I haven't heard of any banks with this policy.

I'm not a lawyer,just a country boy,and getting older,can see some enterprising yokel make a tonne of American money here.................charlie............................................a big bag anyhow.

I have a Wells Fargo Branch near to 7 of my single family homes. All of those tenants have Wells Fargo Accounts and make my rental payment into my Wells Fargo account at that branch.

If they also bank with Wells Fargo, it's dead easy for them to transfer to your account using Zelle, Robert. But if they use another bank it's harder. WF will only deposit income Zelle money to my personal account, not my business account.

Last summer, I was looking to expand into a nearby city. They didn't have a branch of the small, local bank that I've been relying on for my current three towns, but I had really enjoyed how one tenant had used Chase QuickPay, which requires at least one party of the transaction to have a Chase account. So, since I needed a backup bank, this was a great reason to activate something over at Chase.

Everything was going great, until the guy explained that, no, my tenants couldn't just show up with cash and deposit their rent into my account. He said that BofA and WF were following Chase's lead in turning down cash deposits.

Being familiar with history, I understand that Chase, having been tremendously irresponsible with the Madoff/Levy investment scandal, suddenly decided that they were going to protect America from money laundering by preventing Person A from depositing cash payments into Person B's account. They can deposit checks or money orders, but not show up at the counter with $500 in cash. Or even $10 in cash, for that matter. Because that's totally how multibillion-dollar money laundering works.

So, suddenly Chase seemed a lot less attractive, and I stayed far away from Chase/BofA/WF, and kept on with my smaller banks and credit unions, which have the same great service and protections, but less corporately-mandated annoyances-- like why I closed out my BofA account years ago, when they changed the rules about small biz accounts and fees and minimum balances.

There are two ways your tenants can digitally deposit to your business account; PayPal.me and Square cash. I'm not sure about the fees. I also love these since I can pay contractors through them at no charge.

As for the rules. The Feds are really clamping down on cash deposits and since they have to provide a lot of paperwork for every cash deposit to stay compliant. They would rather stop cash deposits than pay the overhead for accepting them. It is my understanding that small local banks and credit unions are also moving in this direction.

as so often, I am odd man out. I see repeatedly on here all kinds of creative discussions about how to eliminate having to collect and deposit rent. I then see these type threads... can't use cash ... the company that went belly up few months ago and the cash went with it. Then there are those who have to figure out how to figure out who made the deposit into their account each month as several have the same rent amounts but don't use the preprovided deposit slips.

WMH,

I just had a talk with my WF branch manager and she told me BUSINESS accounts will not be affected by this. Only Consumer checking/savings accounts would be affected.

May 23rd is when WF will put these new rules in practice.

WF told me Biz Accounts ARE affected.

I think I'll go and open a new account with a bank in town.

Going around collecting rent is too much of a job. It takes far too long.

I'm afraid I'm going to have to find ways to have teni continue to make deposits.

Called the 800 number for Wells Fargo. She told me all accounts are affected. Biz Account can designate employees to deposit cash, but otherwise no cash from non-account owners.

tenants without checking accounts are shady schemers

Mike/CA, it's not that younger tenants don't have checking accounts. It's that they don't have CHECKS. They receive paychecks and tax returns by direct deposit, they pay their bills online. No checks.

Mike/CA, it's not that younger tenants don't have checking accounts. It's that they don't have CHECKS. They receive paychecks and tax returns by direct deposit, they pay their bills online. No checks.

BofA in Topeka quit accepting cash in Dec 2017. It was a major hit to some of my tenants. However, one BofA is in the parking lot of a grocery store so they can go over there and get money orders.

I was talking with BofA and they told me about their debit card-deposit only. Or if they want to set up a account to transfer rent to mine. So I am getting ready to look at various options.

I think it is insane that a bank won't accept cash. Cash vs bounced check. I know which one I would pick.

I've got a different spin on this topic. I have had tenants paying cash directly to the bank for some time. Ordinarily, it works great. In evictions, it can be problematic. I have to notify the tenant that they are not in good standing and may not pay the bank directly. Instead, they are directed to pay me. This way, if they pay $10 on an $800 account, it does not undo my Notice to Pay actions.

So, recently, I had a tenant who owed several hundred dollars in fees. They deposited cash in my bank with no name on the deposit slip, nor any way of tracking the funds back to them. Of course, they may have kept the deposit receipt, to show it at a hearing, but I had no way of finding out who had deposited the funds.

I sought legal counsel on evicting said tenants, and the attorney said I had to assume it was them that paid it, to notify the bank not to accept funds and notify the tenant, too. The counsel also said I had to re-start the Notice to Pay because a partial payment had been accepted.

The spin on this is that many banks, mine included, that ARE accepting cash, do not insist on names of depositors and certainly not on the amounts of the deposits. In my case, there is no way I can prevent the tenant from doing the same thing. I can only hope a judge will side with me when I show him my intent to prevent that.

While I originally hated the idea of Wells Fargo not accepting cash, I now have no problem with tenants paying the 50 cents to get a money order. They have to fill it out and there are more safeguards in place to prevent tenants from gaining more time on an eviction. I accepted cash as a convenience - to spare tenants from having to purchase cashier's checks and money orders, but I'm having second thoughts now - as I'm losing money with non-paying tenants still holding the apartment who refused to admit they deposited the cash.

I've seen this too. At WFB and at BofA. I've heard its affecting US Bank, Chase, and others. I bank at a much smaller regional concern in two different states that do alot of agricultural lending and so forth.

It's a question I'll have for both of my banks next week where I run my operational accounts.

Some of the working poor (who make up alot of my renters) simply don't have checking accounts.would have serious concerns about this?

Or bars and restaurants who get MUCH of their income via cash revenue.