Can i deposit cash into someone elses account wells fargo

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

In a sign that the modern world is moving to a cashless economy, the bank with the most branches in Alaska is only going to accept cash deposits into a checking or savings account if it comes from an account owner or an authorized signer. The policy takes effect in Alaska in a few weeks and will change the way some rural Alaskans handle their banking.

Most people in rural Alaska have little access to banks, and some either mail their cash and checks into the city or have others bring them in for deposit. The inconvenience of not being able to have someone deposit cash for you extends not only to family members, but can be a challenge for those who are in an emergency and are not plugged into electronic banking.

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

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

If a non-account owner needs to deposit money into your account, he or she can only use a check, cashier’s check, or money order. Or he can use a person-to-person payment like PayPal. Wells Fargo suggests people use Zelle, U.S.-based digital payments network owned by Wells Fargo and six other large banks. That still doesn’t solve how people get cash into their needy relatives’ accounts.

The ban only applies to personal accounts, not commercial accounts.

All customers will be required to provide identification to make any cash deposits. If you don’t have a Wells Fargo ATM or debit card, you may use a government-issued ID, such as driver’s license or passport. It’s unclear what good it does to show ID, unless the bank is also capturing that information for law enforcement agencies.

Several of the nation’s largest banks are getting ready to implement this rule, which is not required by the government, but Wells Fargo is rolling it out in a few states before going nationwide.

Under the Bank Secrecy Act, financial institutions are being required to crack down on money laundering, such as reporting transactions larger than $10,000. In 2014, Chase was the first big bank to stop taking cash deposits from non account holders, as its way to prevent money laundering.

The change from the time when banks were the place where you took cash to a place where cash is not welcome a sign that the coin of the realm is no longer gold, and it’s not even paper, except in the criminal world, where cash is still king.

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

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• You can transfer money electronically through websites and apps such as Venmo, PayPal, and Zelle.
• You may send a money order for amounts smaller than $1,000, or a cashier's check for larger amounts.
• A wire transfer is a tool for sending money to someone who lives far away.

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 bank

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.

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 electronically

There are multiple websites and apps that allow you to transfer money to a friend. Here are some of the most popular ones:

• PayPal
• Square Cash
• TransferWise
• Venmo
• Zelle

One disadvantage to this method is that both people need to have an account with certain services, including PayPal and Venmo.

3. Write a check

You 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 order

Although 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 check

A 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 transfer

A 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 »

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Can I deposit cash into another person's account Wells Fargo?

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