To deposit money into an online checking account, a customer can set up direct deposit, transfer money into the account from another account, deposit checks through a mobile app or the mail, or make a deposit at some ATMs. Depositing cash in an online-only account is often more difficult.
The most reliable way to deposit money in your online account is to set up direct deposit with an employer to have all paychecks sent directly to the account. This is normally set up through the company's human resources office, which requires the bank account details to set it up. Some account holders may find it more convenient to do one-time wire transfers or ACH transfers from another bank account.
Most online only banks offer mobile banking, including Ally Bank. A common feature of mobile banking apps is the ability to deposit a check by taking a picture of it with your phone. Since the modern banking system already works by transmitting check images, this is a secure and convenient way to deposit paper checks into your online account. Customers can also send check deposits in the mail.
While all online banks offer account access by ATM, only some allow customers to make deposits at ATMs. The few online-only banks that do offer cash deposits may require a delay of several days to validate the transaction. Some online banks, such as CapitalOne360, can offer same-day cash deposits at ATMs they own. For online accounts that cannot accept cash deposits directly, customers can purchase a money order with cash and deposit it like a check.