Is this a war on cash or a war on privacy? Or both?

   / Is this a war on cash or a war on privacy? Or both? #41  
plowhog said:
Went to the bank recently (Wells Fargo.) Presented a completed deposit slip with my business name and account number. I was depositing cash receipts from that same business.

I heard: "Sir, I need to see your ID." What? My ID? To give you CASH?

I have deposited cash for many years. My business is very small so it is always under $10,000 per deposit. (I know going over $10k in cash triggers more regulations.) Apparently the new policy at Wells Fargo is that anyone depositing *any* amount of cash must now show ID. The teller said she wasn't sure but it might be a new federal regulation. I'm tempted to go in next time to deposit .01 cents and see if they enforce the policy.

I'm not sure what to make of this other than ... I don't like it! It's either a war on cash, war on privacy, or both????
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I’ve had an account with Wells Fargo for at least 25 years and I’ve never run into that. I have seen some inconsistency in applying rules however.

I use their branches all over. Mostly Houston, Corpus Christi, San Antonio and Madisonville.
 
   / Is this a war on cash or a war on privacy? Or both? #43  
MossRoad said:
Why would anyone use Wells Fargo after it was proven they did all that $%^#???


"Well, the criminals never robbed me, so I'll still do business with them...."

5,300 Wells Fargo employees fired over 2 million phony accounts
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Yeah, I'll just go shop around for another mortgage or two, and close all the accounts linked to their partners business credit deals.

It's hard pulling some financials away from certain institutions, just because they did some dastardly deeds.
 
   / Is this a war on cash or a war on privacy? Or both? #44  
riptides said:
Yeah, I'll just go shop around for another mortgage or two, and close all the accounts linked to their partners business credit deals.

It's hard pulling some financials away from certain institutions, just because they did some dastardly deeds.
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So only keep the necessary mortgage, pay it off ASAP, and do your other banking elsewhere. Eventually, you can sever your ties with them.
 
   / Is this a war on cash or a war on privacy? Or both? #45  
MossRoad said:
Why would anyone use Wells Fargo after it was proven they did all that $%^#???


"Well, the criminals never robbed me, so I'll still do business with them...."

5,300 Wells Fargo employees fired over 2 million phony accounts
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Wells Fargo to customers: "Pay no attention to the fact we created millions of phony accounts in our customers names, committed fraud, gave and sold loans they knew were phony, and were fined $billions and $billions when eventually caught.

Also Wells Fargo to customer: "Uhm, we don't trust you! Show us your ID!"
 
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   / Is this a war on cash or a war on privacy? Or both? #46  
   / Is this a war on cash or a war on privacy? Or both? #47  
two_bit_score said:
They do what I need done. Never had a problem. If there is anything I need and a WF branch is close by, usually is, then I know they can help.


TBS
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They're criminals.... convicted criminals. But you're ok with that.
 
   / Is this a war on cash or a war on privacy? Or both? #49  
two_bit_score said:
Very overly dramatic, Moss.


.
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Their image is shot. Quite a few "executives" should be in jail over their activities. To include fraudulent lending and deceitful billing practices.
 
   / Is this a war on cash or a war on privacy? Or both?
  • Thread Starter
#50  
I did some research, and found other institutions apparently beat Wells Fargo to the punch regarding this policy. I read that Bank of America has long required ID for a cash deposit, also Chase Bank and others.

Oddly, I also found a complaint that Bank of America will allow ... someone ... with a foreign-issued ID to open a bank account and deposit cash, but won't accept cash from it's long term regular customer without showing a US government issued photo ID.
 
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