DEPOSIT ONLY CARD – WHAT IS THAT?
A deposit only ATM Card is used by the company representatives to deposit Check and Cash at Banks ATM. This is a great solution that helps runners across the nation to deposit the funds into the business bank account.
This type of ATM Card does not have a Withdrawal function. It offers a peace of mind to the company and the business owner that the individual who is using the same can’t withdraw any funds but can only make the deposit.
The Deposit only card is also blocked for all the online and offline purchases. Deposit only cards are also used by runners of the company to deposit the printed echecks.
Some banks may offer cards that can only be used to deposite funds on atm. These cards are not available with all banks as the requirements are very low. With the availability of internet payment options like imps, UPI, ACH, Wire and sepa these cards are hardly used.
Sometimes runners may use these cards if they are responsible to collect cash from clients and deposite at the neares atms