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 .
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
|Bank of America||$5||$1,000
Not available in Arizona, California, Nevada.
|BMO Harris Bank||$5||$1000|
|Capital One||Does not issue money orders|
|SunTrust||$5 for customers
$10 for non-customers
|BMO Harris Bank||$5||$1000|
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.
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|
up to $16,000/month
up to $40,000/month
|Citibank||If you have been a Citi customer for less than 90 days:
up to $1,000/day
|If you have been a Citi customer for less than 90 days:
If you have been a Citi customer for more than 90 days:
up to $10,000/month
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|
|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
Wells Fargo did not give a specific date these changes will go into effect .
so, keep an eye out for approaching notifications .