Just received an email from Wells Fargo that they are changing their policy on cash deposits and will only allow the account owner or an authorized signor make a deposit into a Wells Fargo account. This may pose issues for landlords who have tenants on the "cash basis" who regularly make deposits into their account. Here is a copy of the communication I received:
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.
Doesn't say when it will start but anyone with issues may want to reach out to their tenants soon!
Helps prevent against money laundering. But some other big banks are already doing this for years now. Unless you have a business account.
I can’t remember what I read but I think business accounts are excluded.