For several years we’ve been buying some owner-financed property; One time a month, my wife cashes her paycheck, drawn on Wells Fargo, and then deposits the cash into the lienholders account (also in Wells Fargo).
Today they told her that, effective May 23rd, Wells Fargo will “NO LONGER ACCEPT CASH DEPOSITS”, and, you will not be able to “DEPOSIT MONEY INTO ANYONE’S ACCOUNT UNLESS YOU ARE A WELLS FARGO ACCOUNT HOLDER, OR, HAVE WRITTEN PERMISSION FROM THE ACCOUNT HOLDER.”
The previous method helped us avoid going to our bank, withdrawing the cash, and then taking it to Wells Fargo.
Of course, we can send them a check, but it all takes time, and, the other way was way more convenient insofar as she works right next to a Wells Fargo.
I’ve never heard of a bank that won’t take cash, or, let you deposit money into any account.
A way to force more people to open accounts..
The new Wells Fargo spokes-person
owner financed property?
That is as rare as a rainbow unicorn here in uostate NY. Oh well hubs and I are moving to TN in 5 years, Lord willing.
“Ive never heard of a bank that wont take cash, or, let you deposit money into any account.”
BofA recently changed their rules (again) about cash. The first rule change that affected me was they had to have my ID for me to put cash in my wife’s checking acct, then next I had to have her acct number and my ID to put in cash, then I had to be on her signature card to put in cash. The only way for me to put money in her account now is to transfer it from my account. No use of cash in that bank without tracking every penny to the person using it.
“DEPOSIT MONEY INTO ANYONES ACCOUNT UNLESS YOU ARE A WELLS FARGO ACCOUNT HOLDER, OR, HAVE WRITTEN PERMISSION FROM THE ACCOUNT HOLDER.
Those rules would likely be an attempt to prevent money laundering or some other illegal activity.
Plus why wouldn’t you write a check so you have record of what you are paying?
What stops the owner saying that you never paid them anything?
IF she works right next door- she can deposit CHECKS just as easy as she can deposit cash.
However-—More & more banks are trying to say they won’t accept cash deposits.
As a life=-long bookkeeper/accounting person, I don’t know how much business they are going to lose-—Gas stations —restaurants—grocery stores-—all high cash deposit clients.
I have done bookkeeping for over 55 different clients since 1980. Even the smallest one man shop deposited cash. I did books for 3 different engine builders. Spend a week building a racing engine & you get paid CASH. PERIOD.
Are you going to force a 14 year old kid who is mowing lawns for a summer job to not get paid in cash? A babysitter? That is nuts. Learning how to budget your money is about the most important thing a teenager learns—a life long lesson. Having the CASH in your hands after working hard is a reward in itself.
And you think drug dealers will accept your ‘electronic charges’ on their phones??? GROW UP!!!
This will only force businesses to cheat on their taxes-—they will keep the CASH & not deposit it. Pay their payroll in Cash & not report it. Buy supplies in cash & not report it.
The younger people want a cashless society, but that really doesn’t work. I don’t have a cell phone & I refuse to have one. I pay cash as much as I can, particularly for eating out, which I don’t do often. It is a bit of a luxury for me to do so on Soc Sec, and if I pay cash, I am more aware of only doing it when I can afford to do so.
IF you cannot pay for anything except electronically-—then Big Brother knows exactly what you are doing every minute of the day. It is a complete invasion of all of our privacy.
I have raised horses for over 30 years. When I sell one, I only take cash-—and I only paid cash for ones I bought. I would NEVER turn over the registration papers & a grown, trained horse for a check. They can disappear with the horse & stop the check.
This is nuts. Banks are trying to dictate how we all will live. They can pound sand.
Ive never heard of a bank that wont take cash, or, let you deposit money into any account.
Wells Fargo is a participant in Zelle. If you can get the lienholder to enroll their account (it’s free), you can make the payment to them online.