Wells Fargo Bank
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Wells Fargo Bank (by Neal [TX]) Apr 27, 2018 6:26 PM
       Wells Fargo Bank (by NC INVESTOR [NC]) Apr 27, 2018 7:12 PM
       Wells Fargo Bank (by #22 [MO]) Apr 27, 2018 9:49 PM
       Wells Fargo Bank (by cjo'h [CT]) Apr 27, 2018 10:41 PM
       Wells Fargo Bank (by Robert J [CA]) Apr 27, 2018 11:53 PM
       Wells Fargo Bank (by Steve [MA]) Apr 28, 2018 3:52 AM
       Wells Fargo Bank (by WMH [NC]) Apr 28, 2018 3:57 AM
       Wells Fargo Bank (by nhsailmaker [NH]) Apr 28, 2018 4:38 AM
       Wells Fargo Bank (by Deanna [TX]) Apr 28, 2018 5:40 AM
       Wells Fargo Bank (by James [TX]) Apr 28, 2018 6:18 AM
       Wells Fargo Bank (by NC INVESTOR [NC]) Apr 28, 2018 8:08 AM
       Wells Fargo Bank (by Robin [WI]) Apr 28, 2018 9:00 AM
       Wells Fargo Bank (by DJ [VA]) Apr 28, 2018 6:33 PM
       Wells Fargo Bank (by Mike SWMO [MO]) Apr 29, 2018 7:39 PM
       Wells Fargo Bank (by WMH [NC]) Apr 30, 2018 5:32 AM
       Wells Fargo Bank (by Nicole [PA]) Apr 30, 2018 6:44 AM
       Wells Fargo Bank (by Roy [AL]) Apr 30, 2018 10:03 AM
       Wells Fargo Bank (by Pmh [TX]) Apr 30, 2018 12:59 PM
       Wells Fargo Bank (by GKARL [PA]) Apr 30, 2018 2:44 PM
       Wells Fargo Bank (by WMH [NC]) Apr 30, 2018 2:53 PM
       Wells Fargo Bank (by Sisco [MO]) Apr 30, 2018 3:02 PM
       Wells Fargo Bank (by Smokowna [MD]) Apr 30, 2018 8:17 PM
       Wells Fargo Bank (by WMH [NC]) May 1, 2018 4:18 AM
       Wells Fargo Bank (by Roy [AL]) May 2, 2018 6:55 AM
       Wells Fargo Bank (by mike [CA]) May 2, 2018 12:23 PM
       Wells Fargo Bank (by WMH [NC]) May 3, 2018 4:49 AM
       Wells Fargo Bank (by WMH [NC]) May 3, 2018 4:49 AM
       Wells Fargo Bank (by kkezir [KS]) May 3, 2018 7:17 AM
       Wells Fargo Bank (by Pmh [TX]) May 3, 2018 2:10 PM
       Wells Fargo Bank (by RockyMtnLL [CO]) May 8, 2018 4:25 PM
       Wells Fargo Bank (by Pmh [TX]) May 9, 2018 4:19 PM
       Wells Fargo Bank (by Katherine [TX]) May 11, 2018 8:55 PM

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Wells Fargo Bank (by Neal [TX]) Posted on: Apr 27, 2018 6:26 PM
Message:

Wells Fargo will stop accepting cash deposits in a few weeks. That is only the account holder could deposit cash, all others depositing cash could use Zelle, etc. Dang I am changing bank. --172.56.xx.xxx




Wells Fargo Bank (by NC INVESTOR [NC]) Posted on: Apr 27, 2018 7:12 PM
Message:

Most of the other banks have already stopped accepting cash in to any account that does not have their name on it. --71.75.xx.xx




Wells Fargo Bank (by #22 [MO]) Posted on: Apr 27, 2018 9:49 PM
Message:

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

I'd bet you'll find success working with a regional bank or smaller bank. Big banks = little intelligence. --173.24.xxx.xxx




Wells Fargo Bank (by cjo'h [CT]) Posted on: Apr 27, 2018 10:41 PM
Message:

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.

........................... --174.199.x.xxx




Wells Fargo Bank (by Robert J [CA]) Posted on: Apr 27, 2018 11:53 PM
Message:

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.

So the manager is telling my tenants they can deposit the funds (rent) into their account, then generate a cashier's check payable to me, then deposit that check into my account -- that I should provide each of these 7 tenants with a "bank produced" endorsement stamp and deposit slips. --47.156.xx.xx




Wells Fargo Bank (by Steve [MA]) Posted on: Apr 28, 2018 3:52 AM
Message:

Another reason why I like dealing with my small local banks & credit unions. --72.93.xxx.xxx




Wells Fargo Bank (by WMH [NC]) Posted on: Apr 28, 2018 3:57 AM
Message:

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.

This is truly a PITA for several of my tenants. --50.82.xxx.xx




Wells Fargo Bank (by nhsailmaker [NH]) Posted on: Apr 28, 2018 4:38 AM
Message:

DODD FRANK - due to the democrat created awful reporting regulations, my local bank with our town name , that had been in business over a century, was forced to merge with a bigger bank in another state. The Democrats are 100% responsible for this banking mess. --24.34.xx.xxx




Wells Fargo Bank (by Deanna [TX]) Posted on: Apr 28, 2018 5:40 AM
Message:

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.

However, my Chase guy had mentioned something about deposit-only ATM cards. I ended up not going the Chase route, because I wanted to make things as simple as possible for my tenants-- which to me, included "let them go to the counter and deal with a human if they need to"-- but you might check and see if Wells Fargo has deposit-only ATM's as a workaround for the no-cash-from-non-accountholders rule before you completely close things out and transfer your business to a smaller bank or credit union. --96.46.xxx.xx




Wells Fargo Bank (by James [TX]) Posted on: Apr 28, 2018 6:18 AM
Message:

I received the notification from WF. It stated CONSUMER accounts. My branch has assured me it doesn't apply to business accounts. We shall see. --47.185.xxx.xxx




Wells Fargo Bank (by NC INVESTOR [NC]) Posted on: Apr 28, 2018 8:08 AM
Message:

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.

Time to reconsider electronic payments. --71.75.xx.xx




Wells Fargo Bank (by Robin [WI]) Posted on: Apr 28, 2018 9:00 AM
Message:

Key Bank just implemented a similar policy, citing federal regulations. They'll accept cash, but the person depositing it has to provide a photo ID and SS#. We have several tenants using Zelle and I suspect more will transition that direction with time. --204.210.xxx.xxx




Wells Fargo Bank (by DJ [VA]) Posted on: Apr 28, 2018 6:33 PM
Message:

Boy, I sure LOVE my Credit Union!! --68.10.xxx.xxx




Wells Fargo Bank (by Mike SWMO [MO]) Posted on: Apr 29, 2018 7:39 PM
Message:

A bank in MO, called "Regions", started charging us a fee for making cash deposits. have been banking with them for 17 years but I have already opened an account at another bank and will close this one out in 3 or 4 months after i know all paperwork is complete --71.29.x.xxx




Wells Fargo Bank (by WMH [NC]) Posted on: Apr 30, 2018 5:32 AM
Message:

Wells Fargo stressed to me that Business accounts WILL NOT accept cash from a tenant. If you have an EMPLOYEE that you designate to deposit cash, they will work with you that - collect his ID info, etc. But you can't just have a bunch of tenants coming in to deposit, even into a business account. --50.82.xxx.xx




Wells Fargo Bank (by Nicole [PA]) Posted on: Apr 30, 2018 6:44 AM
Message:

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.

Nope, I'll take cash from my tenants or their personal check any day of the week. So many times, the old ways are the best ... which means for me, the easiest. --72.70.xxx.xx




Wells Fargo Bank (by Roy [AL]) Posted on: Apr 30, 2018 10:03 AM
Message:

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.

Nicole - I will accept cash but not a personal check from a tenant. And I will not pick up rent in person which a lot of local LL's actually still do. Talk about clinging to the past. I know one LL who carries a shoe box around with him when he collects rent in person. --68.63.xxx.xx




Wells Fargo Bank (by Pmh [TX]) Posted on: Apr 30, 2018 12:59 PM
Message:

bus accounts not affected. I have different persons making cash deposits. none are on the account. Is for personal accounts. likewise I am affected. my son will now have to deposit a check to me each mo for his Jeep payment instead of cash. what an idiotic hassle. be sure to thank your local democrat for protecting us from ourselves.... --166.137.xxx.xx




Wells Fargo Bank (by GKARL [PA]) Posted on: Apr 30, 2018 2:44 PM
Message:

I'm trying to switch everyone to Zelle. I have a collection box at the rooming house, but I can't be going around from apartment to apartment collecting rent. I think the tenant's ability to use Zelle is going to be added to the screening criteria. --207.172.xx.xxx




Wells Fargo Bank (by WMH [NC]) Posted on: Apr 30, 2018 2:53 PM
Message:

WF told me Biz Accounts ARE affected.

ARGH! --50.82.xxx.xx




Wells Fargo Bank (by Sisco [MO]) Posted on: Apr 30, 2018 3:02 PM
Message:

Take the opportunity of this stupid bank policy to get your ACH set up and going. You won't regret it! --72.172.xxx.xx




Wells Fargo Bank (by Smokowna [MD]) Posted on: Apr 30, 2018 8:17 PM
Message:

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.

by the way. Venmo is my favorite. The Zelle version was organized by major banks. I simply don't trust them any longer. I'm tired of fees and analysis chargers on accounts that were " free " when they started. --108.48.xx.xxx




Wells Fargo Bank (by WMH [NC]) Posted on: May 1, 2018 4:18 AM
Message:

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.

Sounds like Wells Fargo is not quite sure about their own policies. --50.82.xxx.xx




Wells Fargo Bank (by Roy [AL]) Posted on: May 2, 2018 6:55 AM
Message:

WMH, Some WF branch employees are not the sharpest tools in the shed. I guess we will find out around June 1st, which accounts get affected by this. Tenants will be calling from the bank saying the bank teller won't accept their cash anymore. I will deal with that situation if and when it happens. I may have to go to the bank and take their money in person. --68.63.xxx.xx




Wells Fargo Bank (by mike [CA]) Posted on: May 2, 2018 12:23 PM
Message:

tenants without checking accounts are shady schemers

they're dodging child support, tax collector, alimony, other landlords...i don't care what their BS rap is...it's BS --76.176.xxx.xxx




Wells Fargo Bank (by WMH [NC]) Posted on: May 3, 2018 4:49 AM
Message:

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.

My tenant who deposit cash tell me they stop at an ATM and withdraw their rent and take it to my bank and deposit it. --50.82.xxx.xx




Wells Fargo Bank (by WMH [NC]) Posted on: May 3, 2018 4:49 AM
Message:

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.

My tenant who deposit cash tell me they stop at an ATM and withdraw their rent and take it to my bank and deposit it. --50.82.xxx.xx




Wells Fargo Bank (by kkezir [KS]) Posted on: May 3, 2018 7:17 AM
Message:

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.

If it is federal regs/rules won't this affect local credit unions also? --165.201.xxx.xxx




Wells Fargo Bank (by Pmh [TX]) Posted on: May 3, 2018 2:10 PM
Message:

Wfb treasury told me biz accounts not affected by this. just personal accounts. --104.218.xxx.xx




Wells Fargo Bank (by RockyMtnLL [CO]) Posted on: May 8, 2018 4:25 PM
Message:

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.

--69.130.xxx.xxx




Wells Fargo Bank (by Pmh [TX]) Posted on: May 9, 2018 4:19 PM
Message:

Not sure I understand some state laws. If rent is $1,000 and tenant deposits $5 that means rent is not paid in full. --166.137.xxx.xxx




Wells Fargo Bank (by Katherine [TX]) Posted on: May 11, 2018 8:55 PM
Message:

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.

Surely the apartment lobby has a stance, and the service industry too. --66.189.xxx.xxx



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