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Can You Direct Deposit Into Someone Else's Account
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To deposit money into another person’s bank account, consider a cash application or money order. Klaus Wedfelt/Getty Images
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Many times you need to give someone money, but for one reason or another you cannot give them the money. In this case, you can deposit money into their bank account.
There are several ways to deposit money into someone else’s bank account. The best option depends on which institutions you bank with, how much money you’re sending, and how much you’re willing to pay in fees.
The most basic way to transfer money to someone else’s account is to go to the bank and tell them you want to deposit the money. You will need the recipient’s full name and bank account number to complete the deposit.
Some banks forbid depositing cash into someone else’s account. Handling cash can lead to fraud, so banks stay clean. Before walking into a bank branch to deposit money into a friend’s account, double check that your bank allows it.
Free Wells Fargo Direct Deposit Form
There are several websites and apps that allow you to transfer money to friends. Here are some of the most popular:
The downside to this method is that with some services, including PayPal and Venmo, both of you must have an account.
You can choose to write a paper check and give it to the person. Or you can go to the bank and ask the teller to deposit the check into the person’s account, as long as you have their full name and account number.
Although you’ll pay a few bucks for a warrant, it’s a decent alternative if you don’t already have check paper.
How To Deposit Money Into Someone Else’s Bank Account
When you buy a money order, you pay a small amount and the amount you want to deposit. For example, you can pay $200 that you want to put into your friend’s account, and then pay a $2 fee for the order. You get a receipt, so if for some reason the deposit never goes through, you have proof of the order.
The downside is that there is usually a limit to how much you can send with a money order. You probably won’t be able to send more than $1,000.
A cashier’s check is similar to a money order, but there is no limit to how much you can send. Unfortunately, cashier’s checks cost a little more than money orders, usually around $10.
Although you can get a money order at a bank, post office, or store, cashier’s checks are only available at banks.
What Is Direct Deposit?
A wire transfer is a means of electronically transferring funds from one banking institution to another. This is especially useful if you don’t have access to the recipient’s bank. For example, you may bank with a national bank, while your friend may work with a local institution across the country.
You can send wire transfers in the US. or international and international shipping costs are more expensive. You can expect to spend anywhere from $10 to $50 in a wire transfer.
Wire transfers are usually done for larger amounts of money, such as a down payment on a house. Before attempting to send a wire transfer, make sure your account and the recipient’s account are set up for wire transfer.
The best option for depositing money into someone else’s bank account depends on where you bank and the amount you’re sending. When in doubt, ask the interlocutor what is the most convenient way to access the money.
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Laura Grace Tarpley (she/her) is the personal finance reviews editor at Insider. He edits articles on mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and saving tips for Personal Finance Insider. He was the author and editor of Insider’s “The Road Home” series, which won a Silver Award from the National Associate of Real Estate Editors. He is also a Certified Personal Finance Educator (CEPF). He has been writing about personal finance for over six years. Before joining the Insider team, he was a freelance financial writer for companies like SoFi and Penny Hoarder and an editor at FluentU. Laura Grace can be reached at email@example.com. Learn more about how Personal Finance Insider selects, rates and covers financial products and services »
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author and have not been reviewed, endorsed or approved by any card issuer. Read our publishing standards.
Note: Although the offers listed above are correct at the time of publication, they are subject to change at any time and may change or no longer be available. Bennett is a consumer banking reporter. She uses her writing to help readers learn more about savings and checking accounts, CDs, and other financial topics. Karen Bennett
Edited by David Shepp David SheppArrow Law Wealth Editor David Shepp is a wealth editor, focusing on deposits and consumer banking. Connect with David Shepp on Twitter David Shepp
Did Anyone Else Get This Notification About It Being Shipped But Actually Receive It As A Direct Deposit? I Gave Them My Direct Deposit Info Yesterday And They Told Me They Accepted
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I Tried To Enter My Direct Deposit Info In The New Portal And Got This. Has Anyone Else Had This Issue?
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