As a former banker for Chase Bank, I know exactly what you can do to deposit money into your account. I also know what you can’t do, as Chase Bank does have a couple of important rules that may stop you from making a deposit.
At the Chase Bank, there are seven ways you can make a deposit into your Chase Bank account:
- Cash Deposits
- Check Deposits
- Direct Deposits
- Zelle Transfers
- Wire Transfers
- ACH Transfers
- External transfers
Cash is King — How to Deposit Cash Into Your Chase Bank Account
Cash is one of the easiest ways to pay for something or to get paid. It’s paper, and it goes right in your hand; a perfect payment for even the most skeptical of people. While you can obviously deposit cash into your account at Chase, there are some rules you should be familiar with before you go into your local branch:
You Must Have an ID on You
I know this sounds crazy, but if you want to put cash into your own account, you have to have an ID. Chase calls it a “primary ID”, so you can either use:
- Debit card with the correct PIN
- Driver’s license
These are the three main forms of ID, there are others on the list but they aren’t nearly as common.
There are many acts and laws that restrict what banks do. The government has found that money laundering has increased significantly over the last couple of decades and has made a litany of new laws for banks to follow. One of these laws only allows account holders to deposit cash into their own accounts, which is why Chase wants to make sure you’re you before they accept anything.
You Can’t Deposit Cash Into Someone Else’s Account
Again, I was a banker for many years at Chase so you can imagine how many people wouldn’t even believe me when I told them about this rule.
To put it simply, The Patriot Act, passed directly after the events of September 11th, 2001, requires all banks to deny non-account holders from depositing into accounts they don’t own. The Patriot Act makes all banks participate in the Customer Identification Program (CIP), a program which requires customers to be identified.
The government wants to make sure no terrorists are depositing into your account, so they don’t let anyone not on the account put cash in. They will still allow checks, as cash is the only form of deposit that can’t be tracked back to its source.
Luckily, if you’re an account holder at Chase Bank and want to deposit it into someone else’s account, you have a means of doing so.
- The teller can first deposit the cash into your account, giving it a source
- Then the teller transfer the funds over to wherever you want them
- Cash is always available instantly as well, and the same applies to funds transfers.
You Can’t Mail Cash In, Either
For the same reasons as above, you can’t mail in a cash deposit into your local branch. Before accepting cash, your banker or teller will need to — you guessed it — identify you according to the CIP. Don’t worry, you can still mail in checks though.
You Don’t Always Need an ID
I know what you’re thinking, “Branson, you just said I need an ID, what gives?” Here’s the deal: you don’t need an ID if a teller or banker is willing to vouch for you and say you’re a “known customer”.
At Chase Bank, a “known customer” is someone an employee says they know by face and by name. Essentially, if you were to make a deposit with lead teller Dolores every Wednesday, and Dolores never asks for you ID because she knows you and what business you have, you’d be a known customer.
While there are things you can do at Chase Bank without an ID, it’s always best practice to have one on you. No matter how well known you are, there’s new employees or transfers from other branches who haven’t gotten a chance to know you. Show them your ID whenever they ask; it’s the best way to keep the ball rolling.
Now that we’ve had fun and discussed all the boring rules behind what could stop you from making a deposit, let’s talk about how to actually put cash into your Chase Bank account.
3 Ways to Deposit Cash at Chase Bank
At The Teller Line/With a Teller
Tellers are the staple of retail banking. A cashier with a big ol’ cash box and a computer to run your transactions; tellers are the frontline of Chase Bank. They’re now called “Associate bankers” as Chase is actually trying to limit the amount of transactions they do.
Chase wants to move more people to digital banking options. They’re hoping that most of their clientele can operate as digitally and independently as possible. But don’t worry, just because the future is on the way doesn’t mean you can’t go in person and chat with your favorite employee.
To deposit cash with an Associate Banker: simply present the cash and an ID and they should be able to do the work for you.
Some branches still have deposit slips out in the lobby, feel free to grab one of those, put your name and account information on there as well as the amount of the deposit, and do the employee’s job for them!
With a Banker
This option isn’t nearly as common, but it is an option so I thought I should include it. Relationship Bankers are allowed to sit down with customers and take their check deposits, cash too if the Banker can say they’re a known customer or they bring an ID. This is a pretty common occurrence when you open your account. You want to fund it and your banker wants to be courteous, so they’ll run the transaction for you!
Like always, nothing at Chase is too easy. While Relationship Bankers may run your transactions for you, Private Client Bankers and Financial Advisors may not. This is because they are both regulated by the SIPC, representing JPMorgan Chase more than Chase Bank.
JPMorgan Chase deals with lending and investments, while Chase Bank deals with deposit accounts like checking and savings. Investors are always at risk of losing money, while deposit account holders aren’t (unless the bank fails, but even then there’s FDIC insurance) and Chase Bank wants to make sure they don’t confuse their customers with the separate parts of the bank.
If you have a Financial Advisor, don’t be surprised if another banker comes to run your transactions. It is the law, after all.
At The ATM
This is the most common way to deposit cash into your account, and the way Chase wants you to deposit (if you care about what your bank wants). As a former banker, I would argue that the ATM is faster than the teller line 9/10 times. There are times when the ATM is down or the line is long, but more often than not ATM’s are your go to if you’re in a rush.
To use the ATM, you’ll need to have your debit card on you. If you have multiple accounts, use any one of your debit cards to pull up all of them. From there, simply select which account you’d like to deposit into. Or, you can deposit your cash into one of your accounts before using the app to transfer it to another.
Most Chase ATMs accept digital banking as well. Personally, I don’t like to pull my card out of my wallet, but I always have my iPhone on hand. Whenever I need to use the Chase ATM, I pull up my Apple Wallet on my phone, scan it through the ATM, punch in my PIN, and voila! I can deposit cash into my account without a physical card, and you can too!
Chase Bank, like many others, is restructuring the way they do business. Modern banks want to move away from being a hub of basic transactions and transition to an “Advice Hub”. This means that more banks will be adding and upgrading ATMs over tellers, pushing their clientele to become more independent in their everyday banking.
Check it out — How to Deposit a Check Into Your Chase Bank Account
Checks are another common and easy way of depositing funds into your Chase Bank account. Because they can be traced back to a source through the remitter’s name, account, and routing number, Chase Bank is a lot more lenient on who can deposit checks and where.
You don’t need an ID or a debit card to deposit a check into an account. Better yet, you can even deposit checks into other people’s accounts! As long as the check is written correctly, you can deposit it.
Like cash, you can deposit checks through a teller, with a banker, or at the ATM. Depositing checks isn’t exactly like cash though; here are two ways to deposit checks into your Chase Bank account that you can’t do with cash.
Deposit Your Check Through The Mobile App
When I was 16, I worked at an ice cream parlor. Every two weeks, I received a paper check to deposit. While I loved scooping ice cream, I hated going to the bank. I had to drive all the way across town, just to put a check into my account?
I was frustrated with my situation, until Chase came out with Mobile Deposit. I always used their app to check my balance, but Chase suddenly had the ability to deposit checks on the go! I started using the app, and I’ll tell you exactly how to do it.
- Log into the app with your normal username and passwords, the same you’d use to check your balance.
- Click on mobile deposit.
- To deposit a check using Chase’s mobile app, you’ll be using your device’s camera to take pictures of the front and back of your check.
- The app will ask for permission to use the camera, before asking you to enter the amount you’ll be depositing manually.
The Chase mobile app has a handy frame to use when taking a picture of your check. The frame makes sure everything is captured correctly. Once you’ve taken a picture of the front and back, you can go ahead and make your deposit!
Deposit Your Check Through The Mail
This isn’t a very common occurrence, but it does happen and is a possibility. While you can’t deposit cash in the mail, checks are easy.
As a former employee, I know of two main ways we received checks not in person:
- Through the mail
- Through the night drop
Depositing a check through the mail is what it sounds like:
- You put your check in an envelope
- Include your account information
- Send it to your bank
- Bank gets the check and deposit it the next business day
The night drop works the same way. If you ever have business with a bank, but aren’t available during business hours, the night drop is a safe and secure means of getting your funds to the bank on your own time. Chase’s employees will open the night drop the next business day and deposit your funds before they open their doors.
Checks Are Simple, but When Are They Available?
Cash is ready the second it hits your account, but checks might not. If you’re depositing a check from another Chase customer, the funds are usually all available immediately, like cash. This is because Chase doesn’t need to verify the funds from another bank, they can check their own records instantaneously.
For the first 90 days of your account opening, you’ll most likely be receiving $100 of your check to be available the day you deposit it. The rest of the check should be ready the next business day. If you’re an established customer, having an account in the positive for more than 90 days, that same day availability may increase to $200, with the rest being available the next business day.
Finally, if you’re a long time customer of the bank who is in good standing, you can receive up to $500 of your check the same day you deposit it! That doesn’t mean the check has cleared though, so make sure whoever paid you is reputable before you spend that money.
Deposited Directly — How to Set Up Direct Deposit Through Chase Bank
Direct deposit is one of the easiest ways to deposit money into your account. You don’t ever need to go to the bank or even log into the mobile app; once you set it up all of your paychecks should head straight into your account.
There are two ways to set up direct deposit with Chase Bank:
Through The Form, Either With a Banker or Through The Mobile App
Chase Bank has a handy form meant to set up direct deposit. Your banker should offer you one when you open your account, but you can always get one off of the app or Chase’s website.
The form includes all of the information you’ll need to give to your employer:
- Your name as it appears on your account
- Your account number
- The bank’s name and routing number
Chase has different routing numbers depending on the state you opened your account in, so be sure to check on the app if it isn’t already printed.
Getting Your Information Through The App
While some employers require some sort of paper form to set up direct deposit, others only need the information and don’t care how they get it.
Through Chase Bank’s app, you can see your account number and the bank’s routing number. Give these to your employer and tell them your legal name as well as the fact that they’re sending money to Chase Bank. They should be able to handle the rest for you.
Zing! How to Deposit Funds Into Your Chase Bank Account Using Zelle
Zelle is one of the most popular P2P money transfer platforms out there. Its popularity comes from the fact that almost every major U.S. bank partners with them — including Chase.
To sign up with Zelle, you must either do it through their app or through Chase’s. Once you’ve signed up, other Zelle users can transfer money into your account instantly. You can do the same; when you transfer money to another Zelle user the funds will be available in their account right away.
ACH, External, and Wire Transfers — How to Use Them To Deposit Funds Into Your Chase Bank Account
Our last three deposit options are the least common. While you probably won’t use any of these options too often, they each have a very specific use that makes them invaluable.
They aren’t common, but they do occur, so let’s take a look at how and when you can use ACH, External, and Wire Transfers to fund your Chase Bank account:
ACH transfers might be the least likely way to deposit money into your account. It works similar to direct deposit though; your employer, or whoever is paying you, will need your account number, routing number, and name of your bank in order to initiate a transfer.
After that, funds are sent through the Automated Clearing House where the transaction is reviewed. This review usually only takes one business day, but depending on the transaction it can take several.
Once the funds have cleared, you should see a receipt of sorts in your transaction history, detailing the unique code assigned to the transfer.
External transfers are the best way to send money to yourself, from different banks. If you’ve just opened your account with Chase Bank and want to move funds over from your Wells Fargo account, you can link the account and make external transfers.
Like ACH transfers, external transfers are reviewed before completion. For the first couple of transfers, funds may be reviewed for one to three business days — sometimes longer.
After you’ve had a series of transfers, or transfer externally on a regular basis, clearing times should be much lower, meaning you get your money ASAP!
Wire transfers are how you move a lot of money. Zelle is great when you want to send a buddy $20 for lunch, wire transfers are perfect for when you want to send your title company $200,000 as a down payment for your house!
See the difference?
Wire transfers are expensive, Chase Bank charges $35 for a domestic wire to be sent out with the help of a banker, or $25 if you do it online, on your own. Remember, they want all of their customers to be independent and are willing to give discounts to encourage them to do so.
International wires are even more expensive, coming in at $50 to send in person and $40 if they’re done online. There are certain account types that waive this fee, ask your banker if you qualify before paying anything.
Regardless of the price, wire transfers are a safe and secure way of transferring large amounts of money or sending funds internationally.