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What are people's opinions about using (third-party) ATMs to deposit stuff into my online bank. At first glance, it might appear to be better than mailing it.

But what really happens? Does the bank that owns the ATM electronically transfer the money to my bank, or does the check I deposited have to get mailed to the online bank, resulting in no real saving?

Just curious how it all works.

Eric
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Both of the online banks I bank at say "You cannot deposit anything at any ATM - you have to mail it in to us, due to interstate banking laws."

I think that might be true since Citibank customers in NJ can't use a Citibank atm in NY.

On the menu screen of the ATM, there is no option for "Deposit".
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I am not sure how citbank works but I used to have an acccount with Savings of America in Florida and was able to make a deposit at its ATM in Texas.

I assume the same is true for several other national banks like Nationsbank.
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"I am not sure how citbank works but I used to have an acccount with Savings of America in Florida and was able to make a deposit at its ATM in Texas."

Citibank is different in that it is really a holding company of banks which have similiar names. Citibank NA is not the same legal entity as Citibank (New York State).

I can withdraw funds on my Citibank (New York State) account from the Citibank ATM down the street from me in Seattle and not incur a foreign ATM charge, but I can't deposit funds into it. If I use a Citibank branch in Washington State to make a deposit, they will mail it to New York for me.

I imagine the restriction on ATM deposits for .com banks are for similiar reasons.
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I think that banks like Citibank that have separate banks in each state are a holdover from previous banking regulations. It used to be illegal to have one bank serving multiple states; now I think it is not.

FirstIB claims you can deposit at any MAC ATM--I know they have those in the D.C. metropolitan area, while FirstIB is in Indiana, so there must be some interstate deposits allowed. But I don't know how it works--would be interested to know.

-K. Manfield
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I have successfully used this feature while in
Kentucky using a MAC ATM at PNC.

It works like a charm and my money is available
the very next business day, unlike the delay I
experience if I post mail deposits to First IB.

I wish more banks would provide this service.
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