A money order is ideal for those with a bank account not available to order checkbooks yet. At the same time, it is very common for banks and the government to make payments through these.
This creates many questions about their distribution, use, and deposit. Among them is the one that this article seeks to answer… Would it be possible to deposit a money order through an ATM?
Money orders and ATMs
In short, the answer to this question is a resounding yes. ATMs allow the deposit of money orders through their service. You can link them directly to your account if you access them with your card.
However, not all banks follow the same banking processes. So it never hurts to learn more about the specific bank’s information and if there is a fee to carry out this process.
Also, the bank you go to will likely have a different process than normal for depositing bank drafts through ATMs. Therefore, you will have to verify how this process works, which you may not be used to.
How do I deposit my money order through the ATM?
It should be clarified that during banking hours, they can be deposited at the cashier’s office, where the cashier will do this for you, whether you want the money in cash or sent to your account.
But for those who need to deposit it through an ATM for one reason or another, here we have the solution.
Locate the ATM
It may sound silly, but the first step is to locate the ATM where you want to deposit the money order. You should also consider whether that bank accepts money orders by ATM and the tax rates if there are.
Some banks that accept money orders through their ATMs are Chase, Wells Fargo, Santander, TD Bank, and Bank of America, among others. Each one has its specific process and fees.
Once you are in the chosen bank that best suits your needs, you will have to access your checking or savings account.
It is a process very similar to depositing a check
Once you have logged in, the process will be very similar to depositing a check if you have ever made one. You just have to sign the money order and insert it into the teller. As with a check, you will wait for the teller to read it and verify its authenticity.
Deposit it into your account or take the cash
If the money order has been approved, you can receive your bill and decide whether to deposit it directly into your account or take it in cash. Please note that each bank has a limit on the amount of cash that can be withdrawn through an ATM.
When will I get the money in my account?
When we deposit a money order through the ATM, the biggest doubt is whether there is any difference between doing this process here or at the teller’s office. Above all, the difference in the immediacy of the deposit and its reflection in our account.
Depositing the money order through the ATM follows the same process as depositing it at the teller’s office. So, depending on the bank, this process can take 24 to 48 hours to be fully completed and available in your account.
Likewise, if you withdraw the money order in cash, likely, the teller will only give you a portion of it since this process is completed in your account in the same 24 to 48-hour period.
How much money will I have available?
Depending on the rules of each bank, you may have a certain amount of money available to you immediately. This amount is usually around $200, which can be withdrawn in cash or used as a fund in your account.
Another point to consider is the time you make your deposit since many banks have 8:00 PM as the edge of the business day. This could directly affect when you would have the money available.
Telephone Deposit Service
With the advance of technology, many banks also offer the option of depositing money orders through your cell phone. In this case, you should check from the mobile application of your phone if they offer this deposit option.
In this case, you will follow the same process of depositing by mobile application as with a check. At the same time, it will take 24 to 48 hours to be available in your bank account.
“How to Deposit a Check at an ATM | Capital One.” Capital One, https://www.capitalone.com/bank/money-management/banking-basics/deposit-check-at-atm/.