Paper Money Deposits (2024)

FAQs

Can you still deposit paper money? ›

Many banks will still accept old notes as deposits from customers. And again, you might be able to pay them into your bank account at the Post Office.

The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law.

Don't have your card? You can still deposit cash at your local CVS Pharmacy^®, RiteAid, Walgreens^®, and Walmart by using the GO2bank app. Just create a barcode and have the cashier scan it to complete your deposit. We designed easy and convenient cash deposit options to fit into your busy life, not the other way around.

Paper Money Deposit Limits

With Paper Money deposits, you can deposit up to $1,000 per rolling 7 days, and $4,000 per rolling 30 days. Transactions must be a minimum of $5 and cannot exceed $500 per deposit. The 7-day and 30-day limits are based on a rolling time frame.

It is U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued.

Exchanging old banknotes

Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.

Paper money

The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills. But they are still legal tender and may still be in circulation. The U.S. Bureau of Engraving and Printing creates U.S. paper currency.

Physical currency isn't becoming obsolete any time soon, so it's important to weigh up your options before deciding to go fully cashless in 2024. Ensuring you can accept some cashless payments though, is essential to keeping with today's trends and customer expectations.

In the coming years, fewer of your customers will use cash. The number will probably never reach 0 percent, but the general downward trend is unmistakable given the speed with which the payments landscape continues to evolve. However, this doesn't mean you should phase out cash – or any other payment options.

Alternatives to depositing cash at an ATM

For example, Chime customers can deposit cash for free at Walgreens by visiting the register — or for a fee at any one of an extensive list of additional retailers.

Can you deposit paper money into your bank account? ›

Cash deposits at branches can include both coins and paper bills. You will need to fill out a deposit form and hand it to the teller along with the money. The teller will count the currency to make sure it matches the deposit slip. If you want to deposit cash at an ATM, you must typically stick to paper currency.

Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.

The IRS requires Cash App to issue a Form 1099-K to Cash App for Business account holders who meet the annual reporting threshold for the form.

Sending and receiving limits

Before you verify your identity, you can send and receive up to $1,000 on a rolling 30-day period. There's also a total account limit of $1,500.

Verified Cash App accounts typically have higher limits. For sending money, verified accounts can send up to $7,500 within any 7-day period. For receiving money, verified accounts can receive an unlimited amount.

Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander – though keep in mind they may have a cut-off date.

You can deposit the old bill the old fashioned way by going into the bank and giving it to a teller.