How to Deposit Cash During Bank Holidays?
When was the most recent time that you visited a bank? Most people would say it has been quite a long time since they did. Let’s look at why. Even bad has good in it – we can say that when COVID came. This is not just a line that is being said to make things seem better – but it is literal. The pandemic taught us how to live by ourselves and do things online. Though we were all familiar with online transactions and more – not many would trust the internet with their finances. But, it became a compulsion during the pandemic, and now it is a betterment.
The same stand when it comes to depositing money into a bank account – but if you are wondering whether you could deposit when there is a bank holiday. This article will speak about everything that you need to know.
Holidays and Banks
Holidays could be a time to unwind and rejoice, but they can also generate financial issues. Some financial transactions are halted on bank holidays. Usually, this isn’t a problem because you can use debit and credit cards, check your balance online, and withdraw cash from an ATM. However, significant life events that coincide with bank holidays might generate major problems.
Bank holidays are usually the same as those declared by the Federal Reserve Board. Bank and credit union branches are typically closed on these holidays, and banks suspend payment processing behind the scenes.
So, you might want to hold your deposits.
Bank branches may be open on holidays; although you might want to check the Saturday bank timings, it’s essential to double-check before you go. You can either check online or contact a call center. On certain holidays, call centers are more likely to be open, although customer service may be limited in their ability to handle your needs, and specialized departments are more likely to be closed.
Most bank holidays are so quiet that you won’t even notice that payment processing has slowed. However, if you have a tight payment deadline or require funds quickly, holidays may impede you from completing your tasks. As a result, it’s beneficial to plan ahead of time for vacations and holiday weekends.
How to Deposit Money When the Bank is Closed?
Here are some great ways you can deposit money when the bank is closed:
1) Deposit locally and transfer electronically:-
Online banks allow you to electronically link your account to another account at a traditional bank or credit union. Make your cash deposit at a local branch of the linked institution. Then, set up an electronic transfer, commonly known as an ACH transfer, to transfer the funds to your online bank.
Many financial institutions offer free ACH transactions, which might take up to three working days to execute.
2) Through a Cash Linked ATM
Some online banks, although not all, accept deposits using cash-accepting ATMs. Check with your bank to see whether an ATM is accessible. With a checking or savings account, for example, you can deposit cash in a machine at one of the bank or bank branches across the country.
You can deposit cash or checks at any ATM that accepts them, even if it is not part of your bank’s network. However, if you are not using your own bank’s equipment, expect a delay.
Before you go to the ATM, count your cash and endorse your cheques. Insert your ATM card and follow the on-screen instructions to make your deposit. The following are the actions you’ll most likely need to do to make an ATM deposit:
- To gain access to your account, insert your debit card and enter your PIN. Alternatively, for a no-contact ATM transaction, utilize a mobile wallet.
- Choose “deposit” from the available transaction types.
- Choose the account where you wish the money to be deposited.
- If an envelope is given, place your cash inside it and write any information requested on the envelope. When prompted, insert the cash and/or checks into the machine.
- Please wait for your receipt. Keep it somewhere safe in case there is an issue with your deposit. How to Deposit Cash During Bank Holidays?
3) Through a Money Order
Purchase a money order from a local merchant or post office and make it payable to yourself to convert your cash into an easy-to-deposit check. If your online bank offers an electronic scanning option, you can take a picture of your money order and then upload it to your account for deposit. If your bank does not offer this service, you can mail it to the bank’s main office for deposit.
4) Through a Reloadable Prepaid Debit Card
Consider buying a reloadable prepaid ATM card and then linking it to your online bank account if you make frequent cash deposits. You can then load cash onto the card and initiate an ACH transfer to your online bank.
Other Ways to Transfer Funds Online
Here are few of the most famous online money transfer services in India:
NEFT: For a variety of reasons, NEFT is often regarded as the most cost-effective and convenient online money transfer method. NEFT, which is regulated by the Reserve Bank of India (RBI), is available on most Indian banks’ internet banking and mobile banking services. Individuals can use NEFT to transfer even the smallest amounts without worrying about the bank’s cost. NEFT transactions are handled in batches, and money is settled according to the RBI’s cut-off period.
IMPS: As the name implies, when a person has to transfer and settle funds promptly to another account, IMPS might be handy because it settles funds immediately. In comparison to NEFT and RTGS, IMPS is a relatively recent concept in India. Most banks accept IMPS via their internet and mobile banking platforms.
RTGS: When transferring Rs.2 lakh or more, an individual should select RTGS for the real-time settlement component. The money is settled in real-time with no delay under RTGS. Unlike NEFT, RTGS does not use batch processing; instead, each transaction is processed on an individual basis, making it faster and more efficient. How to Deposit Cash During Bank Holidays?
To use any of the online money transfer methods, the bank charges a transaction fee based on many parameters such as fund value, fund transfer method, and so on. Though these are the most popular online money transfer methods in India, the following innovative ways are also being employed for greater flexibility and convenience –
a) UPI – The National Payments Corporation of India’s Unified Payments Interface (UPI) is a new digital transaction idea launched by the Government of India. UPI, which is based on a mobile platform, allows users to transfer money from one bank account to another without the usage of bank data. UPI sends and receives cash using a Virtual Payment Address (VPA), which is formed during the registration process and requires bank account details. After completing the registration process, any UPI user can utilize the VPA to transfer funds.
b) A digital wallet – Following the demonetization of high-value currency at the end of 2016, a slew of digital wallets were brought into the Indian market to allow digital transactions. Digital wallets are popular and beneficial not just for providing an optional method for online transactions but also for the ease and convenience with which money may be transferred to another user or bank account. To meet the increased demand following the demonetization, numerous institutions have launched their own digital wallets.
There used to be a certain time when you had to be worried if the bank was closed – these are just not those kinds of days. This post would have shown you all of the methods that you can rely on even when there are holidays to the banks throughout the country.
How to Deposit Cash During Bank Holidays?