A night deposit is a secure bank deposit box in which account holders (usually small contractors or employees) can deposit their daily cash, cheques and banknotes outside normal bank hours (usually between 9am and 5pm). The bank will withdraw the deposits and credit them to the customer`s account the next business day. Commercial banks that serve small businesses focus on their night deposit services. First International Bank – Trust, a self-described community bank in North Dakota, central Minnesota and the greater Phoenix area of Phoenix, AZ, advertises on its website for its night deposit service. “Night deposits are available 24 hours a day, 7 days a week on most First International Bank -Trust sites,” he explains. If you are in your neighborhood wells Fargo branch, your business can benefit from several deposit options, including cash, stagecoach deposit® Post Verify, deposit at night, and the speed and convenience of atM bank. Companies that collect cash and cheques from their customers must make regular bank deposits and transfer them to a current account. Overnight bank deposits provide more security for cashless cheques than a safe or cash register. In general, banks that offer current business accounts can also make deposits at ATMs. While the day-to-day services offered by banks are less comfortable than ATMs, there are also drawbacks to making large deposits at an ATM. The Liberty Bank, which has sites in New Orleans, Kansas City, Detroit, with smaller cities in Mississippi, Alabama and Illinois, also repeats the “low annual fees” for their night deposits in many places. “You can certainly deposit cheques and cash for the down payment at any time, day or night.
When the bank reopens, your deposit will be processed and you will receive a receipt” on the next business day. Banks often require you to pay a monthly fee for night deposit services. Even if, in our increasingly unpaid and solvent society, they may seem a little original, if not outdated, night deposits still serve a purpose. Many small businesses and service providers continue to trade primarily in cash and cheques. Night deposits provide additional security for these merchants, as this exempts them from keeping money in their seats at night, where they may be vulnerable to theft. ATMs can also serve this purpose, but they limit the physical amount of paper that can be deposited at the same time and, of course, they do not accept coins. When the customer has a large package of bills or cheques, night deposit is often more convenient. Businesses need a commercial or commercial account to be able to use a bank`s day-to-day funds.