Tired of the long queue in the bank hall? Well, then you can consider using the ATM for your deposits. Despite the rise of agent banking in Uganda, there are individuals that prefer traditional banking methods, including depositing cash at an ATM rather than giving their cash to an agent which they perceive as unsafe. In Uganda, a variety of banks and credit unions allow users to deposit money at either the branch or in-network ATMs. Although this service is enrolled by a number of banks, very few people use it. This is basically because some individuals have no clue about how ATM deposits work. In this guide, ugtechmag.com details all you need to know about ATM deposits in Uganda.
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Can I Deposit Cash at Any ATM?
Yes, you can deposit cash at an ATM. However, not at all types of ATMs. Some ATMs are Deposit-enabled and others are withdrawal-enabled. This means that you will not be able to make deposits at the withdraw-enabled machines.
- The ATM you are using must be owned and operated by the bank hosting the recipient/beneficiary’s account for instance you cannot deposit cash into the Centenary Bank account using Equity Bank ATM.
How do ATM Deposits Work in Uganda
1. Locate an ATM. The first thing that you need to do is locate a Deposit-enabled ATM. Use your bank’s website or mobile app to find an ATM that allows cash deposits. Always remember that some ATMs are just withdrawal-enabled center points therefore you will not be able to deposit cash.
2. Access your account and select the type of Transaction.
At this point, you will be prompted to insert your debit card into the ATM and subsequently enter your PIN for authentication. Some banks, like Standard Chartered Bank, Stanbic Bank, and Equity allow cardless ATM access. Once you have successfully logged in to your account, you may see several transaction options on the screen. Choose the deposit option to start the process. If you have more than one account, you may also need to choose the specific account for which you’re making the deposit.
3. Insert bills into the ATM. Enter the amount of your deposit on the screen and then insert your cash into the ATM. Some banks allow you to deposit bills directly into the machine. Other banks may provide an envelope to use for your deposit. If an envelope is required, check to see if you’re required to fill out any information on the envelope itself before proceeding.
4. Take your receipt. Once your cash is deposited and your transaction is complete, don’t forget to print your confirmation receipt and get your card back before you drive or walk away.
How Long Does it Take for ATM Deposits to reflect on the recipient’s Account?
Unlike wallet to bank deposits, agent deposits, interbank deposits, and bank hall teller deposits, ATM deposits might not reflect immediately on the recipient’s account. In some cases, it might take between 24 to 48 hours. Therefore, if you have not received the cash deposit notification, relax and be patient. The delay in cash reflecting on the recipient’s account depends on how deposits are processed. ATM deposits are processed in two ways; automatically and manually. For the automatic procedure, the cash deposit will be monitored by the machine itself just as it does for withdrawals. The manual procedure requires the bank teller to manually enter the information of the deposit transaction the next day.