April 25, 2018 at 2:46 pm #68627
Cash deposits will be limited to account owners or authorized signers
What is happening
To help reduce criminal activity and protect your account, we’ll be making changes to our policy for cash deposits made at Wells Fargo branches.
Once our policy takes effect in a few weeks, we’ll only accept cash deposits into your Wells Fargo Consumer checking or savings accounts if it is coming from an account owner or authorized signer.
What you should know
If a non-account owner needs to deposit money into your account, they can deposit a check, cashier’s check or money order, or use a person-to-person payment service like Zelle®.
All customers will need to provide identification to make cash deposits.
Wells Fargo ATM or debit card holders may use their card and their Personal Identification Number (PIN) to confirm their identity when making deposits.
Customers who do not have a Wells Fargo ATM or debit card may present a valid driver’s license, state or federal government-issued ID card, passport, or other similar picture ID.
If you have questions, please ask a banker in your branch, or call us at 1-800-869-3557, 24 hours a day, 7 days a week.
Thank you for choosing Wells Fargo.
Wells Fargo Deposit Products GroupApril 25, 2018 at 7:44 pm #68628
I got Wells too, I haven’t received that email
But are you saying, they’re limiting the amount that you can deposit cash too?
Can we know how much are the limits now that we can only deposit?
April 25, 2018 at 8:21 pm #68630
- This reply was modified 2 years, 2 months ago by Mike.
I do not know the amounts limit. I just received this email. I find it interesting that this is happening.April 25, 2018 at 10:09 pm #68633
I’m afraid to ask what my credit line is from Chase for guns. Probably $250. I still have a charge account with Gander Mountain though. I actually bought a gun at a gun show last week on MC. I never get any policy letters from Chase. Wells Fargo who are they,April 25, 2018 at 11:51 pm #68634
What Wells Fargo is doing is closing a drug dealer loophole. You can deposit all the cash you want into your account but for example your drug dealer nephew can’t launder cash through your account.
If you deposit $10,000 cash into your account the bank is mandated to report it to the feds, unless you have a pre-arranged waiver that precludes that reporting. Those waivers are for known businesses that routinely have large cash deposits.
Where you will really encounter problems is if the banks detects you “structuring”. That can take the form of breaking up your deposit between different branches so as to keep each one under $10,000, or regularly doing deposits just under $10,000, or asking what the limit is to trigger reporting to the feds, or even breaking up your deposit over several days to keep each one under $10,000. The bank’s computers will flag possible structuring for closer review and possible reporting.
Drug dealers need to launder their cash. That’s what all of this stuff is about.
.April 26, 2018 at 9:49 pm #68679
Get a Chase account . I’ve had my issues with ” Fees Fargo ” .
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