Living In The Philippines Forum

Itís Your Money => Banking => Topic started by: Lee2 on May 02, 2018, 04:56:07 AM

Title: Changes to Wells Fargo policy for cash deposits
Post by: Lee2 on May 02, 2018, 04:56:07 AM
It seems that in an effort to cut down on money laundering, some banks will be going to the extreme. I just got the following email from Wells Fargo, I am posting it so that if any of you have someone back home making cash deposits into your banks account, you may need to make adjustments ahead of time before your bank does the same as WF.
Quote
Cash deposits will be limited to account owners or authorized signers
What is happening
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 Zelleģ.

All customers will need to provide identification to make cash deposits.
Wells Fargo ATM or debit card holders may use their card and their Personal Identification Number (PIN) to confirm their identity when making deposits.
Customers who do not have a Wells Fargo ATM or debit card may present a valid driver's license, state or federal government-issued ID card, passport, or other similar picture ID.
Title: Re: Changes to Wells Fargo policy for cash deposits
Post by: FRaymie on May 02, 2018, 06:42:01 AM
Lee, this is currently the policy on our BOA accounts with the exception that it's cash deposits over $1K.
Title: Re: Changes to Wells Fargo policy for cash deposits
Post by: Lee2 on May 02, 2018, 06:58:14 AM
Lee, this is currently the policy on our BOA accounts with the exception that it's cash deposits over $1K.
Thank you for that info, I believe banks are going to make it harder and harder on us as time goes on. I had deposited cash into accounts of people who live in the Philippines and in the past I have had money deposited into our accounts, so I believe this new policy, once it spreads to other banks, will cause some issues for some who live overseas, I know a lot of people that I know refuse to use checks, so either they will have to, or they may find themselves or others harder or more expensive to get money to.
Title: Re: Changes to Wells Fargo policy for cash deposits
Post by: FastWalk on May 02, 2018, 09:40:11 AM
Maybe this type of restrictions make Bitcoin for attractive.

Are any banks in the Philippines doing this type of restrictions?