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Why is Wells Fargo no longer allowing those without accounts to deposit cash into the bank’s consumer accounts?
The change was made to protect the privacy and security of Wells Fargo customers’ accounts, according to a company statement provided by Wells Fargo spokeswoman Amy Amirault.
“We made the change in an effort to reduce criminal activity, including money laundering ... We recognize this change will be an inconvenience for some of our customers, and we recommend that customers consider other options for transferring money,” according to the statement. “For example, we will continue to accept deposits from non-account owners in the form of personal checks, and customers can use the Zelle P2P payments service to send money between bank accounts.”
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