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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.