Wells Fargo trying to defend itself against anti-2A folks

[kidicarus13]

Wells Fargo just emailed me this morning that they would not accept cash deposit from non account owner (s).

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. 

[MrPrena]

I don't think I've ever done this in my entire life. If friend is in another state, why wouldn't you protect yourself with a check?

really?
If I was recepient , i don't care he/she pays me in cash, casher's check, or money order, as long as it is in USD.
However, as for emergency fund, I do care that it is immediate(cash) vs 1-2days later (check).

In case of emergency, if towing charge/fee/whatever came out to be more than what someone has? Cash is immediate, but check is not.

[Jeffrey Lebowski]

really?
If I was recepient , i don't care he/she pays me in cash, casher's check, or money order, as long as it is in USD.
However, as for emergency fund, I do care that it is immediate(cash) vs 1-2days later (check).

In case of emergency, if towing charge/fee/whatever came out to be more than what someone has? Cash is immediate, but check is not.

Why am I paying my out of state friend's towing charge / fee / whatever, immediately?
Why is my friend not using their credit card?

I don't necessarily understand the point of the rule (got the same email), but I also cannot possibly fathom this ever affecting me.
Isn't their own stated solution Zelle immediate? (I don't know, I've never used it).

[Irving]

When I was younger, I'm sure that my parents deposited cash into my bank account at least twice so I could make rent. It seems ridiculous that there should be any type of restriction on deposits.

I get the angle to prevent crimes, but shouldn't there be a line?

[brutal]

Yeah...they definitely have a tainted history. Unfortunately, our mortgage was sold to them. I've never done business with WF before so I was kinda forced into it with them. I still bank with a bank in CO. Can't really find one here locally that I like as much or offers as much, until...I found out WF offers great deals on checking accounts if you have a mortgage with them. So, now I have a WF checking account for times when a CO account is problematic. And it's free and never ATM fees. I still haven't cut ties with my CO bank but it'll probably happen eventually. Especially if they (WF) resist the SJW pressure re: the NRA.

I had an RV loan with WF and never had a problem with them.

My new refi is with them. I'm thinking about using their free checking just so I have direct connect for Quicken as they've made changes that disallow the web connect transaction downloads into Quicken.

Our new RV loan is with Bank of the Ozarks and they don't support Quicken either. I got a slightly better rate than USB, my primary bank, was offering, but it's not really worth the $1.50/month to not have access via Quicken.

[MrPrena]

Why am I paying my out of state friend's towing charge / fee / whatever, immediately?
Why is my friend not using their credit card?

I don't necessarily understand the point of the rule (got the same email), but I also cannot possibly fathom this ever affecting me.
Isn't their own stated solution Zelle immediate? (I don't know, I've never used it).

At my age, I really don't see this example that great. During my late teens, my parents had to deposit cash into my account, because I did not live in a same city.
Even now, I do believe not all people can just whip out credit card to pay for towing or whatever emergency funds they may face.

Zelle. It looks like most tellers are pitching Zelle to me and other customers as well. Maybe zelle is better alternative to paypal or square managed by dorsey.

[MrPrena]

When I was younger, I'm sure that my parents deposited cash into my bank account at least twice so I could make rent. It seems ridiculous that there should be any type of restriction on deposits.

I get the angle to prevent crimes, but shouldn't there be a line?

Yup, multiple time when I was undergrad. My parents chipped in text book costs, R&B, and other stuff that I needed. They usually lived in different city or different state, so cash deposite for immediate funding was very helpful.

I think those major banks are using that money laundering excuse to pitch Zelle. That is my impression.
Looks like Zelle and clearXchange are owned by major retail banking institutions.

"So, why can't your parents just convert cash into casher's check or money order for immediate fund then?" <---

[Jeffrey Lebowski]

When I was younger, I'm sure that my parents deposited cash into my bank account at least twice so I could make rent. It seems ridiculous that there should be any type of restriction on deposits.

I get the angle to prevent crimes, but shouldn't there be a line?

At my age, I really don't see this example that great. During my late teens, my parents had to deposit cash into my account, because I did not live in a same city.
Even now, I do believe not all people can just whip out credit card to pay for towing or whatever emergency funds they may face.

Zelle. It looks like most tellers are pitching Zelle to me and other customers as well. Maybe zelle is better alternative to paypal or square managed by dorsey.

My parents did this too, but if they are your parents, wouldn't it be a joint account? I know mine was when I was in college.
In fact, they actually didn't use cash but did it electronically even 20 years ago, just as I shift funds from my account to my daughter's brokerage account.




Regarding the towing - I'd think use (and misuse) of credit is way more prevalent than cash. That's why so many folks have credit problems.
Again, when I was an undergrad, I could get a credit card WAY, WAY beyond what any sane person should have given me.

[Irving]

I don't think I've ever had a joint account with my parents. Either way, at the time I was old enough that I should have had my act together anyway.

[Jeffrey Lebowski]

Wait a second, old enough that you should have had your act together, but not too proud to take a cash deposit from them?