Updated: 12 November 2023
When we have extra cash we don’t want to spend for now, we take it to the bank to deposit. Sometimes, the process of getting it deposited into our accounts in the bank becomes tedious especially when the bank is at a distant coupled with long waiting time in the banking hall. This sometimes, discourages one from saving little cash, waiting to have buck money before going to bank to deposit.
The outbreak of Covid-19 has worsened the situation.
Thanks to agency banking that has reduced the stress of depositing cash into bank account. Agency banking (POS) on the other hand comes with a charge – you will be charged to deposit money through agency banking operators.
But the good news is that you can deposit cash at the ATM with less stress for free.
ATM deposits usually work just fine, but there is more risk at the ATM than there is with a teller. Any mechanical failure or network glitch can cause problems – and it may be several days before the issue is resolved, may require you visiting your bank's branch before it would be resolve, thereby taking you more than the waiting hours in the banking hall.
How to Deposit Money on ATM in Nigeria
The process for depositing cash at an ATM in Nigeria varies from bank to bank. You may need to use your debit card and PIN to access your account before making a deposit. For some banks, you make deposit without using (inserting) your card. Such deposit is called cardless deposit or transaction. Some ATMs read and count the wad of cash as you insert them, while others require you to stuff the cash into an envelope (so it will be counted later by a bank employee). But most banks like First Bank, you are required to insert the cash into the ATM, and the ATMs count the wad of cash and credit your account instantly.
Below are the steps to deposit money on First Bank ATM. This process works for many other banks in Nigeria.
How to Deposit Money on First Bank ATM
- Insert your First Bank issued card – Verve, Naira Mastercard
- Enter your PIN
- Select Cash transaction (this step is not on some ATMs)
- Select deposit
- Select class of account you want to make deposit – Current or Savings
- Insert notes (from N100 up) in same place ATM dispenses cash
- Confirm transaction ( deposit, refund or add more)
- Select Immediate credit.
Simple, safe and secure.
- Press any key on the ATM
- Select Cash transaction
- Select deposit
- Enter the account number you want to deposit money into
- Select destination bank (bank your are depositing the money into)
- Confirm details
- Insert Cash
- Confirm transaction (deposit, refund or add more
- Select immediate credit