This is a newer problem at bigger banks. Banks, including Wells Fargo, BofA, and Chase no longer accept cash deposits from people who aren't on those accounts. So if Dad wants to put cash into son's account, dad is screwed!
Find out why and learn that this new policy actually makes overdrafts more likely for some clients. Learn about how "for our customers protection" became a blanket reason for not letting cash go into those accounts.
Learn how the "risk" of handling cash is too much for bank managers to entrust with their tellers, the cash handlers.
Finally, learn how it's all a setup for a sales pitch for online banking and transfer services such as Zelle, which in reality is a third party company that a bank will use to absolve themselves of any responsibility should something go wrong.
Learn why people leave the bank pissed, and then send money thru non-traiditional methods like Cash App, Venmo and other non-bank things, further endangering banks stronghold on younger clients.
...Oh, and learn how supervisors will get into trouble if they have a heart and accept a cash deposit for someone not on an account. It happens.
WHY YOUR BANK SUCKS #3
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