While you can’t just withdraw money from another person’s bank account, you can deposit money if the situation calls for it. As long as you have the other person’s account information and all paperwork is filled out properly, you can make the deposit. Just make certain the person knows you’re putting money in his account. You don’t want him wondering where it came from.
Deposit a Check
Send a Wire Transfer
A wire transfer is a direct transmission of funds from one back to another. Begin the process by requesting a wire transfer form from your bank. Provide all the necessary information on the form, which typically asks for your name, address, account number, and the amount you wish to submit. In the beneficiary section of the wire transfer form, write the account holder’s information. In addition to personal information, you'll have to provide the recipient's account number and the routing number of his bank.
Once the form is complete, submit it to your bank, along with any necessary fee. This will vary by bank, but typically ranges between $15 and $30. Fees may vary based on whether the wire transfer is domestic or international. Some banks also allow you to make wire transfers online.
Deposit Cash
If you want to deposit cash into another person's account, follow the steps for making a check deposit. Go to a bank, complete a deposit slip, and provide the cash to the teller. Since cash transactions are hard to trace, be extra sure to get a receipt for any cash deposits.
References
- Bank of America: Wire Transfer FAQs
- Huntington Bank: How to Deposit a Check
- Internal Revenue Service. "Get Your Refund Faster: Tell IRS to Direct Deposit your Refund to One, Two, or Three Accounts." Accessed July 1, 2020.
- Venmo. "How Venmo Works." Accessed July 1, 2020.
- PayPal. "Who We Are." Accessed July 1, 2020.
- Walmart. "Walmart MoneyCenter." Accessed July 1, 2020.
- National Credit Union Association. "Share Insurance Fund Overview." Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Deposit Insurance FAQs." Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Understanding Deposit Insurance." Accessed July 1, 2020.
- Federal Deposit Insurance Corporation. "Evaluation of Federal Oversight of Washington Mutual Bank," Page 1. Accessed July 1, 2020.
- Consumer Financial Protection Bureau. "Administrative Proceeding 2016-CFPB-0015," Page 4. Accessed July 1, 2020.
- Consumer Financial Protection Bureau. "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts." Accessed July 1, 2020.
- Wells Fargo. "Wells Fargo Launches ‘Re-Established,’ a New Brand Campaign." Accessed July 1, 2020.
- U.S. Securities & Exchange Commission. "JP Morgan Chase Paying $264 Million to Settle FCPA Charges." Accessed July 1, 2020.
- Consumer Financial Protection Bureau. "Checklist for Opening a Bank or Credit Union Account," Page 1. Accessed July 1, 2020.
- Federal Deposit Insurance Corporation. "FDIC Law, Regulations, Related Acts." Accessed July 1, 2020.
- Alabama State Legislature. "Alabama Code Title 26. Infants and Incompetents. S26-1-1." Accessed June 22, 2020.
- Federal Deposit Insurance Corporation. "Guidance to Encourage Financial Institutions' Youth Savings Program and Address Related Frequently Asked Questions," Page 1. Accessed July 1, 2020.
- U.S. Department of Veterans Affairs. "Change your VA direct deposit information." Accessed July 2, 2020.
- Social Security Administration. "Set Up or Change Your Direct Deposit of Benefit Payment." Accessed July 2, 2020.
- Comptroller of the Currency, Administrator of National Banks. "Depository Services," Page 54. Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Expedited Funds Availability Act," Page VI-1.1, VI-1.6. Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Expedited Funds Availability Act," Page VI-1.6. Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Expedited Funds Availability Act," Page VI-1.3. Accessed June 19, 2020.
- Office of the Comptroller of Currency. "My employer pays me via direct deposit. When are those funds required to be available?" Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "FDIC: Weekly National Rates and Rate Caps -- Weekly Update." Accessed June 19, 2020.
- JPMorgan Chase. "Chase Savings Interest Rates." Accessed July 2, 2020.
- Federal Deposit Insurance Corporation. "Insured or Not Insured?" Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "FDIC Statistics at a Glance." Accessed June 19, 2020.
- Federal Deposit Insurance Corporation. "Weekly National Rates and Rate Caps." Accessed June 22, 2020.
- Federal Deposit Insurance Corporation. "When a Bank Fails -- Facts for Depositors, Creditors, and Borrowers." Accessed June 22, 2020.
- Federal Deposit Insurance Corporation. "What We Do." Accessed June 22, 2020.
- Federal Deposit Insurance Corporation. "Basic FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor." Accessed June 22, 2020.
Tips
- Some banks allow you to make wire transfers online.
Writer Bio
Carl Carabelli has been writing in various capacities for more than 15 years. He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.