14 online banks and credit unions that accept cash deposits

• Online banks generally do not have branches, so there may be limited ways to deposit money.
• Some online financial institutions allow you to deposit money directly into your bank account.
• You may have to pay fees for cash deposits.

Online banks

are well known for their high yield bank accounts and low bank fees. But to easily deposit money? Not really.

If you’re looking for an online bank or credit union that lets you deposit money directly into your account, we’ve compiled a list of institutions you might want to consider exploring. We’ll walk you through the steps of depositing cash and give you tips on how to choose an online financial institution.

14 banks and credit unions that accept cash deposits

Here is a list of banks and

credit unions

presented in our best guides that allow you to deposit money in network ATMs.

• ally: Some Alliant ATMs accept cash deposits. You will not have to pay any fees for the transaction.
• Axos: You can deposit money by visiting green points like ACE Cash Express, CVS/Pharmacy, Dollar General, Kmart, Rite Aid, 7-Eleven or a Walgreens store. You may have to pay a fee for the deposit.
• Bethpage: Bethpage is part of the CO-OP Shared Branch and ATM network. You can make deposits with credit unions for free with a CU Service Center logo.
• Capital One 360: Capital One 360 ​​has several ways to deposit money. You can go to a nearby CVS/Pharmacy and ask a teller to help you deposit money into your bank account using the bank’s mobile app. Capital One ATMs also accept cash deposits.
• Charles Schwab: Charles Schwab offers unlimited refunds for ATM fees because it does not have an ATM network. You can use any ATM that accepts cash deposits and you will be reimbursed if you are charged by the ATM provider.
• Carillon: Chime allows you to deposit money at Walgreens without paying fees. You can also make cash deposits at green points, but fees may apply.
• CIBC: CIBC has ATMs that accept cash deposits. There are no fees involved.
• Consumers: Consumers is part of the CO-OP Shared Branch and ATM network. You can make deposits with credit unions for free with a CU Service Center logo.
• HSBC Direct: You can deposit money at some ATMs. There are no fees involved.
• loan club: LendingClub lets you deposit money at select MoneyPass and NYCE ATMs. You may have to pay a fee up front, but LendingClub will reimburse you for ATM fees once a month.
• CNB: NBKC is part of the MoneyPass ATM network. You can deposit money at some ATMs. NBKC also reimburses up to $12 in out-of-network ATM fees per month.
• Pentagon Federal Credit Union: PenFed allows cash deposits at no extra charge at over 1,200 Allpoint ATMs.
• USAA: USAA has ATMs that accept cash deposits. There are no fees involved.
• Wings Financial: Some Wings Financial ATMs accept deposits. You won’t have to pay any fees to deposit money.

How to deposit money in an online bank or credit union

When choosing an online financial institution, you may want to review how you can deposit money into a bank account.

Some online banks and credit unions do not allow you to deposit money directly into your account. Instead, you will have to deposit money through the back door. You will deposit money into an external bank account. Then, you will initiate a transfer from your external bank account to your online bank account.

The online financial institutions included in our list offer more direct ways to deposit money. You can deposit money at some ATMs or stores. Here are quick step-by-step guides on how to deposit money at these locations.

How to deposit money at an ATM

First, visit your bank’s website to confirm which ATM accepts cash deposits. Some financial institutions offer a limited number of ATMs with this feature, so you will need to use your bank’s location finder to find a nearby ATM you can use.

Once you arrive at the ATM, insert your debit card to open access to your bank account. After entering your PIN, you will be asked what type of transaction you wish to make. You will select the option To pay, and insert money into the ATM. The ATM will ask you to verify the deposited cash amount and you will complete the transaction.

How to deposit money in a store

Financial institutions will provide a list of outlets you can visit to deposit money.

You’ll go to the cashier at an eligible store and ask them to load money onto your online banking debit card. The cashier will process the transaction by swiping your card, and you will have money deposited into your bank account via your bank’s debit card.

If you do business with Capital One, you can also ask the cashier at CVS/Pharmacy to help you add money to your bank account. You will log into your bank’s mobile app and use the “Add Money in Store” feature to process the transaction.

Additional tips for choosing an online financial institution

Alvin Carlos, CFA, CFP®, financial planner and managing director of District Capital Management, shares that he’s had clients who are hesitant to deposit money into an online bank because they don’t trust banks.

“It’s just. It’s the fear of the unknown. They’ve never done this before. They don’t know anyone who’s used this thing. The myth is that online banks aren’t safe, or via online banks, you won’t be able to access money,” says Carlos.

If you’re not sure if a bank is safe, Carlos suggests checking to see if the bank is FDIC insured.

“If it’s a legitimate bank, it’s most likely FDIC insured,” Carlos says. “If they really want to do their due diligence, you can actually go to the FDIC website and look up the bank.”

Carlos also advises people to see if there are limits on the amount of money you can transfer from online banking or the amount you can withdraw from an ATM per day. This can be useful if you transact frequently or plan to make large purchases.