may not offer the option for ATM cash deposits at all.
To find out all the details of depositing cash into ATMs in Canada, keep on reading!
Key Takeaways
- Most major Canadian banks accept ATM cash deposits.
- Consider seeing a teller for amounts over $1,000 or $2,000 to avoid potential holds or issues
- It’s not always possible to deposit cash at an ATM that doesn't belong to your bank.
How to deposit cash at an ATM
Depositing cash at an ATM in Canada is a straightforward process. To do so, follow these steps:
- Insert your bank card into the designated slot and enter your Personal Identification Number (PIN) for authentication.
- Navigate to the "Deposit" option on the on-screen menu.
- Choose the account type (savings or chequing) where you want to deposit the cash.
- Insert the cash into the ATM. Depending on the machine, you may need to put it in an envelope first.
- Confirm the deposit amount and review the transaction details.
- Collect the receipt, which serves as a confirmation of your successful cash deposit.
Tip: Keep in mind that if the ATM belongs to a different bank than the one you’re with, you may encounter some issues. To avoid these problems, check with your financial institution about which ATMs are compatible with your card. In addition, it's essential to be aware of potential fees that may apply when using non-affiliated ATMs.
How much you can deposit
There’s no universal number for how much you can deposit at an ATM. Some ATMs have limits on the number of bills you can deposit at one time. As a guiding principle, however, we recommend that you see a bank teller for amounts over $1,000 or $2,000 to avoid any holds or issues with your deposit.
Also, keep in mind that all banks must legally file a large cash transaction report to FINTRAC for deposits over $10,000. If an ATM does accept your deposit over $10,000, FINTRAC still submits a report but doesn’t have to confirm the identity of the depositor.
Have you ever had issues depositing cash at an ATM?
In Canada, depositing cash into an ATM has become a convenient and common practice for many people. With that said, sometimes these machines can lead to mishaps.
Have you ever had issues depositing cash at an ATM? Tell us what happened in the comments below.
FAQ
Can I deposit cash into an ATM?
Yes, you can deposit cash into an ATM in Canada, but there may be some guardrails in place when it comes to which ATMs accept these deposits. ATM cash deposits at your financial institution are usually a safe bet.
When will the cash that I deposit into an ATM be available?
The availability of cash deposited into an ATM depends on your bank's policies. For example, National Bank allows you to access your cash immediately. Some banks may release small amounts ($100 - $300) right away and release the remaining amount after a hold period.
Can you deposit cash at any ATM?
No, not all ATMs accept cash deposits, such as retail ATMs. Some banks also require that you only deposit funds at a bank-affiliated ATM. It’s crucial to check compatibility before inserting cash into an ATM.
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