Can I Deposit A Money Order At Self Serve Window At Wells Fargo

Planning to deposit cash in your elderly mom'southward account and then she can pay her bills in Gustavus or Fort Yukon? Not if it's at Wells Fargo. Yous'd better be a joint owner of that account or take your cash elsewhere.

In a sign that the modernistic world is moving to a cashless economic system, the banking company with the most branches in Alaska is only going to accept greenbacks deposits into a checking or savings account if it comes from an business relationship possessor or an authorized signer. The policy takes consequence in Alaska in a few weeks and will change the way some rural Alaskans handle their banking.

Well-nigh people in rural Alaska accept little access to banks, and some either mail service their cash and checks into the metropolis or accept others bring them in for eolith. The inconvenience of not being able to have someone deposit cash for you extends non simply to family unit members, merely can be a claiming for those who are in an emergency and are non plugged into electronic banking.

Wells Fargo is changing its policy to address drug trafficking and other criminal action, merely i of the biggest impacts in Alaska may be to those who are barely scraping past or who live a largely subsistence way of life.

Hither's what people will need to do to bank at Wells Fargo under the new rules:

If a not-account owner needs to deposit money into your account, he or she tin only use a check, cashier'due south bank check, or money order. Or he can utilize a person-to-person payment like PayPal. Wells Fargo suggests people apply Zelle, U.Southward.-based digital payments network owned past Wells Fargo and half-dozen other big banks. That still doesn't solve how people get cash into their needy relatives' accounts.

The ban only applies to personal accounts, non commercial accounts.

All customers volition be required to provide identification to make whatever cash deposits. If you lot don't take a Wells Fargo ATM or debit card, y'all may use a government-issued ID, such as driver'due south license or passport. It's unclear what skilful it does to bear witness ID, unless the banking company is too capturing that information for police force enforcement agencies.

Several of the nation's largest banks are getting ready to implement this rule, which is non required past the government, only Wells Fargo is rolling it out in a few states earlier going nationwide.

Nether the Bank Secrecy Act, financial institutions are being required to scissure downward on coin laundering, such as reporting transactions larger than $10,000. In 2014, Chase was the start big bank to stop taking cash deposits from non business relationship holders, every bit its fashion to prevent money laundering.

The change from the time when banks were the identify where yous took greenbacks to a place where cash is non welcome a sign that the coin of the realm is no longer gold, and it's non even paper, except in the criminal world, where greenbacks is still king.

Wells Fargo at present has 46 branches in Alaska, including one each in Barrow, Rex Salmon, and Dillingham, where it's the only bank in town, and other rural hubs such as Cordova, Kotzebue, Kodiak, Nome, Petersburg, Craig, Sitka.

Source: https://mustreadalaska.com/dont-own-account-wells-fargo-wont-take-cash/

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