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Wells Fargo will no longer allow cash deposits to accounts


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Unless you are an authorized user of the account.  So you can'p out cash into someone's Wells Fargo accounts.  This will effect some offshore depositing methods.

 

 

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

 

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Why would it affect offshore methods? How do they deposit cash into your account?

 

I think this was primarily to deal with Local Bitcoins scenarios.

some offshore joints will let you deposit cash into their bank accounts to fund your book/casino accounts

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Make no mistake that the banks don’t want people easily buying bitcoin at all. First they take away the credit cards, then they close the checking accounts, and now they essentially disable local bitcoins.

 

 

Then they buy them themselves.

 

Still shocked Wells Fargo has not closed my account down. I know Chase and Bank of America I have been on a tear lately from what I have seen on Twitter.

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I highly doubt it has anything to do with Bitcoin. The banks have had to report cash transactions to other people's accounts for a while now. I've deposited cash into my brother's checking account at another bank (not WF) several times, and every time, they made me fill out paperwork, give them my social, and give them my ID. It's government mandated to try to catch money laundering.

 

This is probably just WF not wanting to deal with the reporting anymore.

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I highly doubt it has anything to do with Bitcoin. The banks have had to report cash transactions to other people's accounts for a while now. I've deposited cash into my brother's checking account at another bank (not WF) several times, and every time, they made me fill out paperwork, give them my social, and give them my ID. It's government mandated to try to catch money laundering.

 

This is probably just WF not wanting to deal with the reporting anymore.

I can't fathom why anyone would still bank with Wells Fargo. Truly baffling stuff.

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I can't fathom why anyone would still bank with Wells Fargo. Truly baffling stuff.

Not by choice, but it is the only bank that will link up easily to Gemini for me. I.e., the only way to buy and sell crypto easily....at least for now.

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People really mail cash offshore? wow, what's wrong with WU, moneygram, etc?

No not mail. They walk into a bank and deposit cash into one of the books banks accounts. I have done that with multiple sponsors up top. I have also done it with credit agents when it was time to pay. Many cant use WU or MG or they want t to deposit larger amounts

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No not mail. They walk into a bank and deposit cash into one of the books banks accounts. I have done that with multiple sponsors up top. I have also done it with credit agents when it was time to pay. Many cant use WU or MG or they want t to deposit larger amounts

I see, I guess if you or the sportsbook dont use wells fargo, than nothing has changed. yet.

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