
Wells Fargo won't accept cash deposits, recommended I use uninsured Zelle app - winternett
I was trying to deposit money into a family member&#x27;s account at Wells Fargo today, the bank said they no longer accept cash deposits and recommended that I use Zelle, which is not an official, nor insured app for bank to bank transfers. Ref - https:&#x2F;&#x2F;www.google.com&#x2F;amp&#x2F;s&#x2F;techcrunch.com&#x2F;2018&#x2F;02&#x2F;16&#x2F;zelle-users-are-finding-out-the-hard-way-theres-no-fraud-protection&#x2F;amp&#x2F;<p>I feel somehow that banks should provide better options for online transfers. Am I wrong?
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Nicksil
Actual, non-Google/AMP URL from OP: [https://techcrunch.com/2018/02/16/zelle-
users-are-finding-ou...](https://techcrunch.com/2018/02/16/zelle-users-are-
finding-out-the-hard-way-theres-no-fraud-protection/)

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Wowfunhappy
So is a smartphone now literally required in order to use the financial
system? I realize _most_ people have them now, but far from everyone. That's
pretty scary.

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maxerickson
It's one bank.

My credit union will dump change in a counter for members.

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Wowfunhappy
True enough. I guess I’m thinking, I really hope this isn’t the start of a
trend.

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wmf
Zelle has issues but it seems like they wouldn't affect your use case. There
are various alternatives but if you're not willing to use Zelle then you
probably won't accept any of them either.
[https://transferwise.com/us/blog/how-to-transfer-to-
another-...](https://transferwise.com/us/blog/how-to-transfer-to-another-bank-
account)

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winternett
I solved the issue by getting a certified check from my bank... It just gets
me that its 2019, and banks are going backward, and also encouraging insecure
and risk-laden solutions into normal operations. They're endorsing 3rd party
apps, totally unaffiliated with them to customers, all at the customer's risk.
Wells Fargo has proven multiple times they don't mind public shame at all
though...

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toomuchtodo
Your family member might consider moving to a better bank (or preferably, a
credit union). Wells Fargo is notoriously a poorly run institution.

Zelle is also not a third party app; Wells Fargo is part owner of the banking
consortium that operates it (Early Warning Systems) [1]. It is the large
banks’ solution to real-time-ish funds transfer settlement because the Fed has
been dragging their feet on a national system as part of ACH modernization.

What fraud prevention or insurance are you seeking with Zelle considering cash
deposits and checks (both certified and not) have none?

Disclaimer: I work in financial services, but not Wells. Opinions are my own.

[1]
[https://en.wikipedia.org/wiki/Zelle_(payment_service)](https://en.wikipedia.org/wiki/Zelle_\(payment_service\))

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tzm
Of course you can deposit cash in accounts that you have authority. If you
aren't on the account, you can deposit a personal check, cashier's check or
money order instead. This has been the case for years.

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throwaway989898
I think your title is misleading. They will accept cash deposits, just not
cash deposits into someone else's account. That's a big difference.

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Trias11
WFC is under compliance pressure to have proper paper trail for everything or
else.

US Gov printed so much paper money lately so it's getting hard to track it
all.

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winternett
They have cameras everywhere in banks. To make an in person deposit, you're
logged by default when you show id and get caught on bank cams... Even so,
banks could issue apps of their own, backed by the FDIC. That would be the
right way in my opinion.

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abyssmaven
I think that is absurd and you are in the right to think that there should be
a better option. I much prefer just depositing cash into family member's
accounts when they need it instead of having to use yet another app to do so.

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winternett
What worries me is that a compromise of the app could directly expose my bank
info. Wells Fargo said the change was made to stop money laundering. I doubt
that will do any good for the cause.

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rolph
what worries me is that cash is legal tender. assumption of guilt without
cause is also a big concern here. i wonder how thier tune would change if they
were owed money.

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winternett
Agreed. It should be illegal for banks to not accept verified US dollars for
deposit in any case. The money is only moved when official ID is used
anyway...

