Some people receive paper checks often, others have never received a paper check. It all depends on your life style. Often you can receive refunds, remaining balances from accounts via paper checks. You may wonder, how to deposit these checks. There are 4 ways to deposit a paper check to your bank account.
Deposit in a bank branch
You can go to a bank and ask the teller to deposit check to your checking account. This old school way to claim payment that was sent to you via check. You visit your bank’s branch and ask cashier to make the deposit. This way takes time to go into the branch and stay in line. If it is a weekend or if you are short on time, you may want to get it done by yourself. Some banks don’t have branches. For example online-only banks like Capital One, Discover, Ally, and American Express have no branches. You can try the following ways.
Deposit check at an ATM
Modern ATMs have adopted a new feature that allows you to deposit paper checks just like a cash. You can deposit a paper check at your bank’s ATM. It is as easy as depositing cash. All you have to do is insert your debit card in the ATM, enter your PIN code and select “Deposit Cash.” When the ATM opens the slot for deposit, put the check inside. If the check is preprinted, ATM’s usually suggest the amount. If the check is handwritten, you have to enter the amount.
Most banks will make a check accessible the same day if it is less than $100. Checks for amounts greater than $100 are frequently ready the next business day. Be patient as the timeline is not guaranteed. The amount of the cheque you want to deposit is limited at ATMs. Typically, the cap is $5,000.
Make mobile check deposit
Mobile check deposit is a relatively new feature that is getting adopted by banks. Some banks call it mobile check capture or remote deposit. In 2013 only 10% of all US banks offered this feature. Now the feature is more widespread. You may also need to pass eligibility criteria. For example, Chime allows you to deposit paper checks only if you receive your salary to your Chime Spending account. Salary should come as a direct deposit. You can read more on how to mobile deposit paper check here.
Mail the check to your bank
Large checks often cannot be deposited using regular mobile check deposits. Some banks like Chime limit mobile deposits to $2,000. Chase considers checks over $7,500 as too risky and may want to receive them in mail via USPS. Other banks like Ally Bank limit checks over $50,000 as too large. It also depends on your relationship with the bank.
You can check limits of mobile deposits in my post here
Mailing a check can take a few days for the check to be delivered to your bank. It can easily take a week for the money to be added to your balance.
You can choose your preferred way to deposit a paper check based on your specific circumstances. You have to answer questions like: How urgently do you need the money? Are you “OK” to visit the bank’s branch? How big is the check?