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Zelle, and BoA not taking cash deposits from non-account owners
Old 12-26-2017, 01:11 PM   #1
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Zelle, and BoA not taking cash deposits from non-account owners

This was news to me, but I don't go to banks much. This afternoon I went to make a cash deposit into someone's BoA account, and the bank said no. (There was a legitimate reason for needing to deposit cash vs. a check, today).

Only owners can deposit cash, the rest of us must deposit checks, or transfer. The amount was much less than the $5K that is tracked by the US Treasury.

They did give me a printed sheet that announces the new policy and urges me to use "Zelle", a mobile app, for cash transfers. I thought Zelle was another user originated idea, but now it looks like the banks are the sponsors.
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Old 12-26-2017, 01:14 PM   #2
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Perhaps people are depositing cash into politicians bank accounts to make it look like bribes ?
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Old 12-26-2017, 01:18 PM   #3
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Add in the millennials who wouldn't be able to write a check if their lives depended on it and it's pretty clear we're entering a very different world from the one many of us grew up in.
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Old 12-26-2017, 01:24 PM   #4
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The banks can eliminate teller jobs if they don't take cash.

Also,

At our nearby B of A where I maintained a business account for years, the location closed the six drive through lanes (including the two commercial lanes) to eliminate a window teller. There are now two indoor teller locations inside and a half dozen glassed offices with agents trying to sell annuities, mortgages, insurances, etc.).

When I went into the bank to deposit a rather large business check one day (since the drive through lanes were permanently closed), the window teller told me as I was standing at her window that one of the people in the glassed offices wanted to speak with me. Strange? I asked why? She said she wasn't sure but seeing I was a business client, they needed to visit with me. I told her to have them call me as I have no time for solicitation for products I don't need. I never got a call.
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Old 12-26-2017, 01:49 PM   #5
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Money center banks have been awash in cash. Rejecting deposits now reflects BoA being behind the curve IMO, the flattening yield curve. Only after interest rates have been higher for a few years is BoA likely to switch back to actively seeking deposits. During the interim, you'll get better terms and service at smaller banks.
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