Deposit free money into my account

You don't take steps to cancel the credit think about how you would feel if the roles were reversed and it was your money sitting in someone else's account.

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Can you keep money accidentally paid into your bank account, deposit free money into my account.

Can you keep money accidentally paid into your bank account?

Written by martin lane, managing editor

We all dream of receiving an unexpected windfall, but what are your rights if you receive an accidental payment into your bank account?

In a nutshell, no. Legally, if a sum of money is accidentally paid into your bank or savings account and you know it doesn't belong to you, then you must pay it back.

Why you cannot keep it

Keeping any money wrongly credited to your account could lead to you being charged with retaining wrongful credit' under the theft act 1968.

You could be guilty of an offence if a wrongful credit is made to your account and:

You know the credit has been made incorrectly

You don't take steps to cancel the credit

What not to do

No matter how tempting it is, don't immediately go out and spend the money.

You will be liable to pay it back, even once the funds are gone, if:

A bank or individual accidentally paying money into your account

You are overpaid by your employer

What should you do?

If you do receive an unexpected payment into your bank account, you should always inform your bank immediately.

Waiting for the bank to notice their mistake could take weeks, and during that time the temptation to spend will be harder to resist.

Think about how you would feel if the roles were reversed and it was your money sitting in someone else's account.

Case study

A woman from blackburn was sentenced to 10 months in prison after she went on a spending spree, after receiving £135,000 in error from abbey bank.

Windfall winners

There have been some exceptional cases where individuals have been allowed to keep money accidentally paid to them. This can happen in two ways:

If you have a credible argument as to why you should keep it: for example, a part-time bank worker who was overpaid £7,500 a year for three years won a court case to keep her windfall. A tribunal ruled in her favour after she successfully argued she had assumed the increase was a pay rise that she had been promised by her employers.

If you did not realise you were given money in error: this argument was used successfully in 1950 in a case between lloyds bank and cecily kate brooks. Ms brooks, expecting a similar payment to the amount wrongly credited to her, argued that she spent the money believing that it belonged to her. This sort of case is the exception not the rule, and pleading ignorance is unlikely to work in your favour.

Can you earn interest on payments made in error?

You may be able to put the windfall into a separate savings account and earn interest, until you have rectified the error with the bank or the rightful owner.

This strategy was successfully adopted by a postal worker in the US who received a pay rise he knew he wasn't entitled to, and immediately informed his supervisors of their error.

While he waited for the situation to be resolved, he banked his pay rise in a separate savings account to accrue interest.

It was three years before his employers corrected their mistake and, despite having to pay back all the money he was overpaid, his financial savvy meant he ended keeping nearly £500 in interest earned.

Honesty is the best policy

Do not be tempted to spend your windfall, even if nobody contacts you immediately. Banks regularly carry out audits which means they will always catch up with you.

Honesty is always the best policy and, by informing your bank or employer promptly, you could even find yourself on the receiving end of a reward.

Find the best credit card for you, whether you're looking for 0% card for balance transfers or purchases or day to day spending and rewards

5 ways to deposit cash into someone else’s account

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Several big banks no longer let you deposit cash and coins into someone else’s checking account unless you become a joint owner.

While adopting the policy is at the discretion of each bank, there is a reasonable chance you are affected. The biggest banks — bank of america, wells fargo and jpmorgan chase — have no-cash policies for unauthorized individuals.

As the banks see it, the decision to ban cash helps prevent money laundering and fraud — cash is hard to trace, after all. It’s also expensive to process. For you, the policy may interfere with something you want to do. Now, the good news. If your bank won’t let you deposit cash into someone else’s personal account, you have other options to achieve the same result.

Under the bank secrecy act, financial institutions must take certain steps to detect and combat money laundering, like reporting suspicious activity and transactions involving more than $10,000. But adopting certain policies – like stopping consumers from depositing cash into others’ accounts – is at the discretion of each bank, says steve hudak, a spokesman for the financial crimes enforcement network.

“it’s up to the bank to have policies and procedures in place to be able to file these reports and this is also based on risk,” hudak says. There’s not a rule that says precisely what transactions banks can accept but they have to base their policies on risk.”

Five alternatives to cash deposits

While you might feel inconvenienced, you have alternatives — some of which are quicker than depositing physical cash into someone else’s account at a branch.

1. Make an electronic transfer

You can easily transfer money into a friend’s or relative’s account through a service such as venmo, paypal or square cash. Zelle is also a good option to move money into someone else’s account. Bonus: your bank — and the person you are sending money to — may already offer zelle in its mobile app or online banking, so you won’t need to sign up for another account.

However, take precautions with using any of these digital options. When you send money to someone else through these kinds of services, the payments are often irrevocable. Only send money to people you know and trust to avoid falling victim to a scam.

If your bank doesn’t offer zelle, you can still send an electronic bank transfer through your online banking account in another way. Instead of entering an email address or phone number as you do through zelle to send someone money, you will likely need to enter the recipient’s bank account number and routing number to make a transfer. While zelle moves money in minutes, this kind of bank-to-bank transfer can take a few days.

2. Write a check

While paper checks are falling out of favor, you can still deposit a personal check into someone else’s personal account.

Sure, check fraud is possible. However, checks pose less of a threat to banks than cash deposits because financial institutions can trace the money.

“the key question is always: ‘where did you get that money?” says marc trepanier principal fraud consultant, ACI worldwide. “with a check, we know where it came from. It came from another account.”

The person receiving the check could also deposit the money via a mobile banking app to avoid a bank branch visit.

Unlike cash, the downside is your bank won’t always make the funds available immediately.

“the check can clear and settle in hours depending on the circumstances,” says bob meara, senior banking analyst at celent, a financial services research and consulting firm. “but most banks wait a business day for funds availability for most customers simply so they can see if the check clears.”

Each bank will make a risk management decision to decide its policy.

3. Send a money order

If you don’t want to use a personal check to deposit money into someone else’s account, sending a money order is an alternative old-school option.

You can buy a money order at banks and credit unions, a U.S. Post office, some big-box stores and more. It will cost you, but the price tag is relatively cheap. For instance, the U.S. Postal service (USPS) charges $1.25 for buying a money order up to $500 (so long as the destination is in the U.S.).

The payment method is safe: you will get a receipt for your money order. Even if a money order is lost or stolen, you can usually replace it.

4. Add an additional owner to your account

Giving someone direct access to your bank account is perhaps one of the easiest ways to transfer money between your accounts. But like a joint credit card, joint bank account ownership can cause problems, especially if something is awry in the relationship.

“when opening a joint account, it is important to keep in mind that both parties are equal owners of the funds in the account and have access without the other’s consent,” says luis rosa, CFP, founder at build a better financial future, a financial advice firm in henderson, nevada. “if the relationship sours, one party can deplete all of the funds in the account, leaving the other party without their share of the funds.

5. See what other banks offer

Not every big bank has a policy that bans depositing cash into someone else’s personal account. PNC bank, for example, still permits the practice.

In addition to the opportunity to deposit cash into someone’s personal account, a different bank may offer other perks, such as better rates on cds, savings accounts and mortgages or even a more useful mobile app.

“look for the bank that is known as being the most consumer-centric,” says ciaran chu, payments cloud lead at ACI worldwide.

Learn more:

— bankrate’s amanda dixon wrote the original version of this story.

How to transfer money from coronavirus stimulus prepaid debit cards into your OWN bank account

AS the IRS has stopped sending coronavirus stimulus payments via direct deposit, they're now headed to americans in the mail – by check or prepaid debit card.

If your emergency payment arrives on a debit card – there's still a chance for it to be deposited into your bank own account.

The emergency impact payment (EIP) cards can be transferred to your own account in just a few simple steps, as detailed on the EIP webstie, ABC7 reported.

First, the card must be activated. This can be done by calling 1.800.240.8100.

Then, users should register for an account on eipcard.Com, or on the money network mobile app.

People can then select the option "move money out" and follow the steps to transfer money directly into their account, the EIP website states.

The EIP website notes that transfers are limited to $2,500 per transaction, per day.

There is also a $5,000 transfer limit per month.

While many americans are still waiting on their first emergency COVID-19 payments – as US unemployments were at 13.3 percent in may, and 1.9million americans filed for unemployment for the first time in the last week – lawmakers are debating a second round of checks.

Sample of a letter by Donald Trump sent along with coronavirus checks

Called the monthly economic crisis support act, the bill was introduced by senators kamala harris, bernie sanders and ed markey.

If passed, the bill would give $2,000 a month to individuals, $4,000 to couples, and $2,000 per child for up to three children.

This would mean that qualifying families could get up to $10,000.

Another coronavirus stimulus package was passed last month in the house, and is now making its way through the senate.

Although it was passed in the house where democrats hold a majority, the bill is set to be shredded in the senate, where republicans hold a majority of seats.

The $3trillion HEROES act would include a $1,200 payment per person and up to three dependents.

MOST READ IN NEWS

NO CONVICTION

HARV PAYOUT

TARGETED

COVID CON

FLAMING COVIDIOT

CHAMP DON

He also said that any checks would be smaller than the first round.

The first round gave $1,200 for individuals, $2,400 for couples, and $500 per dependent.

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Can anyone deposit into your savings account?

If you need to deposit money, but can't do it personally, can someone else make a deposit for you?

Image source: flickr user quazie.

There are several reasons someone else may need to deposit money into your savings account. For example, maybe you're out of town on payday and need your spouse to pick up your paycheck for you. Or perhaps you're a college student and your parents want to send you some spending money. Whatever your reason is for wondering, here's what you need to know about having someone else deposit money into your account.

Can anyone deposit money?
Generally speaking, anyone can deposit money into your savings account. Individual banks have different policies, but the vast majority will accept deposits into an account, as long as you have certain information, which may include the full account number and the full name of the account holder. If the deposit is a check, the account holder may need to endorse it.

Now, you may not need all of this information, but it's better to over-prepare. Many banks are happy to accept a deposit as long as you know the account number where you want the money to end up. For example, TD bank will allow someone else to deposit your paycheck into your account but points out that the bank doesn't recommend sharing your account information with anyone.

Different banks, different policies
some banks have stricter policies when it comes to accepting deposits, particularly cash. The biggest example is jpmorganchase, whose chase banks implemented a policy in 2014 stating that they would no longer accept cash deposits by anyone except the account holder or an authorized user. This is intended to help combat money laundering -- the idea being that a check deposit leaves a paper trail, so it's still OK to accept check deposits from other people.

This matter can be easy enough to get around. For example, if you're a college student who regularly receives money from a parent, it's fairly simple to add a parent as an authorized user for the account. However, my point is that you need to be aware of policies like this before you send someone to deposit cash for you.

The best thing to do
the best answer to whether anyone can deposit into your savings account is that it depends on your individual banking institution. Most banks allow deposits from non-account holders, but yours may not. For a more complete answer, consult your bank's policies, or call your local branch and ask the manager.

How to deposit cash at your local bank, atms, and online banks

Image by maritsa patrinos © the balance 2019

When you have extra cash, it’s best to deposit that money into a bank account. That way the funds are safe from loss, theft, or damage.

But what’s the best way to deposit cash, and what are your options if you want to use an online bank account or ATM?

Your local bank

If you have an account at a brick-and-mortar bank or credit union, you can bring cash to a branch and make a deposit right there. You’ll start earning interest quickly if you deposit to savings, and you should not pay any fees for making the deposit.

When you make a deposit with a teller in person, the funds should be available more or less immediately, so you’ll be able to pay bills, transfer the money to another account, or make purchases with your debit card. However, banks and credit unions have until at least the next business day to make your cash deposit available to withdraw or to use these funds to cover your checks and debits.

Credit union benefits

Hopefully, you’ve got plenty of branches nearby. If you bank at a credit union that’s part of the shared branching network, you can deposit cash at any member branch—not just at your home credit union. That might make life easier if you're traveling or you've moved since opening an account.

ATM deposits

Nowadays, you can deposit cash at atms with a reasonable degree of confidence (which means no more banker's hours).

How to make ATM deposits

The process for depositing cash at an ATM varies from bank to bank. First, confirm that your ATM accepts deposits. Generally, you'll use your debit card and PIN to access your account, then select which account to deposit to. Some atms read and count the bills as you insert them, while others require you to enclose cash in an envelope (a bank employee will count the amount later). The ATM should indicate which method you'll use. If the ATM requires an envelope, they're generally provided next to the machine. Fill out the envelope as indicated, insert your cash, then seal it and feed it into the machine. Before you leave the ATM, confirm that the machine deposited the correct amount to the right account.

Funds availability

ATM deposits are convenient, but the funds might not be available in your account immediately after making a deposit—even though you’re depositing cash. Most policies (and federal law) allow banks to hold funds for an extra day, and the hold can last longer, depending on who owns the ATM. If you need money quickly, in-person deposits are best.

Online-only banks

If you’re trying to deposit cash to an online bank account, the process may be harder—but it’s not impossible. Getting your cash into an online bank lets you take advantage of some of the best savings rates in the nation. There are a few methods that will work:

ACH transfer: the simplest way is to deposit cash into an account at a brick-and-mortar bank or credit union and then transfer the funds to your online bank account. This technique is one of several reasons why it’s worth keeping a brick-and-mortar account open. Wire transfers are even faster, but you may need to pay a fee (averaging $15.50 to $27.50 for domestic transfers depending on the bank) to send a wire.

ATM deposits: some online banks accept deposits at atms. Check with your bank to see if you can use a particular ATM network, and look for network logos on atms near you. Your bank’s app likely has an ATM locator tool as well.

Prepaid cards: if your bank doesn’t accept cash at atms, a prepaid debit card may offer a workaround. Some prepaid debit cards provide options for cash deposits, and you may be able to link your prepaid account to your online bank account. this allows you to make electronic transfers, just like if you used a brick-and-mortar bank. Look for a prepaid card that allows you to "cash load," or make deposits, at retail locations such as walmart or national pharmacy chains. Another approach is to use a debit card that can be reloaded by buying reload cards. You’ll pay cash for the reload card, and then add those funds to your prepaid account. Before going that route, find out how much it costs to load cash onto your card; the fees to add money may discourage you from using this option.

Money orders: if your bank accepts deposits by mail, you can buy a money order with cash and send the money order to your bank. That’s a slow and cumbersome process, but it may be your only option. You’ll have to pay a fee for each money order (often around $1 at grocery and convenience stores; or $1.25 through USPS) plus postage, so small deposits might not be worth it.

Mobile deposit: another approach is to deposit a money order with your bank’s mobile deposit app. This saves on mail time, but you’ll still need to physically get the money order, and some banks don’t allow money order deposits.

Ask your bank how they handle money orders (or read your deposit agreement) before you go out and buy one.

The deposit slip

When you deposit cash at a bank or credit union, you typically need to use a deposit slip. That’s simply a slip of paper that tells the teller where to put the money. Write your name and account number on the deposit slip (deposit slips are usually available at the lobby or drive-through). The first line on the right side of the deposit slip is generally labeled “CASH,” and that is where you would write the amount of your deposit.

Don’t mail cash

Whatever you do, do not ever mail cash. The U.S. Mail system is quite safe, but it’s not worth the risk. If your letter gets lost or stolen, you’re out of luck. Unfortunately, when cash goes missing, there’s no way to track the money or get it back.

If you are unable to deposit cash into a bank account and you’re tempted to use the mail, try using a money order instead.

Unlike cash, a money order can be used only by a specific person or company. Take your cash to any money order issuer and then mail the money order to your bank (along with a deposit slip, or whatever your bank requires for mail deposits). You’ll be able to track the money order and cancel it if the document is lost or stolen. money orders and stamps can cost a few bucks, but that’s better than losing 100 percent of your cash.

Use cash alternatives

If it’s a nuisance to deposit cash, try to use it less often. Ask people to pay you another way: online payments, checks, or money orders are all common ways of getting paid.

Best free online checking accounts: no opening deposit required

A checking account is a must-have tool, but these accounts can come with monthly maintenance fees that can quickly add up. Many banks also require that you make a minimum initial deposit when you open a new account.

The following six checking accounts are free to open and don’t require an initial deposit, so they’re ideal if you’re just getting started and don’t have much money to put down. They also come with other benefits, like higher than average interest rates and early direct deposit options.

Chime spending account

Chime, a mobile bank, offers a chime spending account that you can open in less than two minutes. This account is completely free and available to U.S. Citizens ages 18 and up.

With the chime app, you’ll be able to manage your banking and can sign up for this spending account (and a chime savings account, if you’d like). Your spending account will come with a free visa debit card. You can even set up direct deposit to further streamline your banking.

Benefits of the chime spending account:

No initial deposit

No minimum balance and no monthly maintenance fees

Fee-free overdraft

Get paid up to 2 days early with direct deposit

Access to more than 38,000 fee-free atms

Axos bank essential checking

Axos bank is an FDIC-insured bank that’s been in business for 20 years. Nerdwallet recognized axos as offering the best checking account, and go banking rates awarded axos the title of the best online bank.

With the essential checking account, you’ll be able to bank entirely online. Axos’ innovative banking platform integrates with apps like mint and venmo and allows you to aggregate multiple accounts into a single, simplified view. If you invite a friend to join, you and your friend can get $20 for every referral.

Benefits of the axos essential checking account:

No opening deposit requirement

No minimum balance requirement and no monthly maintenance fees

No overdraft fees

Unlimited ATM reimbursements

Early direct deposit up to 2 days ahead of payday

Free checks and visa debit card when you open an account

Discover cashback debit

While discover is traditionally known for its credit cards, this online bank also offers a cashback debit checking account that’s full of perks. Opening an account is simple and requires no initial deposit.

The real value of this account lies in its debit card rewards, though. You can receive 1% cash back on up to $3,000 in purchases every month. If you open a discover online savings account, you can elect to have those rewards automatically deposited into the savings account. Or, just opt to get the rewards back as cash.

Benefits of the discover cashback debit account:

Get 1% cash back on up to $3,000 of debit card purchases every month

No initial deposit

No monthly fee and no minimum balance requirement

No fee for transfers to external banks

No fee online bill pay and no fee check orders

Access over 60,000 no-fee atms

Capital one 360 checking

With its 360 checking account, capital one offers many perks and versatile options. It’s possible to open and maintain this account entirely online, but capital one’s local branches also offer in-person assistance if you should need it. The 0.10% APY on all account balances is above average, and there’s no fee for foreign transfers.

Capital one also offers a network of more than 40,000 atms plus mobile check deposit for convenient banking. You can also choose from three overdraft coverage options depending on what’s best for you.

Benefits of the capital one 360 checking account:

No minimum balance or initial deposits

No monthly maintenance fees

0.10% APY on account balance

No fee for foreign transactions

Mobile check deposit with the capital one app

Multiple overdraft protection options

40,000 fee-free atms

Ally interest checking account

Ally’s interest checking account offers some of the highest interest rates in the industry. Balances of less than $15,000 are eligible for 0.10% APY, while balances of $15,000 and up are eligible for a 0.25% APY. With no minimum opening deposit and no monthly maintenance fees, it’s easy to open an account, and

Ally is very transparent about its fees. Be aware that ally does have an excessive transaction fee. This fee goes into effect if you exceed six transactions with money market accounts (like online and mobile banking transfers) per statement cycle.

Benefits of an ally interest checking account:

No minimum opening deposit

No monthly maintenance fees

0.10% APY on less than $15,000 minimum daily balance, and 0.25% APY on $15,000 minimum daily balance

Ally echeck deposit allows for check deposits from your smartphone

Free use of 43,000 allpoint atms and up to $10 reimbursement for other ATM fees per cycle

Chase college checking

The chase college checking account offers many perks for college students. Designed for students ages 17 to 24, there’s no monthly service fee for up to five years while the student is in college. Alternatively, the account carries a $6 monthly fee, or that fee is waived for a monthly direct deposit or if the account holds an average ending day balance of at least $5,000.

The chase mobile app allows for convenient banking, but chase also has almost 4,900 branches nationwide. Chase also offers many other products that are ideal for college students, like the chase freedom student card.

Benefits of the chase college checking account:

No initial deposit

Monthly service fee is waived for college students ages 17 to 24

Access to 16,000 atms and almost 4,900 branches

Chase mobile app allows for mobile deposits

Quickly and easily send and receive money to friends and family with chase quickpay

Choosing the right account

The above checking accounts don’t require initial deposits, and each offers slightly different benefits. When choosing the account that’s right for your needs, consider how you’ll use the account, the type of balance you plan to carry, and what types of features you most value. Be sure to pay attention to details like overdraft protection, fees for excessive transactions, and other potential expenses you could face.

How can I deposit money into my varo bank account?

You’ve got five ways to make deposits:

Direct deposit of paychecks, benefits, or other payments

You can set up direct deposit to your varo bank account for paychecks, government benefits, and other payments, like airbnb income, an insurance payment, or a stripe transfer. With direct deposit, you can get your paycheck up to two days early 1.

1 faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.

Transfers from an external bank account

There are two ways to make a transfer from an external bank account to your varo bank account:

Transfer in the varo app.

Transfer through your other bank’s online banking tools.

Transfers through your other bank, called ACH transfers, can take 2–4 business days and require verification that you own the other account before you start. Verification involves either entering your login credentials or confirming you received two small test deposits of a few cents each to make sure the 2 banks are linked properly before transferring money.

Transfers from digital wallets like cash app, venmo, and paypal

Setting up transfers from digital wallets is easy. Just follow the instructions in the wallet’s mobile app or website.

Before transferring from digital wallets to varo, consider this:

Do you need to move money right away? Some digital wallets can do instant transfers for a small fee, so check with them for details first. You’ll need to provide your varo visa ® debit card number to make instant transfers.

Can you wait a couple days to move money? Then you can do it for free with an ACH transfer from a digital wallet.

To set up an ACH transfer, connect your digital wallet to your varo bank account using your varo account number and routing number. Find those numbers in the varo app by tapping move money > direct deposit.

This transfer typically takes 1–2 business days and may require a verification process to start.

Mobile deposit of paper checks

You can deposit checks by taking two photos in the varo app. Tap move money > deposit a check. You’ll find a limit for how much you can deposit on the deposit a check screen.

Limits may change based on how long your varo bank account has been opened and prior account activity. Keep in mind, your check deposit won’t hit your account on the same day.

We're working to make mobile check deposit available to everyone. If you have a check to deposit and don't see "deposit a check" in the move money tab of your app, please contact us for assistance.

Cash deposit

You’ve got 2 ways to deposit cash:

Deposit cash when you check out at thousands of green dot ® locations nationwide, like walmart, CVS, rite aid, walgreens, 7-11, dollar general, family dollar, albertsons, safeway, kmart, and kroger.

Deposit cash by purchasing a green dot moneypak ® at most of those same stores.

When you deposit cash at checkout: we’ll make the deposit available as soon as green dot sends it to us—usually within 10 minutes. At some green dot retailers, it can take up to 1 hour. We don’t charge a fee, but the store will charge a fee of up to $4.95. Here's more on green dot, including locations.

When you deposit cash with a moneypak: you’ll purchase a moneypak and create an account to complete the deposit. We don’t charge a fee, but the moneypak will cost $5.95. Here's more on moneypak.

You can now pay cash into your monzo account!

We might be heading towards a cashless society, but 40% of all payments in the UK are still made using cash.

And because we don’t have branches, we’ve partnered with paypoint to give you a quick and convenient way to pay cash into your monzo account.

How it works

From today, you can pay cash into your monzo account at any store that shows the paypoint logo.

People often use paypoint to pay for their utilities, like TV licences or electricity bills. It’s available in more than 28,000 corner shops, convenience stores and other retailers across the UK. And lots of locations are open early 'til late, seven days a week.

Map of all PayPoint locations around the UK

Paypoint stores across the UK

Paying cash into your account is easy

Go to any shop that displays the paypoint logo (you might be more familiar with their previous logo, and you can use this handy tool to help you find your nearest store)

Give your monzo card and your cash to the shopkeeper, who’ll use their paypoint machine to start making the deposit

They’ll give you back your card with a receipt, and we’ll send you a notification immediately to confirm you’ve made a deposit

You’ll see the money in your account 10 minutes later, once paypoint have checked everything’s okay with the deposit

Screen showing how a cash deposit appears in your transaction feed in the Monzo app

In the future, we want to make the money available in your account immediately. Paypoint need to do some technical work to make that possible, which will hopefully happen next year.

We’ll charge you £1 for each deposit

Working with another company usually comes with costs, and paypoint charges us for every deposit you make. To help us offer cash deposits in a sustainable way, we’ll pass on some of these costs to you when you use the feature.

We’ll charge you £1 for each deposit you make, and we’ll take the fee out of the money you pay in. So, if you hand £300 over to the shopkeeper, we’ll put £299 in your account.

Screen showing a cash deposit transaction in the Monzo app

You can pay in a minimum of £5 and a maximum of £300

You can deposit between £5-300 in one go. And you can pay in a maximum of £1,000 every six months.

If you’re 16-17 years old, that limit is lower, so you can only deposit a maximum of £500 every six months.

These limits help reduce the risk that people will use cash deposits for financial crime, while still making sure they’re useful to most people.

Tell us what you think!

If you’d like to understand more about why we’re charging for this feature and how we decided on our limits, we’ve shared a full explanation here.

Once you’ve given it a try, let us know what you think! Join the discussion and share your feedback with us on the forum.

We believe we can give you everything you need from a bank, without having branches. While keeping costs low and passing the benefits onto you.

Find out more about using a branchless bank. Or download monzo to give us a try today!

Deposit free money into my account

Published: 00:38, 5 february 2014 | updated: 22:38, 5 february 2014

Steve harrison pulled a roll of notes from his pocket and laid it on the counter at HSBC bank. Just two hours earlier, the classic motorbike collector had sold a rare 1949 BSA ZB32 for £7,300 to a local enthusiast - and had been paid in cash.

Steve, 68, has been an HSBC customer for 50 years and headed straight to the nearest branch, as he wasn’t comfortable carrying around such a large lump sum. He also needed the money to go straight into his account to pay off a credit card bill due in a couple of days.

So he was baffled when the teller at the HSBC in thetford, norfolk, refused to take his cash - because he didn’t have a receipt proving where the money had come from.

Born to be riled: steve on his classic motorcycle, a 1953 norton dominator, in 1964

‘I could not believe it, I was stunned - my bank, with whom I’ve had a good relationship for half a century, wouldn’t let me put money into my own account,’ says mr harrison, from st ives, cambridgeshire.

‘the assistant told me new rules on money laundering meant they couldn’t accept my cash, although they were vague about what the rules were.

‘I then asked them to call my local branch in st ives - where staff have known me for decades and could prove I wasn’t dodgy - but they refused. It was humiliating. I was being treated as if I was a drug dealer.’

Then mr harrison remembered he did have a sales receipt in the back of his car. He rushed back to get it, but was then told the deposit was too big, anyway.

He called the bank’s hotline and was told he’d been wrongly advised in thetford - and should drive to the regional branch in norwich. But once there, as the cashier began to count out the notes, a manager shouted: ‘stop! Put the money down!’

Mr harrison says: ‘I was incredulous: again they said they couldn’t accept it, despite the call centre staff suggesting otherwise. This time I stood my ground and said: “are you really going to let a pensioner walk out of here with £7,300 in his pocket because you won’t take my cash?” finally, they agreed to take the money.’

Mr harrison’s ordeal comes as HSBC was criticised for asking customers withdrawing cash for evidence of an imminent purchase. A similar thing happened to stephen cotton, of worcestershire, as the mail reported last week.

Mr cotton was a HSBC customer for nearly 30 years and well-known in the branch - but he was told he couldn’t have his money unless he produced a letter from his mother to confirm he intended to pay her the money.

HSBC isn’t the only bank to get the jitters about large withdrawals and deposits. Others, including barclays and nationwide, also now reserve the right for counter staff to request proof of future purchase or where the cash has come from.

Sums in the region of £5,000 or more tend to trigger suspicion. The problem is tighter money- laundering rules. Banks have a duty to check cash being paid in isn’t being used by criminals.

In 2012, the home office suggested organised criminal gangs in the UK generated between £20billion and £40billion a year from drugs, people-trafficking and other illegal activities. Last july, a report from city regulator, the financial conduct authority, suggested £10billion of illicit funds passed through legitimate UK businesses.

There are huge concerns about money-laundering, its impact on bank reputations and its wider damage to society. HSBC paid £1.25billion to settle allegations of money-laundering linked to mexican drug cartels in the U.S. In december 2012.

HSBC was recently criticised for asking customers withdrawing cash for evidence of an imminent purchase

Laws such as the terrorism act (2000); the anti-terrorism, crime and security act (2001); the proceeds of crime act (2002); the serious organised crime and police act (2005); and the 2007 money laundering regulations are designed to protect the UK financial system.

If a business - whether it’s a corner shop or multi-national bank - is covered by these regulations, they must put controls in place to prevent crooks laundering cash.

David black, spokesman for analyst consumer intelligence, says: ‘fears of being used in this way have led to more suspicion of customers, even those who have been loyal for many years. It’s a difficult balance for banks, as complying with the rules does mean they risk alienating some customers.’

A spokesman for HSBC says mr harrison should not have had his deposit blocked - and apologised for the way he was treated. ‘cash presents more risk of financial crime than other payment methods,’ he adds.

‘since last november, we may have asked customers to show us evidence of where the cash originated from or what it is required for.

‘however, it is not obligatory to provide documentary evidence - and failure to show evidence, as in mr harrison’s case, is not a reason to refuse a withdrawal or deposit.’

He said all staff have been sent updated details of the new rules to ensure this doesn’t happen again. Eric leenders, executive director in charge of retail banking at the british bankers association, says: ‘it can be frustrating for a customer to be asked questions. But there are risks associated with handling large amounts of cash, and banks must be sure they understand where cash is coming from.

‘there’s a clear tension between giving customers easy access to their accounts and making sure banks exercise caution when it comes to the threat of criminality.’

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So, let's see, what we have: we all dream of receiving an unexpected windfall, but what are your rights if you receive an accidental payment into your bank account? At deposit free money into my account