8 Ways Around the Wells Fargo No-Cash Deposits Rule | MyBankTracker


Wells Fargo customers may run into a new principle that they ‘d might consider to be rather inconvenient .
Individuals are no longer able to deposit cash into someone else’s Wells Fargo account.
It is a convention that has besides been enforced by many other major U.S. banks in an effort cut gloomy on illegal fiscal natural process.

here ’ s what you need to know about the policy that bans cash deposits into another person ’ s Wells Fargo account, and how to work around it .

Wells Fargo’s No-Cash-Deposits Policy

According to Wells Fargo :
“ We ‘ll only accept cash deposits into your Wells Fargo Consumer check or savings accounts if it is coming from an account owner or authoritative signer. ”
Customers will need to present valid identification to make cash deposits to their account.
then, why did they make these changes ?
The bank said that these changes will protect customers and assistant reduce criminal activeness .
The law requires banks to take certain steps to prevent and combat money launder .
Wells Fargo is following on the heels of other banks to put policies in set to prevent illegal action .

1. Check

Americans are still writing checks. In fact, 20 percentage of Americans use personal checks to pay for expenses such as economic rent or adulterous activities .
Writing a check is however one of the cheapest ways to exchange money since you won ’ t pay a convivence or transaction fee .
In fact, many banks offer a absolve box of checks as an bonus to attract new customers .
A box of substitution checks can cost anywhere from $ 12 to $ 38 .
Depositing a check is convenient through on-line and fluid bank .
about all banks and credit unions offer mobile sediment. It ’ sulfur a childlike as taking a picture of the confirmation and uploading it to the app. This way, you don ’ t flush have to make a stumble to the bank .
Wells Fargo customers can use this feature to deposit up to :

  • $2,500 per day, or
  • $5,000 over a 30-day period

note that these limits are the standard, but they can vary by each specific account based on the relationship with the bank .

2. Money Order

A money order is like a discipline, except the money is prepaid .
It ’ s a procure way to pay bills or exchange money. People who do not have a bank account frequently trust on money orders to send or receive payments, like rent or utilities .
You can send up to $ 1,000 per money order. The claim maximal amount depends on where you buy it from .
They ’ re besides convenient since you can go to many different locations to buy one, such as :

Compare Money Order Fees at Banks & Retailers

Company Fees Limits
Chase $5 $1,000
Bank of America $5 $1,000
Not available in Arizona, California, Nevada.
Wells Fargo $5
Citibank $5
U.S. Bank $5
PNC Bank $5
BMO Harris Bank $5 $1000
TD Bank $5
Capital One Does not issue money orders
SunTrust $5 for customers
$10 for non-customers
Regions Bank $1 $1000
Santander $5
BMO Harris Bank $5 $1000
M&T Bank $6
CVS $0.70 $500
USPS $1.20 $500
Walmart $0.70 $1,000

To buy a money order, you ’ ll prepay the come of money to send, plus a modest process tip. Fees range anywhere from $ 1 to $ 15 .
A money order includes the specific payee ’ sulfur identify in the “ pay to the orderliness of ” field, like to a check. You will sign the front, and the recipient role will sign the back when they go to cash or deposit it in a bank account .
The best way to get entree to the cash mighty away is to bring the money orderliness to a localization of the third-party occupation that issued it .
besides, you ’ ll need to show your I.D .

3. Cashier’s Check

Understanding the deviation between a money order and cashier ’ s check can be confusing .
money orders are cheaper in comparison and are limited to less than $ 1,000 .
Cashier ’ randomness checks are preferred for larger payments with fees ranging from $ 8 to $ 10 a check .
Banks issue cashier ’ sulfur checks, making them more procure .
In accession, you must have a check or savings account from the issuing depository financial institution in order to get a teller ’ south crack .
When you order a cashier ’ randomness hindrance, on-line or in person, the money is immediately deducted from your score and set aside until the assay is deposited .
If you ’ re on the receiving end, the money is available about immediately.
Wells Fargo customers can order a cashier ’ s check on-line, or by visiting a local branch.

4. Zelle

Zelle is the quickest way to electronically send money to another person, known as one-on-one payments ( P2P payments ) .
All you need is an e-mail address or mobile phone number, and eligible bank history in the U.S .
Backed by more than 30 banks, Zelle is giving its biggest competitors, Venmo, Popmoney and PayPal, a run for their money. But, unlike many of its competitors, Zelle is absolve .
Since Zelle is set up through your bank, you can cursorily and securely send money, without entering your bank account information .
The only information you need to enter is an e-mail address or mobile call number, and the amount of money you want to send .
note that there are limits to Zelle payments :

Zelle Pay Limits at Top Banks

Bank Daily limits Monthly limits
Ally Up to $500/day Up to $10,000/30 days
Bank of America Up to $2,500/day Up to $20,000/month
Capital One Up to $2,000/day Up to $10,000/month
Charles Schwab Up to $1,000/day Up to $5,000/30 days
Chase
  • For Chase Personal Checking and Chase Liquid cards: up to $2,000/day
  • For Chase Private Client and Chase Business Checking accounts: up to $5,000/day
  • For Chase Personal Checking and Chase Liquid cards:
    up to $16,000/month
  • For Chase Private Client and Chase Business Checking accounts:
    up to $40,000/month
  • Citibank If you have been a Citi customer for less than 90 days:

  • For Citibank, Basic, & Access accounts: up to $1,000/day
  • For Citi Priority, Citigold, and Citi Private Bank accounts:
    up to $1,000/day

  • If you have been a Citi customer for more than 90 days:

  • For Citibank, Basic, & Access accounts: up to $2,000/day
  • For Citi Priority, Citigold, and Citi Private Bank accounts: $5,000/day
  • If you have been a Citi customer for less than 90 days:

  • For Citibank, Basic, & Access accounts: up to $5,000/month
  • For Citi Priority, Citigold, and Citi Private Bank accounts: up to $5,000/month
  • If you have been a Citi customer for more than 90 days:

  • For Citibank, Basic, & Access accounts:
    up to $10,000/month
  • For Citi Priority, Citigold, and Citi Private Bank accounts:
    up to $15,000/month
  • Citizen’s Bank Up to $1,000/day Up to $5,000/month
    Discover $600 per day
    PNC Bank Up to $1,000/day Up to $5,000/month
    TD Bank
  • Transfer within minutes feature: up to $1,000/day
  • Transfer within 3-day feature: up to $2,500/day
  • Transfer within minutes feature: up to $5,000/month
  • Transfer within 3-day feature: up to $10,000/month
  • Truist Up to $2,000/day Up to $10,000/rolling 30-day period
    U.S. Bank Between $1,500 and $2,500/day Between $5,000 and $10,000/month
    Wells Fargo Up to $2,500/day Up to $4,000/month

    5. Prepaid Card

    A prepay card has the same spirit and palpate of a standard debit or credit circuit board, except it ’ s not linked to a trust report .
    Visa, MasterCard, and American Express crack prepay cards that you can use anywhere that character of card is accepted .
    To add money to the tease, you can deposit cash at blue-ribbon ATMs, bank branches or retailers. You can even download the app and deposit checks, or dress for direct deposit from your employer .
    A prepay menu comes in handy since you can request a second card to give to a friend or family extremity. That person can load cash onto the tease that you will be able to access with your wag .
    The downside of prepay cards is that they do come with monthly fees, ranging anywhere from $ 5 to $ 10 a month .
    A postpaid credit or debit batting order is ideal for person who receives regular money deposits into their account, such as a adolescent or new pornographic .

    6. Wire Transfer

    A wire transfer is not the cheapest choice, but it ’ second however an option. A wire transplant is a service to send or receive electronic requital by wire .
    You can send or receive money to about anyone in the U.S. or afield .
    To send a telegram transfer, you will need the following details to initiate the remove with your bank :

    • Name and address
    • Bank name and address
    • Wire transfer routing number
    • Account Number

    Wire transfer fees depend on the amount of money that is sent. You can expect to pay anywhere from $ 25 to $ 40 .
    And, the recipient role will besides pay an income wire remove fee. Wells Fargo charges $ 15 for incoming domestic wires and $ 16 for incoming international wires .
    once the money is wired to another person, or business the money is available to them pretty quickly .

    Wire Transfer Fees at Top Banks

    7. Joint Account

    A joint history is when two or more people “ own ” an account. Each person has entire access to all the account details, including the ability to deposit or withdrawal money in the explanation .
    The alone remainder between a joint account and individual account is the count of people who own the account .
    If you already have an score with Wells Fargo, you can add a person to the score, making it a roast report .
    If you don ’ triiodothyronine have an account already opened, opening a joint account is the same serve as an individual report. Both people will need to provide information and identification in order to open the joint history .
    A joint check account is a commodity option for person who regularly receives cash deposits from a specific person, a trusted source .
    For exemplar, newlyweds who are looking to combine their finances might explore joint checking score options to pay bills, while each maintaining their own individual explanation for other expenses .

    8. Switch Banks

    respective of the nation ’ sulfur largest banks have implemented this exchange, most notably Chase and Bank of America .
    history has a way of repeating itself, so it ’ second safe to say that other banks will likely roll out these changes shortly .
    Whether you ’ ve been a patriotic Wells Fargo customer for years or just opened an explanation, it might be time to shop around for a new bank .
    Although on-line banks don ’ t have deposit branches to deposit cash, higher interest rates and lower fees might be fair what you need to switch banks .
    hera ’ s what to look for when you ’ re denounce around for a new bank with checking accounts and savings accounts :

    • No maintenance fees
    • No minimum balance requirements
    • Interest bearing
    • Online bill pay
    • Mobile banking
    • Worldwide ATM access
    • FDIC Insured
    • P2P payments

    Conclusion

    Wells Fargo did not give a specific date these changes will go into effect .
    so, keep an eye out for approaching notifications .

    informant : https://www.peterswar.net
    Category : Finance

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