The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: DavidDoes on September 13, 2016, 09:01:48 PM
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We currently have our Simple.com accounts, which are not joint, unfortunately. Also, it's only .01%. We really want to use Capital One 360, but after they refused to link our Simple.com account due to its being owned by Bancorp, and since we can't figure out how to deposit cash, I'm not sure we will be able to even use it. You cannot deposit cash at the ATM, and you cannot deposit money orders.
How are you folks doing it?
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I usually deposit the cash into my free checking account at Huntington then transfer it over. Another option is to give the money to a trusted relative and have them write you a check, that you can then deposit via your phone. Neither is ideal but that is the trade off for getting better service and interest rates.
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If you have a 360 checking account, certain ATMs do allow for cash deposits. I used one when I had to deposit $5k from a car sale. Not sure about money orders though as I've never come across that.
https://helpcenter.capitalone360.com/bnk/Topic.aspx?category=C3BNKEOBAS#FBNKEODW01
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I second the brick-and-mortar bank. I can walk in, deposit the cash, and then immediately transfer to Capital One 360. It is a little inconvenient, so I make every effort to have as little cash as possible.
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Well, crap. I closed my brick-and-mortar bank account a couple months ago and have been relying on Ally Bank for savings and checking. I guess I never thought through to this conundrum. I suppose I would give the cash to my mom and have her write me a check, which I would then deposit with my phone app. But really, it's rare that I'm dealing with any cash anyway.
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I just spend the cash when I can remember. I don't deal in cash much anyway. I usually only have about $100-200 at most.
One time, I had +$5,000 because we had just sold our car. But we turned around the next week and bought a different car and just used the same cash.
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Hmm, I don't think I've deposited cash in years. I think the most I've had lying around in cash was maybe ~$1000 (roommate was paying me rent in cash because she was out of checks) and even that I just spent as I needed it. But obviously YMMV if you work for tips or sell a lot of stuff on craigslist or whatever.
The CapitalOne branded ATMs at Targets generally take deposits. On their website you can see a list of all their ATMs (https://secure.capitalone360.com/myaccount/banking/atm_locate.vm#) and a small subset of them say "Deposit ATM" (in my area it's only the ones at Targets). I'm also fortunate enough to live within useful distance of a couple of CapitalOne360 Cafés but I guess if you had that option you would know about it already.
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I have an account with a bank I can walk to from my house that I use for cash purposes.
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If you have a 360 checking account, certain ATMs do allow for cash deposits. I used one when I had to deposit $5k from a car sale. Not sure about money orders though as I've never come across that.
https://helpcenter.capitalone360.com/bnk/Topic.aspx?category=C3BNKEOBAS#FBNKEODW01
Hmm, I don't think I've deposited cash in years. I think the most I've had lying around in cash was maybe ~$1000 (roommate was paying me rent in cash because she was out of checks) and even that I just spent as I needed it. But obviously YMMV if you work for tips or sell a lot of stuff on craigslist or whatever.
The CapitalOne branded ATMs at Targets generally take deposits. On their website you can see a list of all their ATMs (https://secure.capitalone360.com/myaccount/banking/atm_locate.vm#) and a small subset of them say "Deposit ATM" (in my area it's only the ones at Targets). I'm also fortunate enough to live within useful distance of a couple of CapitalOne360 Cafés but I guess if you had that option you would know about it already.
Unfortunately, their ATM finder (as well as the one on Allpoint) does not allow filtering for ATM's that accept deposits, despite a few articles from 2014 suggesting otherwise.
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If you have a credit card with a bank that has physical locations, like Chase, then you can make a payment to it at one of their banks.
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I recommend keeping at least one active account at a brick-and-mortar institution open for certain situations like depositing cash.
Another example: I was a first-time homebuyer and unaware that my personal check wouldn't be acceptable until right before closing day. My downpayment funds were in my 360 account. On the advice of Capital One customer service, I was able to walk into my local credit union and have them generate a cashier's check on the spot by drafting off my 360 debit card.
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Unfortunately, their ATM finder (as well as the one on Allpoint) does not allow filtering for ATM's that accept deposits, despite a few articles from 2014 suggesting otherwise.
It says "Deposit ATM" in the Type column, though - it's pretty easy to see if it's there. Their tool also doesn't let you look at ATMs more than 20 miles away, though - I never noticed because there are 640 AllPoint ATMs within 20 miles of me. The only ones that accept deposits, though, are at CapitalOne brick-and-mortar locations and Target stores.
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It says "Deposit ATM" in the Type column, though - it's pretty easy to see if it's there. Their tool also doesn't let you look at ATMs more than 20 miles away, though - I never noticed because there are 640 AllPoint ATMs within 20 miles of me. The only ones that accept deposits, though, are at CapitalOne brick-and-mortar locations and Target stores.
Ah, thanks for that info. Didn't notice that before. Probably because there's only three Cash Back ATMs in 20 miles, and the rest are standard ATMs.
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I recommend keeping at least one active account at a brick-and-mortar institution open for certain situations like depositing cash.
I've not had a local bank for 10+ years now and have been fine not being able to deposit cash.
Unless you come into a large chunk of cash, probably from selling a car, just slowly spend it.
Another example: I was a first-time homebuyer and unaware that my personal check wouldn't be acceptable until right before closing day. My downpayment funds were in my 360 account. On the advice of Capital One customer service, I was able to walk into my local credit union and have them generate a cashier's check on the spot by drafting off my 360 debit card.
Make sure to ask about this - I was worried in a similar situation so I about two weeks in advance, but it turned out we could use a regular check (!?). My alternate plan was going to open a checking account with my mortgage provider to transfer the money in immediately and/or receive the cashier's check.
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Capone360 lets you wire money to escrow for closing day. You do have to call their customer service to make that option available online but it was super easy for me when I did it 1-2 years ago. They do charge a fee to wire money, but so does everyone else.
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You can send in money orders via snail mail for deposit into CapitalOne360 (just be sure to specify *which* account if you have multiple).
This year I had a tenant give me four $500 money orders for their security deposit and that's exactly how I deposited them.
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You can send in money orders via snail mail for deposit into CapitalOne360 (just be sure to specify *which* account if you have multiple).
This year I had a tenant give me four $500 money orders for their security deposit and that's exactly how I deposited them.
How very outdated. Hmm. I might just stick with Simple.
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This year I had a tenant give me four $500 money orders for their security deposit and that's exactly how I deposited them.
someone has a churner for a tenant :P
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This year I had a tenant give me four $500 money orders for their security deposit and that's exactly how I deposited them.
someone has a churner for a tenant :P
It was per my request. I don't trust a cashier's check (or a regular check) and I can't deposit cash ... so the money orders served my needs perfectly. :)
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Brick and mortar bank(s) for cash deposits/withdrawals, then ACH over to online accounts as needed.