Wells Fargo last of major banks (to my knowledge) to allow third party cash deposits

[Dan Druff]

Cash deposits will be limited to account owners or authorized signers

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.

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.

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.

Chase was the first major bank to do this, in 2014.

In December 2017, Bank of America made this change, and it looks like Wells Fargo will officially end third party cash deposits in May 2018.

[Draymond]

Complying with money laundering laws sure does suck.

[Dan Druff]

Complying with money laundering laws sure does suck.

They could limit this per day and accomplish the same thing.

[simpdog]

If only there was an almost anonymous way to transfer money at super low fees across the globe.

[Sidewinder]

localbitcoins.com slays another one.

[Dan Druff]

localbitcoins.com slays another one.

You're not kidding.

This is going to put a real dent in localbitcoins' business model.

[PLOL]

I don't get it. Why does this matter?

[Dan Druff]

I don't get it. Why does this matter?

Because when someone you don't fully trust owes you money, or especially if they're buying something from you, cash-in-bank-account is the best way to go. Because it's irreversible.

Not everyone has bitcoin.

There are other uses for it. It's basically an instant and free way to transfer money to people without any kind of waiting period.

[JohnCommode]

Oh well. Putting hundred dollar bills inside of a real estate or supermarket brochure and then inside of an express mail envelope will soon be the crypto buyers most reasonable option.

[JohnCommode]

Cash deposits will be limited to account owners or authorized signers

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.

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.

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.

Chase was the first major bank to do this, in 2014.

In December 2017, Bank of America made this change, and it looks like Wells Fargo will officially end third party cash deposits in May 2018.

Druff, not really sure what is going on with BOA and Chase since I saw these two offers on LocalBitcoins.com:

https://localbitcoins.com/ad/391423/...-united-states

https://localbitcoins.com/ad/358591/...-united-states