How to Deposit Cash Into an Online Bank

Written by

Online banks have surged in popularity, offering convenience and competitive financial services. If you are considering one of these accounts or just opened one, you may be wondering how to deposit cash into an online bank if there are no physical branches to visit. Well, fortunately, it’s pretty simple!

Read on to learn the various methods and steps to seamlessly deposit your cash into your online bank account, ensuring that you can take full advantage of the benefits offered by online banking while maintaining control of your physical money.

Unsure of where to deposit your hard-earned cash? MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money. 

Why deposit cash into an online bank?

Whether you’re looking to build an emergency fund, save cash gifts, or manage your day-to-day finances, depositing cash into an online bank provides a convenient, safe, and cost-effective solution. Here are some of the main reasons why you’ll want to deposit cash into an online bank.

1. Accessibility

Online banks are accessible from anywhere there is an internet connection. This means you can deposit cash regardless of your physical location, eliminating the need to find a local branch or ATM of a traditional bank.

2. Safety

Keeping large amounts of cash at home poses security risks. Depositing cash into an online bank enhances your financial security by reducing the risk of theft or loss. Your funds are protected by advanced security measures, including encryption and multi-factor authentication. Like traditional banks, most online banks are FDIC-insured. This means you have up to $250,000 in protection per bank, per account ownership type. 

3. Quick and efficient

Online banks often offer streamlined deposit processes. This efficiency is a time-saver compared to traditional banks, where you might have to stand in long queues.

4. Lower fees

Many online banks have fewer overhead costs than brick-and-mortar institutions, allowing them to offer lower fees or even fee-free banking options. This can save you money over time, making online banking an economical choice.

How to deposit cash into an online bank

Depositing cash into an online bank is simple and convenient, and these steps can be applied regardless of your chosen online bank.

Step 1: Find a participating store

First, locate a nearby store or retailer that partners with your online bank for cash deposits. Many popular chains like Walmart, Walgreens, or 7-Eleven offer this service.

Step 2: Visit the store

Go to the store’s customer service or financial services counter. Inform the cashier that you’d like to deposit cash into your online bank account. They will assist you in completing the transaction.

Step 3: Provide necessary information

You’ll need to provide specific information, such as your online bank’s name, your account number, and sometimes a barcode or reference number generated by your online bank’s mobile app or website.

Step 4: Hand over the cash

Give the cashier the cash you wish to deposit. They will count it, process the transaction, and provide you with a receipt as proof of your deposit.

Step 5: Check your online bank account

After a short processing time, typically within a few hours or the next business day, check your online bank account to ensure that the deposit has been credited correctly.

Other alternatives for depositing cash into an online bank

There are alternative methods for depositing cash, such as reloadable prepaid debit cards, money orders, ATMs or physical branches, depending on your convenience and preferences. Each option has pros and cons to consider.

1. Reloadable prepaid debit card

Another option to deposit cash into your online bank account is by obtaining a reloadable prepaid debit card. Here’s how.

Step 1: Get a reloadable prepaid debit card: Purchase a reloadable prepaid debit card from a store or an online provider. Ensure that the card allows cash loading.

Step 2: Link the card to your online bank: Follow the instructions provided with the card to link it to your online bank account. This often involves entering your bank account details in the card’s online portal.

Step 3: Load cash onto the card: Visit a participating store or ATM that accepts cash deposits onto prepaid cards. Load the desired amount of cash onto your prepaid card.

Step 4: Transfer funds: Once the cash is on your prepaid card, initiate a transfer from the card to your online bank account through the card provider’s website or app.

Step 5: Check your online bank account: After the transfer, monitor your online bank account to verify that the funds have been successfully deposited.

2. Money order method 

Step 1: Purchase a money order: Money orders are available for purchase at the post office or various retail stores. Be prepared to pay a small fee for the money order, with the fee amount dependent on the money order’s value.

Step 2: Obtain the bank’s deposit address: Contact your online bank to obtain the specific mailing address it requires for cash deposits using money orders.

Step 3: Mail the money order: Once you have the money order, mail it to the provided address. Ensure that you include all necessary details, such as your account information and any reference numbers or instructions your bank requires.

Step 4: Allow for processing time: Keep in mind that this method incurs some cost and may take time as you’ll need to wait for the mailed money order to reach your bank and for the deposit to be processed. However, if you only have infrequent cash deposits to make, this approach can be a viable solution.

3. ATMs

Some online banks have partnerships with traditional banks or ATM networks that allow cash deposits at select ATMs. To use this method, find a compatible ATM, follow the on-screen instructions, and insert your cash. The advantage is immediate access to your cash, but do consider ATM fees and the limited availability of deposit-enabled ATMs.

4. Physical branches 

While online banks lack physical branches, some have arrangements with traditional banks that accept cash deposits on their behalf. Visit one of these partnering branches, provide your account details, and deposit your cash. This method offers in-person assistance but may require locating a participating branch and could involve fees.

What to do after depositing cash into an online bank

Once you’ve successfully deposited cash into your online bank account, it’s important to take a few subsequent steps to ensure smooth financial management and security.

1. Keep a record of the transaction

After making a cash deposit, retain any receipts or confirmation numbers provided by your online bank. These documents serve as crucial proof of the deposit and can be invaluable in case of discrepancies or issues that may arise. Keeping an organized record of your financial transactions helps maintain clarity and accountability.

2. Allow for processing time

Cash deposits into an online bank may require more time to process compared to electronic transfers or check deposits. Processing times can vary depending on the bank’s policies and procedures, so exercise patience and keep this in mind when planning your finances.

3. Monitor your account

Regularly monitoring your online bank account is a key step after making a cash deposit. This ensures that the deposit has been correctly credited to your account. By staying on top of your account, you can quickly spot errors or discrepancies and address them immediately.

4. Keep personal information secure

Protecting your personal information and account details is important. Be cautious about sharing this information with anyone and never disclose your login credentials. Ensuring the security of your online banking account helps prevent unauthorized access and safeguards your funds from potential threats.

Making Cash Deposits Work for You

While cash deposits might not be the forte of online banks, it’s entirely possible to work around this limitation. The attractive interest rates and minimal fees that online banks offer can often outweigh the inconvenience of cash deposits. By following the four methods, you can confidently manage your finances, enjoy the benefits of online banking, and watch your savings grow.


Are there any fees associated with depositing cash into an online bank account?

Fees associated with cash deposits into an online bank account can vary depending on the bank’s policies and the deposit method used. Some online banks offer fee-free cash deposits at partner stores or ATMs, while others may charge a nominal fee for the service. Check with your specific online bank for their fee structure to understand any potential costs.

Are there any limits on cash deposits into an online bank account?

Yes, online banks often impose limits on cash deposits to mitigate fraud and money laundering risks. These limits can vary significantly between banks, so it’s crucial to review your bank’s policies. If you anticipate large cash deposits, consider contacting your bank to discuss options for accommodating your needs within their limits.

Can I deposit someone else’s cash into my online bank account?

Generally, depositing someone else’s cash into your online bank account is allowed, but it can vary by bank. Banks typically accept cash deposits as long as you provide the necessary account information and follow their deposit procedures. It’s advisable to check with your specific online bank to ensure compliance with their policies and any potential requirements for third-party deposits.

Sign Up
Sign Up

Get paid up to 2 days early

Open a RoarMoney account to bank with no minimums, no hidden fees, no BS! And you’ll love the perks like a contactless debit card, early payday, cashback, and fraud protection.

Sign Up