Home financial knowledge How to use ATM as cash deposit machine

How to use ATM as cash deposit machine

cash deposit machine

The banking system has become a very interesting one with so many innovations in recent years, thanks to technology. Technology has made life even easier and more fun. Where would we have been if the art of technology was not “unleashed” by man? What would have become of him? (me and you).
The application of technology in banking has made it even more secure and stress free. A lot of our banking activities are now carried out online, via apps and even via SMS, this has become even more amazing as we now even pay for services via BarCodes.

Bar code image
A QR code

I do not need to tell you that this technology in all its beauty has rendered many jobless, hence homeless and many people who one technological advancement or the other has cost them their job now live a sadistic life. But then, this is just the beginning. At the end of this post, you would see how to deposit money into your bank account via the ATM machine (Automated Teller Machine), Of course this would cost even more their jobs, but this post is not to recount the evil of technology or its dangers, but to celebrate another of its breakthrough and inform and educate you on it.
Before now you are only allowed to withdraw, transfer, purchase airtime, and some other little things via an ATM, but now, you can deposit, (i.e pay into an account) via an ATM machine.

Does my bank have this cash deposit machine?

First off, I would want you to know if your bank (or the bank you want to pay the money into) has such machine or if the branch closest to you have it. If you are sure they have it, then you can proceed to making your deposit. I’ll also want to tell you that the machines for this purpose are special as not all machines accept deposits. I would also want you to talk to your bank if you need more clarification or leave a question in the comment area after this post. This technology although not new in the western world, is quite new in the third world nations including Nigeria.

How To deposit into a Bank Account Via an ATM

To deposit money to a bank account via ATM,
1. Visit a Bank that has this machine
2. Press 0000 (that is zeros in four places) this is the default pin for most banks, Don’t worry, if it’s different they’ll inscribe it there
3. You might be asked to select the account type you want to pay into. Select either savings, current account or whatever type of account it is you are paying into.

4. Punch in the account number correctly

5. Insert your well arranged notes into the area provided which would now open up for you,

6. Confirm the account number and name,

7. And if everything is fine, press deposit, otherwise make the necessary changes and then proceed with the deposit.

NB: After every step, please press “proceed” to move to the next step. In the situation where your money is rough, the machine selects the good ones, and returns the rough ones’ and then keeps the other ones’ for deposit while it then waits for you to make corrections(you can as well proceed without the ones’ rejected).
You do not need to type an amount or denomination(the accepted denominations are boldly written against the ATM machine), the machine is smart, it knows the denomination which you have put into it and accurately counts it.

Currently, the Confirmed banks that offer this service include Most GtBank(nationwide) and most Access bank branches(nationwide). I spotted it in one First bank branch at Ikorodu lagos, but it was obviously not working. And these machines accept this deposit 24 hours of the day, seven days in a week.

So that’s it. What do you think about this innovation? To me, Although it’s amazing, I see the cashiers or tellers at the bank stand a big risk of losing their jobs. I’m a tech enthusiast so I love this, I’m intrigued by new tech innovations and when I visit the bank, I love using this machine instead of joining the long exasperating queue.

Over to you, have you used this machine? What do you think about its speed and what are your ideas on how it can be improved. Does your bank have this facility and can you open a new bank account with a bank that has this just because of this machine that ease how deposit is done? Share whatever your thoughts are with us using the comment area below, don’t forget to share this to your facebook friends, twitter and google plus accounts, because I know you love this.


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