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The Magic Of "Instant Money": Four Ways Deposits Into Your Account Become Instant Cash Flow

It used to be that you had to have a check or cash that you took to your bank and deposited either in person inside the bank or outside through the drive-up window. Then night deposits became a thing, where you rolled up to the night deposit box and threw in a sealed envelope with cash and/or checks and a deposit slip. The tellers would open this deposit drop box first thing in the morning and make the deposits into your account. Then there were the ATM machines, where neither teller nor night drop box was needed. Now you have even more ways to make deposits, and these deposits are so fast you could swear they were magic. Check out all the new ways you can have "instant money" deposited into your account.

Remote Check Deposit

​When this service was first offered by banks a few years ago, no one knew if it would catch on. Back then, it still took at least twenty-four hours to process the remote deposit, which meant that even though your check was officially deposited, the funds were still unavailable to you. Now, after a few short years, the money only takes a few minutes to become an instant part of your account!

All you have to do is open your banking app on your smartphone, hit the "remote deposit" tab, take a picture of the front of the check, sign the back of the check and take a picture of that, enter the amount of the check, and then hit "submit." The technology for this has advanced so far as to read and recognize the banking, routing, and account numbers on the bottom of a check and instantly add the funds to your account. You can deposit checks remotely from anywhere and spend the funds as you need to right away.

Sending Money Digitally​ 

​There are also ways to send money instantly. Split a cab fare or a dinner bill several ways just by either requesting money from others or sending money to someone else. There are several companies that provide digital money transfer services. Some will charge you to send and receive money, while others only charge you if the transaction is sent or received as a "business" transaction rather than a "friends and family" transaction. The money, regardless of which account and what type of account receives it, is instant. You can also send "money" via cryptocurrency, which the receiver then exchanges for real money or keeps in his/her cryptocurrency account. 

​Adding Credit Cards to Wallets to Draw Cash Advances

With the ability to add credit cards and credit card accounts to digital wallets, you can now take cash advances from your credit cards simply by requesting payment from the credit card. If you add a credit card to your banking app's digital wallet, you can move loaned funds from the credit card into your checking account digitally. You will have to pay this back on your credit card (plus interest), but the cash will be instantaneously transferred into your checking account. This is useful anytime you encounter a business that refuses to take credit cards, but will take cash or a check. 

Instant Loan Deposits

The last method of getting access to "instant cash" is loans. Whether you apply for a loan with your bank, or you apply online or in person for a cash advance/payday loan, the lender will request your checking account or deposit account information. When you are approved, the amount for which you are approved instantly and virtually/digitally transfers into your account.   

For more information on deposits, contact a bank like Valley Central Bank.