I got an Email from my least-respected banking organization today:
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.
Questions?
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 Group<<>To help reduce criminal activity and protect your account,<>All customers will need to provide identification to make cash deposits.<<
Why? So they can track cash deposits even more closely?
DON’T write WF about this, even if you’re so inclined. Write the REGULATORS, the Senators and Reps to protest this abusive policy. WF will listen to ONE Senator more than ALL their own damn customers!
I will be making cash withdrawals from my accounts more often now, and putting the cash beyond WF’s reach. I’m not likely to be able to make much of a dent in WF’s cash flow, but I’m sure not going to help it.
As soon as my last kid graduates college and we move to his new job location (I hope!), this account gets closed and I turn the WF annoyance spigot OFF.
I must be the only person who never had a problem with Wells Fargo. They offered the best deal on a refi once and held my mortgage for years with no issues. They did refuse to make me an offer when I told them I was shopping for a better deal. Maybe it was because I always paid on time or early and included extra on the principal?
Yes, because criminals like to make cash deposits in other people’s accounts just for the Hell of it. LOL. (sarcasm)
Fuck Wells Fargo.[img
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https://www.zerohedge.com/news/2018-05-08/why-big-banks-love-paying-fines-us-government
I had biz & Visa accounts with Wachovia back in the mid-90s that ended back in 2001. Around 2 yrs ago, I started to get emails from Wells about my new account, so I asked a friend that was a Exec VP there what’s up. He checked and said that I had a new biz Visa. BS, never received a card. They “cancelled” the card when I complained. Guess I was part of that scam where the chick collected around $90MM in bonuses/severance for that fraudulent customer racket. Why she didn’t go to jail is no mystery and wondering if Wells ever clawed back any of that $$$.
Wait until you want to withdraw YOUR cash from YOUR account at that bank. They will question you and want to know what you plan on doing with YOUR cash! Happened to me several times at my bank when I withdrew several thousand in cash. At one branch they had to call the manager to question me about what I needed all that cash for ($5000). She was all nervous and antsy, acting like I was doing something illegal. I was livid, but held by tongue. To shut her up told her I was going to the casino and to wish me luck.
It isn’t your cash once you deposit it, it belongs to the bank. The same as the money you borrow from a bank becomes your money when you borrow it and is no longer the bank’s money.
When you deposit to your account you become a creditor to the bank, and the bank a debtor to you. In effect, you are loaning them your money.
That’s already been ruled on by the Court.
@Hans – I experienced the same thing a few years back. First it was at a $3000 level they had to get a manager to sign off, then it was at $2000 level. Personally I assummed it was because the banks don’t keep that much cash and so don’t want you coming in and taking out money, just putting it in. I told them nothing of relevance but was also prepared to use the casino story if I had to.
I scamed those bastards for a few thousand bux a few years ago.
All banks suck but wf is likly the worst.
How did you scam them?
How to make a hormone? Don’t pay her.
I have to say James, why in the name of god, and you know I don’t believe in him, would you ever give your money to WF? They are the criminals criminal.
Back when I signed up for graduate school here, I asked the office gal Ashley who the university did business with – it was WF. Figuring that having money transferred from one (University) account to another (mine) might make the reliability and speed factors go up – they did; I never had a late paycheck, never had a problem for the first couple of years. And, the people I actually interacted with (tellers) were all nice and cooperative for the few things I needed help with. They were GLAD to fund my mortgage, decent on the checking transactions, and so forth. Once I got used to their software, the online banking was decent too.
But then came the 2008 – 2009 financial crisis, and things changed overnight. I got a mass-mailing about refinancing my mortgage, so I made an appointment and went in. Not only did they refuse the refinance, but the guy refusing said “By our current guidelines you wouldn’t have qualified for the mortgage you have!” (I was never late and kept a minimum balance as requested for two-three years at that time).
Later they tried to tell me I no longer qualified for my checking account, and if I wanted to keep one I’d have to start paying monthly charges. I told them if that happened I would refinance my loan at a different bank, cancel all accounts and leave. They backed down.
Various other annoyances like instantaneous finance charges for certain crimes (like an overdraft, when I had a savings account LINKED to my checking to pull from if that happened) and other offenses irritated me more.
Now there’s this. I can’t WAIT for my kid to graduate and leave them behind.
I withdraw decent amounts of cash all the time, I have some business rentals where the landlord prefers being paid in cash. He travels a lot and sometimes a few months go by before we are able to square up in person.
It is always the same at the bank the teller says “I am supposed to ask what you plan to do with all of this cash.” I used to be nice and explain what was going on but now I just curtly say that “it is non of your fucking business what I do with this money”.
First time I said that the bank manager wanted a word with me, after discussing how many years I had been a loyal client of their bank and after a brief discussion of how much money I have parked in this bank over the years for their use and after telling him I did not appreciate the inquisition from the teller and him, he decided that he didn’t really need to know what I needed the cash for.
The last time I made the rent cash withdrawal the teller asked me what my intentions were for all this cash I told her it was none of fucking business, she went and got the manager, he came out of his office, saw me, I smiled and waved, he turned around and went back to his office. I got my cash and went about my business.
To me it is just the basic principal of privacy and being able to be free to do what you want with the resources you have without getting the third degree. Whether I use that cash to pay rent, buy a used car or give it all away to the endless folks standing with signs at every off ramp in town, it should be my business.
When I am asked about my intended use of my withdrawal (which almost never happens), I usually say “Whatever I want.” and smile. No teller has ever asked a follow-up question. But then again, I’m retired USMC and my smile can be worse than a frown…
But, if you YOU (or I) said “I intend to buy a kilo of cocaine to sell at a huge profit.” what would they do? Call the police? The FBI? DEA? Its so silly…the only legitimate reason that I can think of to ask the question is if he/she is an elderly person, to ensure that they’re not being scammed by someone online or in person.
bk america does the same thing–
my dad has a couple of rentals for which i collect the cash rent–
i bank literally x the street from boa at regions bank–i collect the rent,go to regions & deposit the cash,go x the street to boa & write out a check to my dad,which i endorse w/his signature in front of the teller–