Although fewer and fewer banks accept cash deposits into another person’s account, many still accept check deposits. If you are unable to deposit cash into a bank account and you’re tempted to use the mail, try using a money order instead. While domestic wire transfers have a https://accounting-services.net/5-ways-to-deposit-cash-into-someone-elses-account/ fairly affordable fee, international wire transfer fees range from $10 to $50. There are a few different ways you can get money into someone’s bank account, which makes it more convenient for you. Here are the six most common ways you can deposit cash into someone’s account.
- Payment apps and online transfers are typically the most convenient ways to send money.
- Whether you’re helping an elderly parent or a relative who is in the military and serving overseas, you may have power of attorney (POA) to handle their financial affairs.
- Yes, it’s possible to deposit a check for another person, either to their account or yours.
- For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023.
Second, some of the apps, such as PayPal and Venmo, may charge a fee to do an instant transfer. If you can wait a few days, then you can get the money moved into the account without a fee. But if it needs to be done instantly, you will have to pay an extra charge. There are plenty of ways to ensure that the money you are sending ends up in the right person’s account. Gone are the days when you would have to wait in a long line at the bank to send a money order or even do basic transactions. Offer pros and cons are determined by our editorial team, based on independent research.
Compare Checking Accounts
She has written on a variety of topics including money, science, personal finance, politics, and more. Her work has been published in the HuffPost, KSL.com, Deseret News, and more. How much time it takes to deposit money into another account will depend on the method and, in some cases, how much you’re willing to spend. Mailing cash might sound like a dangerous option to some people, but this is a very secure option.
- An IRA trustee or plan administrator must either report the amount of the RMD to the IRA owner or offer to calculate it.
- When you need to send money to someone, depositing it into her account electronically is a safe and secure method.
- There are plenty of times you’ll need to give money to someone, but for one reason or another, you can’t just hand them cash.
- A disadvantage of depositing a check is, unlike cash, the bank sometimes won’t make the funds available immediately.
- Yes, but it can be more complicated than depositing a check written out to you.
The Experian Smart Money™ Debit Card is issued by Community Federal Savings Bank (CFSB), pursuant to a license from Mastercard International. To conduct a wire transfer, you’ll usually need the account number, routing number and name of the recipient. A cashier’s check is similar to a money order, but there’s no limit on how much you can send.
The Bankrate promise
If your child is a minor and receives a check, you can cash it on their behalf. However, you must specify your relationship to your child on the check and sign your own name. I’m a freelance financial journalist and a regular contributor to U.S. I’ve written for Life + Money by Citi, Bankrate and The Balance, among others. Businesses that need to deposit large amounts of cash should consider using a secure bag and using their overnight deposit box if they need to drop off cash after business hours. Ask your bank how they handle money orders (or read your deposit agreement) before you go out and buy one.
When can you deposit a check for someone else?
We may receive a commission if you make a purchase or take action through these links. However, rest assured that our editorial content and opinions remain unbiased and independent. These affiliate earnings support the maintenance and operation of this website. The recipient to whom you’re sending money must also be registered with the same service. As long as you are both using the same service, you can send the money to your recipient’s unique registration ID. Rohit has extensive experience in credit risk analytics and data science.
Bankrate logo
Depositing a third-party check from someone you don’t know can be risky. If the check bounces but you’ve already used the money from the check to pay bills, your payments may not go through. Your bank may charge you a non-sufficient funds fee, which can be $25 or more. You might have to scramble to get enough money into your checking account to pay your bills on time.
A 2020 withdrawal from an inherited IRA could not be repaid to the inherited IRA but may be spread over three years for income inclusion. For more information see Coronavirus relief for retirement plans and IRAs. However, if an executor was not named, the check cannot be cashed or deposited; it must be returned to the certifying agency and you must wait until the probate process is complete. If you have POA and need to cash a check written out to your relative, print their name in the endorsement area. Under it, print your own name and your role as agent or POA, then add your signature.
Paying money into someone else’s bank account
Whereas you can get a money order at a bank, the post office, or a convenience store, cashier’s checks are only available at banks. When you buy a money order, you’ll pay the small fee plus the amount you want to deposit. For example, you might pay the $200 you want to put into your friend’s account, then a $2 fee for the money order itself. You’ll get a receipt, so if the deposit never goes through for some reason, you have proof of the money order. One disadvantage to this method is that both people need to have an account with certain services, including PayPal and Venmo.