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.
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.