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

[MrPrena]

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

So, if I owe $50 to my friend in other state, I can only deposit $50 check to his account now.

[Jeffrey Lebowski]

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

So, if I owe $50 to my friend in other state, I can only deposit $50 check to his account now.

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?

[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).

[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.

[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.

[MrPrena]

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.

I once pay shipping on stupid grad entrance books from one of my friend. He got into school in different state. He wanted to send it for free, but I wanted to pay for shipping at least. This was decades ago.
No, I did not thought about getting those book before him moving to different state.
Is that really bad to deposit $12-20 into my friends checking account in cash for USPS shipping cost?

My parents 20 yrs ago did not have money market account.
No, I did not have joint checking accout (I WISH), but my mom went to Norwest bank to help me open my first checking account with my own name.

[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.