How to deposit cash in online account with no local branch

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mptfan
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How to deposit cash in online account with no local branch

Post by mptfan » Wed Nov 07, 2018 4:08 pm

I recently had a situation where I received several hundreds of dollars of cash that I wanted to deposit in my brokerage account, but my local brokerage branch office does not accept cash. I'm sure this issue also applies to online bank accounts with no local branches.

I went to my local post office and purchased a money order in the amount of the cash (there was a fee of $1.65 because the amount was greater than $500 but less than $1,000) and I made the money order payable to me, then I used the broker app on my phone to deposit the money order in my brokerage account. I got a confirmation later the same day that the deposit was processed and the money was in my account. Easy peasy.
Last edited by mptfan on Wed Nov 07, 2018 4:14 pm, edited 1 time in total.

Soon2BXProgrammer
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Re: How to deposit cash in online account with no local branch

Post by Soon2BXProgrammer » Wed Nov 07, 2018 4:11 pm

in addition to all my online accounts, i have a local bank. just deposit there and transfer.

KT785
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Re: How to deposit cash in online account with no local branch

Post by KT785 » Wed Nov 07, 2018 4:14 pm

You could maintain an account with a local credit union (no/low fees or minimums) for such situations, though you may need some minimal activity periodically to keep the account from being closed. If you make cash deposits and ACH them to your online account at Schwab every few months, it probably meets the minimum activity criteria.

Our primary checking is with State Farm Bank (online only institution) but they participate in ATM deposit sharing, so I just have to find a local ATM that accepts cash deposits and I'm good to go; this was one of the main reasons I went with State Farm Bank over Charles Schwab Bank. Both reimburse all ATM fees, including international, but cash deposits were an issue with Schwab and I didn't want to have to rely on a brick & mortar work around.

runner3081
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Re: How to deposit cash in online account with no local branch

Post by runner3081 » Wed Nov 07, 2018 5:16 pm

Soon2BXProgrammer wrote:
Wed Nov 07, 2018 4:11 pm
in addition to all my online accounts, i have a local bank. just deposit there and transfer.
+1

I have a Chase bank account for this reason. Just keep the min $1,500 for no fees. Also good to have for notary.

Trism
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Re: How to deposit cash in online account with no local branch

Post by Trism » Wed Nov 07, 2018 7:17 pm

The main reason I have accounts with banks that have local branches is the laughable limits that many online banks have for mobile deposits, and some ALSO don't accept ATM deposits. That leaves you with US Mail.

(A long time ago I had a deposit get lost in an ATM, and it took weeks to get the issuer to cut a new check. I avoid ATM deposits for this reason anyway.)

Bank of America has the highest mobile deposit limit of any of our banks ($50,000 per item or total for the month), but they also have branches for check deposits that exceed the max.

Citi's max for mobile deposits was $1,500 per item, which is one of the reasons we closed our accounts.

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dratkinson
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Re: How to deposit cash in online account with no local branch

Post by dratkinson » Wed Nov 07, 2018 9:19 pm

CUs have more shared branch locations that banks. So I use a local B&M CU that is part of the CU co-op network. (It's like walking into Wells Fargo and being able to access your accounts at Chase, Citi, and BofA.)

Account inactivity and escheatment.
--Account inactivity (fees) was a problem for me in the past. But I searched and learned my CU considers the interest earned on a CD to be "account activity" to avoid annual "account inactivity" fee. I now allow a small CD to rollover automatically and consider it to be a part of my EFs. Problem solved.
--I'm physically in the CU often enough that escheatment is not an issue.

All other accounts are linked to my CU account. And since all accounts (banking, investing) have telephone support (CSR, automated), I can do almost anything from anywhere.

In this way, no matter where I go, I have a local branch office (deposits, withdrawals) as close as the nearest CU shared branch location.

Search: http://www.google.com/search?q=credit+u ... op+network
Last edited by dratkinson on Wed Nov 07, 2018 10:56 pm, edited 1 time in total.
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radiowave
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Re: How to deposit cash in online account with no local branch

Post by radiowave » Wed Nov 07, 2018 9:38 pm

I keep a B&M bank to deposit my loose change each month. Averages about $50 every 4-6 weeks. I could go use one of those local coin machines in the grocery store, but that's about 20% hit each time. And my B&M bank still has free donuts.
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Isabelle77
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Re: How to deposit cash in online account with no local branch

Post by Isabelle77 » Wed Nov 07, 2018 9:57 pm

I just do mobile deposits with USAA banking. $100,000 daily limit.

MikeZ
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Re: How to deposit cash in online account with no local branch

Post by MikeZ » Wed Nov 07, 2018 10:00 pm

You could get an American Express Serve card. It's meant for individuals without bank accounts, it's a stored value card that can be loaded with cash at a lot of retailers (7-11, Walmart, Dollar General, etc.) the online web portal lets you transfer your balance to another checking account. It's completely free.

flah
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Re: How to deposit cash in online account with no local branch

Post by flah » Wed Nov 07, 2018 10:09 pm

runner3081 wrote:
Wed Nov 07, 2018 5:16 pm
Soon2BXProgrammer wrote:
Wed Nov 07, 2018 4:11 pm
in addition to all my online accounts, i have a local bank. just deposit there and transfer.
+1

I have a Chase bank account for this reason. Just keep the min $1,500 for no fees. Also good to have for notary.
You only need $300 in a Chase savings account with no fees.

arf30
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Re: How to deposit cash in online account with no local branch

Post by arf30 » Wed Nov 07, 2018 10:27 pm

TD has a basic checking with $100 minimum, I downgraded to it when I switched to online banking. Unfortunately they ended up closing it for lack of activity.

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dm200
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Re: How to deposit cash in online account with no local branch

Post by dm200 » Wed Nov 07, 2018 10:33 pm

Some bank and credit union ATMs accept currency and scan/validate it on the spot.

blackwhisker
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Re: How to deposit cash in online account with no local branch

Post by blackwhisker » Wed Nov 07, 2018 10:48 pm

MikeZ wrote:
Wed Nov 07, 2018 10:00 pm
You could get an American Express Serve card. It's meant for individuals without bank accounts, it's a stored value card that can be loaded with cash at a lot of retailers (7-11, Walmart, Dollar General, etc.) the online web portal lets you transfer your balance to another checking account. It's completely free.
Thank you for the information! This is very helpful.

sport
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Re: How to deposit cash in online account with no local branch

Post by sport » Wed Nov 07, 2018 10:53 pm

radiowave wrote:
Wed Nov 07, 2018 9:38 pm
And my B&M bank still has free donuts.
Free donuts? What bank is this? I want to move my account there. :shock:

runner3081
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Re: How to deposit cash in online account with no local branch

Post by runner3081 » Wed Nov 07, 2018 11:13 pm

flah wrote:
Wed Nov 07, 2018 10:09 pm
runner3081 wrote:
Wed Nov 07, 2018 5:16 pm
Soon2BXProgrammer wrote:
Wed Nov 07, 2018 4:11 pm
in addition to all my online accounts, i have a local bank. just deposit there and transfer.
+1

I have a Chase bank account for this reason. Just keep the min $1,500 for no fees. Also good to have for notary.
You only need $300 in a Chase savings account with no fees.
Thanks, didn't know that. My accounts have changed in features and names about 15 times since the good old Washington Mutual days! I was sort of complacent and didn't see that. May hit the bank up tomorrow and change it around.

asset_chaos
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Re: How to deposit cash in online account with no local branch

Post by asset_chaos » Thu Nov 08, 2018 12:20 am

For small amounts I think I'd just pay cash for the next couple of grocery trips and transfer to the brokerage account from whatever account I keep money in before it goes to investments or is used to pay bills.
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whodidntante
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Re: How to deposit cash in online account with no local branch

Post by whodidntante » Thu Nov 08, 2018 12:45 am

The best way is to retain a local bank account. However, not everyone can. You can purchase money orders, or use Bill Pay services to deposit cash. An Interactive Brokers brokerage account is a valid payee at some Bill Pay services. I've also found that casinos are happy to take large amounts of cash and are willing to issue a check for large amounts. Casinos are not your bank branch though.

mptfan
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Re: How to deposit cash in online account with no local branch

Post by mptfan » Thu Nov 08, 2018 8:01 am

MikeZ wrote:
Wed Nov 07, 2018 10:00 pm
You could get an American Express Serve card. It's meant for individuals without bank accounts, it's a stored value card that can be loaded with cash at a lot of retailers (7-11, Walmart, Dollar General, etc.) the online web portal lets you transfer your balance to another checking account. It's completely free.
I just looked at the American Express Serve website, and according to what I am reading it is not completely free. There is a monthly fee of $1 or $4.95 or $5.95 depending on which card you get. Also, if you get the $1 per month card, you have to pay up to $3.95 each time you load the card with cash depending on which retailer you use. If you get the $4.95 per month card there is no fee to load cash.

https://www.serve.com/

RickBoglehead
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Re: How to deposit cash in online account with no local branch

Post by RickBoglehead » Thu Nov 08, 2018 8:09 am

Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?

RickBoglehead
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Re: How to deposit cash in online account with no local branch

Post by RickBoglehead » Thu Nov 08, 2018 8:14 am

mptfan wrote:
Wed Nov 07, 2018 4:08 pm
I recently had a situation where I received several hundreds of dollars of cash that I wanted to deposit in my brokerage account, but my local brokerage branch office does not accept cash. I'm sure this issue also applies to online bank accounts with no local branches.

I went to my local post office and purchased a money order in the amount of the cash (there was a fee of $1.65 because the amount was greater than $500 but less than $1,000) and I made the money order payable to me, then I used the broker app on my phone to deposit the money order in my brokerage account. I got a confirmation later the same day that the deposit was processed and the money was in my account. Easy peasy.
This isn't a foolproof solution. Many banks restrict the deposit of money orders, including USPS Money Orders, anyway except in person. I found that Ally won't accept a USPS Money Order via their app, regardless of the fact that the money order was tiny and my balances were very large. Neither will my local B&M bank via their app, or via the ATM, but they will at a teller.

I keep a local B&M bank, which happens to have branches at the main grocery store we use, for the purposes of money order deposit, cash deposit, coin deposit, notary and medallion services, business account (free), and the very rare birthday check for $25 for the relatives that don't have Zelle setup.

I receive USPS Money Orders for occasional Craigslist transactions. The Post Office used to cash them for me. Now, they can't cash anything of any size because "we don't keep much cash in our drawers and we empty them for deposit at night. Nearly everyone uses a credit or debit card with us."

The USPS can be used to validate a money order if you're concerned it may be fraudulent.
Last edited by RickBoglehead on Thu Nov 08, 2018 8:40 am, edited 1 time in total.

Gray
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Re: How to deposit cash in online account with no local branch

Post by Gray » Thu Nov 08, 2018 8:20 am

I just use my bank’s photo cash deposit. Works like a charm.

I keep the hard copies just in case. :greedy

gd
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Re: How to deposit cash in online account with no local branch

Post by gd » Thu Nov 08, 2018 8:30 am

My local bank has free checking, no minimums, notary and medallion signature services, and online capabilities are as good as Bank of America except for not offering a credit card linked to the same web site-- which I do not particularly want. Never lines, tellers know us by sight, and more than once they've caught mistakes I was about to make. Never seen free donuts, but they do usually have candy.

Isabelle77
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Re: How to deposit cash in online account with no local branch

Post by Isabelle77 » Thu Nov 08, 2018 10:09 am

RickBoglehead wrote:
Thu Nov 08, 2018 8:09 am
Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?
Photo deposit on their app. All of the major banks and a lot of little banks have this now. USAA has had theirs for years.

RickBoglehead
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Re: How to deposit cash in online account with no local branch

Post by RickBoglehead » Thu Nov 08, 2018 10:40 am

Isabelle77 wrote:
Thu Nov 08, 2018 10:09 am
RickBoglehead wrote:
Thu Nov 08, 2018 8:09 am
Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?
Photo deposit on their app. All of the major banks and a lot of little banks have this now. USAA has had theirs for years.
Cash? You take a picture of cash, and that deposits it in your bank. :shock:

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leeks
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Re: How to deposit cash in online account with no local branch

Post by leeks » Thu Nov 08, 2018 10:59 am

RickBoglehead wrote:
Thu Nov 08, 2018 10:40 am
Isabelle77 wrote:
Thu Nov 08, 2018 10:09 am
RickBoglehead wrote:
Thu Nov 08, 2018 8:09 am
Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?
Photo deposit on their app. All of the major banks and a lot of little banks have this now. USAA has had theirs for years.
Cash? You take a picture of cash, and that deposits it in your bank. :shock:
I don't think so.....

hambone
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Re: How to deposit cash in online account with no local branch

Post by hambone » Mon Nov 12, 2018 4:20 pm

RickBoglehead wrote:
Thu Nov 08, 2018 10:40 am
Isabelle77 wrote:
Thu Nov 08, 2018 10:09 am
RickBoglehead wrote:
Thu Nov 08, 2018 8:09 am
Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?
Photo deposit on their app. All of the major banks and a lot of little banks have this now. USAA has had theirs for years.
Cash? You take a picture of cash, and that deposits it in your bank. :shock:
You can only do checks thru USAA I think the poster is confusing cash with checks.

J295
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Re: How to deposit cash in online account with no local branch

Post by J295 » Mon Nov 12, 2018 8:16 pm

Several hundred dollars of cash .... not joking here .... take it to the grocery store or restaurant anyplace else you typically charge the cost and spend it ....

Oh yes, I'll miss out on the 2% cash back ..... on $500 that's $10 and I can live with that outcome to save me the hassle of getting it deposited.

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dm200
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Re: How to deposit cash in online account with no local branch

Post by dm200 » Mon Nov 12, 2018 8:17 pm

You may be able to pay in person on one of your credit cards locally.

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whodidntante
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Re: How to deposit cash in online account with no local branch

Post by whodidntante » Mon Nov 12, 2018 8:34 pm

RickBoglehead wrote:
Thu Nov 08, 2018 10:40 am
Isabelle77 wrote:
Thu Nov 08, 2018 10:09 am
RickBoglehead wrote:
Thu Nov 08, 2018 8:09 am
Isabelle77 wrote:
Wed Nov 07, 2018 9:57 pm
I just do mobile deposits with USAA banking. $100,000 daily limit.
How do you do a mobile deposit of cash, which is the OP's point?
Photo deposit on their app. All of the major banks and a lot of little banks have this now. USAA has had theirs for years.
Cash? You take a picture of cash, and that deposits it in your bank. :shock:
Sure, and then you destroy the deposited cash 14 days later, which is probably a felony. :happy

Trism
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Re: How to deposit cash in online account with no local branch

Post by Trism » Tue Nov 13, 2018 9:16 am

Hand the cash to someone you trust and have them write you a check for the same amount. Remote deposit the check.

SenecaTheYounger
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Re: How to deposit cash in online account with no local branch

Post by SenecaTheYounger » Tue Nov 13, 2018 9:41 am

I bank with Schwab and do not have a local bank account. When I receive large amounts of cash I just buy a money order from Western Union in the grocery store. It only costs a few dollars and you can take a picture of the money order and deposit it just like a check. I find paying this small fee is worth it for not having the hassle of maintaining yet another account.

MnD
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Re: How to deposit cash in online account with no local branch

Post by MnD » Tue Nov 13, 2018 9:49 am

Several hundred? Costco will take care of this problem very quickly. If you don't have room for 8 big t-bone steaks and 72 rolls of toilet paper how about buying a a gift card for your main grocery store.

Mike Scott
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Re: How to deposit cash in online account with no local branch

Post by Mike Scott » Tue Nov 13, 2018 10:07 am

What is the barrier to walking into a local bank or credit union and opening a free account?

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dratkinson
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Re: How to deposit cash in online account with no local branch

Post by dratkinson » Tue Nov 13, 2018 3:37 pm

SenecaTheYounger wrote:
Tue Nov 13, 2018 9:41 am
I bank with Schwab and do not have a local bank account. When I receive large amounts of cash I just buy a money order from Western Union in the grocery store. It only costs a few dollars and you can take a picture of the money order and deposit it just like a check. I find paying this small fee is worth it for not having the hassle of maintaining yet another account.
Or... Buy a grocery store gift card. It's free, so you save the cost. Then use the gift card to buy your groceries until it's exhausted.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

mptfan
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Re: How to deposit cash in online account with no local branch

Post by mptfan » Wed Nov 14, 2018 12:31 am

Mike Scott wrote:
Tue Nov 13, 2018 10:07 am
What is the barrier to walking into a local bank or credit union and opening a free account?
Keeping track of yet another account.

mouses
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Re: How to deposit cash in online account with no local branch

Post by mouses » Wed Nov 14, 2018 1:06 am

sport wrote:
Wed Nov 07, 2018 10:53 pm
radiowave wrote:
Wed Nov 07, 2018 9:38 pm
And my B&M bank still has free donuts.
Free donuts? What bank is this? I want to move my account there. :shock:
My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)

yeahman
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Re: How to deposit cash in online account with no local branch

Post by yeahman » Wed Nov 14, 2018 7:30 am

AmEx Serve has no fee in some states but the bigger problem is that transferring money out will get your card shutdown and earn you a lifetime ban. They want you to use it as a debit card. If it's a significant sum and you don't expect to have to do it regularly, you can load the Serve, transfer, then immediately close the card to avoid the lifetime ban.

Trism
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Re: How to deposit cash in online account with no local branch

Post by Trism » Wed Nov 14, 2018 7:45 am

mouses wrote:
Wed Nov 14, 2018 1:06 am
sport wrote:
Wed Nov 07, 2018 10:53 pm
radiowave wrote:
Wed Nov 07, 2018 9:38 pm
And my B&M bank still has free donuts.
Free donuts? What bank is this? I want to move my account there. :shock:
My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)
My local CU offers some of the least rewarding rewards credit cards you can find anywhere, and pays laughable yields on savings products.

Not sure about lollipops.

:)

mouses
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Re: How to deposit cash in online account with no local branch

Post by mouses » Wed Nov 14, 2018 7:55 am

Trism wrote:
Wed Nov 14, 2018 7:45 am
mouses wrote:
Wed Nov 14, 2018 1:06 am
sport wrote:
Wed Nov 07, 2018 10:53 pm
radiowave wrote:
Wed Nov 07, 2018 9:38 pm
And my B&M bank still has free donuts.
Free donuts? What bank is this? I want to move my account there. :shock:
My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)
My local CU offers some of the least rewarding rewards credit cards you can find anywhere, and pays laughable yields on savings products.

Not sure about lollipops.

:)
3.30% interest 2 year CD, from the coffee, cookies, lollipop cu.

Trism
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Re: How to deposit cash in online account with no local branch

Post by Trism » Wed Nov 14, 2018 8:20 am

mouses wrote:
Wed Nov 14, 2018 7:55 am
Trism wrote:
Wed Nov 14, 2018 7:45 am
mouses wrote:
Wed Nov 14, 2018 1:06 am
sport wrote:
Wed Nov 07, 2018 10:53 pm
radiowave wrote:
Wed Nov 07, 2018 9:38 pm
And my B&M bank still has free donuts.
Free donuts? What bank is this? I want to move my account there. :shock:
My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)
My local CU offers some of the least rewarding rewards credit cards you can find anywhere, and pays laughable yields on savings products.

Not sure about lollipops.

:)
3.30% interest 2 year CD, from the coffee, cookies, lollipop cu.
Congrats on finding Unicorn Federal! :)

THY4373
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Re: How to deposit cash in online account with no local branch

Post by THY4373 » Wed Nov 14, 2018 10:55 am

As others have stated the simplest solution is probably to buy a money order. My recommendation would be to purchase a Western Union money order (or orders if you got above max value) from a grocery store and then deposit that money order(s) via mobile deposit. Should be less than a $1 fee per MO at most grocery stores. Avoid Moneygram MOs as they are rarely accepted by mobile deposits.

mouses
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Re: How to deposit cash in online account with no local branch

Post by mouses » Thu Nov 15, 2018 2:06 am

Trism wrote:
Wed Nov 14, 2018 8:20 am
mouses wrote:
Wed Nov 14, 2018 7:55 am
Trism wrote:
Wed Nov 14, 2018 7:45 am
mouses wrote:
Wed Nov 14, 2018 1:06 am
sport wrote:
Wed Nov 07, 2018 10:53 pm
Free donuts? What bank is this? I want to move my account there. :shock:
My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)
My local CU offers some of the least rewarding rewards credit cards you can find anywhere, and pays laughable yields on savings products.

Not sure about lollipops.

:)
3.30% interest 2 year CD, from the coffee, cookies, lollipop cu.
Congrats on finding Unicorn Federal! :)
Aka Ocean State cu.

sawhorse
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Re: How to deposit cash in online account with no local branch

Post by sawhorse » Thu Nov 15, 2018 2:38 am

For the amount in your case (less than $1000), I would just have kept it around as some emergency cash or to pay at places that only accept cash or offer a discount for cash.

Trism
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Re: How to deposit cash in online account with no local branch

Post by Trism » Thu Nov 15, 2018 7:09 am

mouses wrote:
Thu Nov 15, 2018 2:06 am
Trism wrote:
Wed Nov 14, 2018 8:20 am
mouses wrote:
Wed Nov 14, 2018 7:55 am
Trism wrote:
Wed Nov 14, 2018 7:45 am
mouses wrote:
Wed Nov 14, 2018 1:06 am


My local cu has free coffee and cookies, and free lollipops at the tellers stations :-)
My local CU offers some of the least rewarding rewards credit cards you can find anywhere, and pays laughable yields on savings products.

Not sure about lollipops.

:)
3.30% interest 2 year CD, from the coffee, cookies, lollipop cu.
Congrats on finding Unicorn Federal! :)
Aka Ocean State cu.
I love a good CD special, even when they require "new money." :)

Their APYs on liquid savings are ghastly compared to what else is out there (currently: regular savings accounts [0.1%] and money market accounts [tiers as low as 1.1% that max at 1.5% for balances $75k+]).

Clearly someone is paying for the "free" confections.

dziuniek
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Re: How to deposit cash in online account with no local branch

Post by dziuniek » Thu Nov 15, 2018 10:16 am

Seems complicated.

If it's just several hundred... spend it?

Groceries... that's several hundred for most of us per month?

sport
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Re: How to deposit cash in online account with no local branch

Post by sport » Thu Nov 15, 2018 10:57 am

Trism wrote:
Thu Nov 15, 2018 7:09 am
I love a good CD special, even when they require "new money."
My bank has a special CD for "new money". That annoyed me, so I took out some "old money". B&M banks have been very stingy when it comes to raising the interest rates on existing deposits. :annoyed

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