CHARLOTTE, NC (FOX 46 WJZY) — They say “cash is king,” but maybe not anymore. Wells Fargo is just the latest bank to get rid of cash deposits if you don’t have an account with them. Show The bank plans to implement the new policy in North Carolina and South Carolina on May 23. “They don’t want cash,” said Fort Mill resident, Alvaro Parra. “They don’t want my mom’s cash or my grandma’s cash.” Wells Fargo has pamphlets posted at the bank’s branches. It says the goal, with this new cash deposit policy, is to reduce criminal activity, and protect customers’ accounts. Some argue, in an effort to cut down on money laundering, the bank is just hurting the little guy, like Mark Drenen’s daughter, who oftentimes deposits cash into her mom’s account. “All the utilities are still in my name,” Drennen said. “so I make the payments and she puts the money in my account.” Drennen told FOX 46, for people who use cash, the new policy makes it difficult to send money back and forth. “You can’t punish everybody just because you’re trying to protect or keep the criminals from being bad,” she said. Others don’t think the restrictions will work in reducing crime, like money laundering. “No, not at all,” said Parra, “because you can also make transfers. How can you prevent money laundering if you can make transfers?” Wells Fargo isn’t the only company to take the extreme measure. Bank of America, Chase and others took the plunge first. Under the Bank Security Act, financial institutions are supposed to do what they can to report and prevent money laundering, but they’re not required to precent non-account owners from depositing cash into others’ accounts. “When you can’t put US currency into a US bank account, there’s something wrong with that,” Drennen said. Citing security concerns, most big banks now prohibit customers from depositing cash into personal bank accounts of which they are not a joint owner or an authorized user. Bank of America, Wells Fargo, and Chase have each adopted such restrictions on cash deposits in an attempt to curb attempts at fraud and money laundering. This Bankrate article highlights alternative ways to deposit money into someone else's account. Share This Story, Choose Your Platform! Previous PostOctober is National Special Needs Law Month Next PostFinancial Matters to Consider Before a Second Marriage Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. There are plenty of times you'll need to give money to someone, but for one reason or another, you can't just hand them cash. In this case, you can deposit money into their bank account. There are several ways to deposit money into someone else's bank account. The best choice will depend on which institutions you each bank with, how much money you're sending, and how much you're willing to pay in fees. 1. Deposit cash at the bankThe most basic way to move money into someone else's account is to walk into the bank and tell the teller you'd like to deposit cash. You'll need the recipient's full name and bank account number to complete the deposit. Some banks are banning cash deposits into someone else's account, though. Handling cash can lead to fraud, so banks are steering clear. Before venturing into a bank branch to put cash in a friend's account, double check that the bank will allow you to do so. 2. Transfer money electronicallyThere are multiple websites and apps that allow you to transfer money to a friend. Here are some of the most popular ones:
One disadvantage to this method is that both people need to have an account with certain services, including PayPal and Venmo. 3. Write a checkYou may choose to write a paper check and give it to the person. Or you can walk into a bank and ask the teller to deposit the check into the person's account, as long as you have their full name and account number. Although fewer and fewer banks accept cash deposits into another person's account, many still accept check deposits. 4. Send a money orderAlthough you will have to pay a couple of dollars for a money order, it's a worthwhile alternative if you don't already have a paper checkbook. When you buy a money order, you'll pay the small fee plus the amount you want to deposit. For example, you might pay the $200 you want to put into your friend's account, then a $2 fee for the money order itself. You'll get a receipt, so if the deposit never goes through for some reason, you have proof of the money order. The downside is that there's usually a limit on how much you can send with a money order. You probably won't be able to send more than $1,000. 5. Send a cashier's checkA cashier's check is similar to a money order, but there's no limit on how much you can send. Unfortunately, cashier's checks cost a little more than money orders, usually around $10. Whereas you can get a money order at a bank, the post office, or a convenience store, cashier's checks are only available at banks. 6. Make a wire transferA wire transfer is a tool for moving money electronically from one banking institution to another. It can be especially useful if you don't have access to the recipient's bank. For instance, maybe you bank with a national bank but your friend banks with a local institution across the country. You can send wire transfers within the US or internationally, and international transfer fees are more expensive. You can expect to spend $10 to $50 on a wire transfer. Wire transfers are often for large sums of money, like a down payment on a house. Before attempting to send a wire transfer, make sure your account and the recipient's account are both set up for wire transfers. The best option for depositing money into someone else's bank account may depend on where you both bank and how much you're sending. When in doubt, ask the other person which would be the most convenient way for them to access the money.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Can I deposit cash to someone else's Wells Fargo account?Some banks, however, don't let you deposit cash into someone else's checking account. They include the three biggest banks — JPMorgan Chase, Bank of America and Wells Fargo. As the banks see it, the decision to ban cash helps prevent money laundering and fraud — cash is hard to trace, after all.
Can I deposit cash in someone else's account?The most basic way to move money into someone else's account is to walk into the bank and tell the teller you'd like to deposit cash. You'll need the recipient's full name and bank account number to complete the deposit.
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Wells fargo deposit cash into someone elses account
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