banks won't accept cash

I have had tenants recently tell me that my banks Wells Fargo and Bank of America won't accept their rental payments if payed in cash.(some tenants pay their rent directly to my bank.) Apparently this is becoming more common with banks.

However, how can a business not make a cash deposit? What about the grocery store? WalMart? Convenience Stores? Gas stations? they all receive cash from customers that end up in the bank accounts.

Strange that they are trying to make cash not useable. Remember legal tender? Supposedly you could pay a bill with postage stamps at one time as it was considered lega tender.

[REW]

If that is true, go to the banks in question and discover the reason why this is happening?

If it is because of counterfeit money, the banks need to have currency examiners on hand to check the currency.

After all, US currency is the legal tender for the United States of America and should be accepted at 100% of business locations.

Good luck

[Zander Man]

So much for the statement "This note is legal tender for all debts public and private" printed on every bill.

[That Minnesota guy]

Government wants to eliminate cash to eliminate tax dodgers.
Banks want to eliminate cash to get you on credit & debit cards which they can charge you for.

If your banks refuse cash close your accounts and move to one that wants your business.

[Scott C]

Problem # 1 you bank at BofA and Wells Fargo. Get a local or regional bank and your problem is solved. Are you tenants depositing the cash into your account? That's probably the problem. I just do direct deposit or have them mail me a check.

[bfish]

My local bank has never let my tenants (or anyone else) make direct deposits (cash or otherwise) into my account (personal). The only person allowed to deposit, is the account holder (i.e. me). Now electronic transfers, yes anybody can transfer from their bank account into my account. My brother's business account is with the same bank, they only allow him to make deposits. His business partner is the son of the bank owner/president and he can't make deposits into the account (as his name is not on the account).

For my cash tenants, I physically pickup the rent. I also know the largest landlord in town also does the same (well over 100 properties), which is insane carrying that much cash.

A landlord buddy of mine, who has many out-of-town properties, doesn't not except cash. He has had issues in the past with tenants saying they paid cash, and he had no record to show the judge during the eviction process and the lack of record of non-payment slowing the process down. He is strictly mailed check or electronic transfer. He also has several storage unit facilities. The storage units are all set-up on automatic withdrawal and no other option (along with automatic lease renewal too), so non-payment is rarely an issue.

[martinbns]

It's due to Anti Money Laundering rules that are getting very extreme. It's an issue all over the world largely driven by the US govt.

When a business makes regular cash deposits there is a pattern and the Bank knows what is normal and what isn't. If they are accepting cash directly from "Your Customers" without you in the middle they are responsible for verifying the funds are legit. If your tenants give it to you and you deposit it into your account you are responsible.

[Jerryv]

Originally Posted by holliswuzamember

I have had tenants recently tell me that my banks Wells Fargo and Bank of America won't accept their rental payments if payed in cash.(some tenants pay their rent directly to my bank.) Apparently this is becoming more common with banks.

However, how can a business not make a cash deposit? What about the grocery store? WalMart? Convenience Stores? Gas stations? they all receive cash from customers that end up in the bank accounts.

Strange that they are trying to make cash not useable. Remember legal tender? Supposedly you could pay a bill with postage stamps at one time as it was considered lega tender.

Why would they give money to your bank instead of giving it to you? How would you know who paid and who didn't? Seems problematic.

I just got a notice about this. The bottom line is that only the account holder can deposit cash into an account.

Jerry

[Scott C]

Originally Posted by Jerryv

Why would they give money to your bank instead of giving it to you? How would you know who paid and who didn't? Seems problematic.

I just got a notice about this. The bottom line is that only the account holder can deposit cash into an account.

Jerry

A lot of landlords have arrangements with the bank so tenants can direct deposit payments into landlords account. I see it talked about quite a bit on a real estate forum I check in on time to time.

[Eye Captain]

Originally Posted by bfish

doesn't not except cash.

Two English teachers die every time someone reads that phrase.