Deposit-Taking ATMs at Credit Unions and Internet Banks

by Ken Tumin

Yesterday when I mentioned Alliant Credit Union as having one of the best checking accounts, a reader described one benefit. She’s able to both withdraw and deposit money at ATMs at her grocery store. Alliant Credit Union is one of many credit unions that has partnered with the ATM CO-OP Network, and this gives the credit union members access to many deposit-taking ATMs across the nation.

The ATM CO-OP Network gives credit unions an advantage over several internet banks which do not allow deposits to be made via ATMs. One of these internet banks is Ally Bank. Even though Ally Bank will refund all ATM fees for its checking account customers, it does not accept deposits from ATMs. This isn’t mentioned on the Ally website. I had to verify this via the online chat service.

Another major internet bank that doesn’t accept ATM deposits is ING DIRECT. Unlike Ally Bank, ING DIRECT doesn’t refund ATM fees. Instead, it’s part of the ATM Allpoint Network. The inability to make deposits at ATMs is mentioned at ING DIRECT’s help section.

Alliant Credit Union is one of many all-access credit unions that has partnered with the CO-OP Network. Some of the other ones include Agriculture FCU, Air Force FCU, Consumers Credit Union, Digital Credit Union and Provident Credit Union.

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