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Someone needs to make a cash deposit into my account, BoA , NFCU or ?

Frequent Contributor

Someone needs to make a cash deposit into my account, BoA , NFCU or ?

I am not sure where to post this, but this is probably the best place.

 

I have loaned (given) a friend in need in another state $5K.

They have the cash to pay me back.

For whatever reason, they are not able to write me a check.

They tried to deposit it in my BoA account and BoA would not accept the $5000 deposit.

BoA said they only accept cash deposits from account holders into said account holders account

They went to a different branch to see if they could make a smaller deposit into my account and that BoA branch would not accept cash either.

 

There is an NFCU branch near them.  Does anyone know if NFCU will take some or all of it?

 

The next step will be 5 $1000 money orders or I send them a serve card and let them put $500 on it at a time I guess.  Any other easy ways to make this happen?

Message 1 of 17
16 REPLIES
Established Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?

Does your friend have a bank account? If so, and the bank is partnered with Zelle, they can use that which allows, I believe, up to $2500 per day, so 2 days, 2 transfers.

Or, they can get a cashier's check and mail it to you. Some big banks offer them to non-members for a fee (like $7).
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Message 2 of 17
Moderator

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?


@inverse wrote:

I am not sure where to post this, but this is probably the best place.

 

I have loaned (given) a friend in need in another state $5K.

They have the cash to pay me back.

For whatever reason, they are not able to write me a check.

They tried to deposit it in my BoA account and BoA would not accept the $5000 deposit.

BoA said they only accept cash deposits from account holders into said account holders account

They went to a different branch to see if they could make a smaller deposit into my account and that BoA branch would not accept cash either.

 

There is an NFCU branch near them.  Does anyone know if NFCU will take some or all of it?

 

The next step will be 5 $1000 money orders or I send them a serve card and let them put $500 on it at a time I guess.  Any other easy ways to make this happen?


I can't answer your question about NFCU, but it's become common for banks (CUs?) to not accept cash deposits from people not on an account.  Chase started this a while back, and WF changed their policy a year or so ago.

 

That said, they will take non-cash deposits from non-account holders if that will help.

 

Depositing multiple money orders can sometimes create its own problem (notably with Chase); I'll have to defer to other members on how BoA would likely feel about this.

 

If your friend is unbanked you might consider services such as Walmart Money Transfer.

Message 3 of 17
Frequent Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?


@inverse wrote:

I am not sure where to post this, but this is probably the best place.

 

I have loaned (given) a friend in need in another state $5K.

They have the cash to pay me back.

For whatever reason, they are not able to write me a check.

They tried to deposit it in my BoA account and BoA would not accept the $5000 deposit.

BoA said they only accept cash deposits from account holders into said account holders account

They went to a different branch to see if they could make a smaller deposit into my account and that BoA branch would not accept cash either.

 

There is an NFCU branch near them.  Does anyone know if NFCU will take some or all of it?

 

The next step will be 5 $1000 money orders or I send them a serve card and let them put $500 on it at a time I guess.  Any other easy ways to make this happen?


 

Stupid banks. Just take the fricken money already. This is banks throwing a tantrum, and the mere spectre of not making any money off of a transaction. They cannot very well charge someone to deposit cash, especially since they don't have an account to charge... so they just refuse; probably based on some mumbo jumbo money laundering clause. They sure aren't going to be doing any paperwork for a non-account holder either, so they just refuse.


I remember a while back when a family member had deposited cash into a US Bank account in one state, and still got dinged for an overdraft in another state... because the literal "cash" deposit didn't go through the same day, like it should have.

 

All banks do is play games with people that cannot afford to play them. We need a new banking system, where banks work for the interests of the people.

Message 4 of 17
Regular Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?

Boa doesnt take cash?  Interesting.  I have made many an interest loan payment on an account that was not mine in straight cash.  

 

I have an employee who can not cash a paycheck or open a bank acount to save his life. ( I dont know what he did, Im not asking.  If you dont want to know the answer, dont ask the question, right?)  My work around is the Amex Bluebird card.  I can load up to 1999.99 a day with a 5k a month limit.  The Bluebird card is in my name, I put the money on the card at a local Walmart, I hop on the computer and do a money transfer via Ria to the Walmart in his state.  The cost is 16.00 for over 1k.  Way better than Western Union.  I have looked at other options for him and this is the absolute very best I could come up with.  It might work in your situation if you dont mind waiting for the card to be sent to him in his name.  

 

Or just mail it and let the post office know that person is sending cash and want it insured.  

 

Good luck.  


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Message 5 of 17
Super Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?

Something similar happened to my years ago, and I was very surprised that I was unable to make a CASH deposit into a friends bank account.

 

...so I went home, wrote a check, and deposited THAT into his account...

 

...because somehow a check is more secure than cash???


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Message 6 of 17
Valued Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?

It's common now for banks to only accept cash from the account holder.

This is to prevent money laundering & some anti-terrorism thing IIRC. 

Checks & transfers can be traced, cash cannot. 

 


Message 7 of 17
Frequent Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?


@ToughFistFight wrote:

I have made many an interest loan payment on an account that was not mine in straight cash. 


This is a great example of selfish interests. Sure, if one owes the bank money, the bank will make sure to accept cash-money-dollar-bills, even coins. But, the bank just so happens to put a total ban on giving them that same cash to put into someone else's account - probably because that account holder is owed money, too. Banks are treacherous.

Message 8 of 17
Frequent Contributor

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?


@Pikaboo-icu wrote:

It's common now for banks to only accept cash from the account holder.

This is to prevent money laundering & some anti-terrorism thing IIRC. 

Checks & transfers can be traced, cash cannot. 

 


Sure, they could trace the cash... by merely taking down the information of the depositor. But, there's no money in doing all of that extra paperwork. So, unless we owe the bank, they don't want nothing to do with us.

Message 9 of 17
Moderator Emeritus

Re: Someone needs to make a cash deposit into my account, BoA , NFCU or ?


@Pikaboo-icu wrote:

It's common now for banks to only accept cash from the account holder.

This is to prevent money laundering & some anti-terrorism thing IIRC. 

Checks & transfers can be traced, cash cannot. 

 


+ Many.

 




        
Message 10 of 17