Bank...Deposits...Too Much Cash Deposits...Bank Fees...What?

QUESTION: Does your Bank charge you fees when you deposit too much cash during a banking cycle?

Our Bank (Bank Of America) decided to charge us a “Fee” for depositing too much cash during a banking cycle.

This is the first time in over 4 years that we have been charged a “Fee” for depositing too much cash.

We just spoke to the Bank and they “reversed” the fee.

But really…you are a Bank…with cash…and you thank me for depositing cash…because you really need the cash to give to other Bank Clients…but you then turn around and charge a fee for depositing that cash. Am I living in the Twilight Zone?

Is there anyone else out there whose Bank charges a “Cash Deposit Fee”?

I understand that cash is not necessarily the best form of payment (a little more risky getting the payments to the Bank).

Thus, we prefer Money Orders.

However, when you have cash, you would think a Bank would be the first ones who would want it…I guess not.

Yeah, Huntington Bank in OH does the same to me. Really make me wonder about businesses. What’s next? Paying them to enter the lobby?

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@Rolf , thank you for your reply.

I am sorry that your Bank charges that Fee also.

The world is crazy.

This past weekend my Husband and I met a Banker who works for a multi-state Bank that only has 1 Branch in our area (which is not typical). Normally, a Bank in our area would probably have a minimum of 5 Physical Branch Locations in various parts of the tri-county.

This Banker said that their Bank has employees who will drive to their Clients’ Locations and pick up their Clients’ Deposits. He said that it was much cheaper to pick up Clients’ Deposits than to pay all the costs associated with a Physical Branch Location. Interesting concept.

So @Rolf…you are probably correct…the Banks will start charging us to enter their lobby :slight_smile: .


I’m a dual employee of BOA and Merrill Lynch. The reason you got the fee is because you deposited the cash in the ATM. If you made the deposit inside the bank branch you shouldn’t get a fee. Yes it’s stupid.

@Dominic730 , thank you for your post.

However, we never deposit cash in the ATM.

We always go inside the Bank Branch and deposit the cash.

Our banking cycle is actually the calendar month (1st - 31st).

We just happened to go inside the Bank Branch and deposited cash on:

  • 1st: For March 2016 Rent
  • 31st: For April 2016 Rent

We now know that we must not deposit two months of cash deposits in the same month…you live and learn :-).

Actually, the Bank Of America employee told us that we could buy a Money Order with the Cash and then deposit the Money Order versus the Cash…really Bank Of America…you think that this is a good plan?

I would assume the fee was in error then. We have people make massive cash deposits every day and don’t get charged fees.

It’s time to change your bank, Kristin! :slight_smile:

I’m guessing the issue might have something to do with the fact that the deposits are cash rather than checks from people’s accounts. Just as manufactured home retailers and community owners have been forced to set up a compliance management system for anti money laundering, the depositories who have dealt with this for years are also getting new rules regarding cash and cash equivalents presented for deposit that make accepting it much more costly for the depository.

The reality is, if a community is depositing more than $5,000 in cash into their account, the bank will be filing a SARs with FinCEN. The bank or credit union may just be looking for a way to recover some of those costs.

At Wells Fargo where I bank, as far as I understand each type of account has a limit on the number of “free” transactions. (e.g., 150, 300). Each check or money order is a separate transaction, even if batched on the same deposit slip. Then there’s a maximum amount of cash they’ll handle for you for free, after which you get charged a tiny percentage of cash also.

If you have the $40-fee account (waived if monthly minimum balance over $25k or something like that) then you can deposit 300 items free. If you have the $12-fee account (waived if monthly minimum balance is over $6k or something) then you can deposit 150 items free. We have 180 space park so that won’t work (free). Which is worse, “needing” to keep $25k on hand to avoid $40 fee and per-transaction fee, or “needing” to keep only $6k on hand to avoid $12 fee and accept transaction fees on all marginal collections?


Wells fargo did the same thing to me. It depends on the type of account you open. When I called the customer service they reversed it. Same thing with charging to look at check images.
What a racket, they charge fees but if you call and complain they reverse it.

Brandon best thing to do is go to another bank. There are plenty to choose from. I noticed Smaller local banks tend not to do this

It’s a cost of doing business.

@ShanTX , @RishelConsultingGroup , @Brandon & @Brian_Z , thank you for all your comments.

Yes, @Brandon is correct. It is based on the Account Type and the number of “free” transactions (we just bank at Bank Of America versus Wells Fargo). You can have a higher “Monthly Minimum” and get more “free” transactions. However, like Brandon said …“which is worse”…higher minimum or fee transactions?

Yes, @ShanTx said “It’s time to change your bank, Kristin”. You are correct…we can always change our bank.

For us…we love “Online Banking”. The bigger Banks have the deeper pockets to have more robust Online Banking System (Bank Of America & Wells Fargo). Thus, in order to have the better Online Banking System we will stay at a bigger Bank and we will just get to know “their rules” and follow “their rules”.

As @Brandon stated: “It’s a cost of doing business”.

Brandon is correct…it is a cost of doing business. It is just hard to understand how you could get charged depositing money into a bank…isn’t that what a bank is for?..what a racket…no wonder we have a bank opening up on every street corner in our city :slight_smile: .

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This is why they get away with charging outrageous fees because most people will just resign and pay whatever the bank says to pay. Try telling them to override the fee most likely they will do it.

I use Wells Fargo also bc it is convenient but I am not paying fees.

For my parks I use the local bank where I have the loan on the property. Their online banking is the same as WF - no difference.

Especially after WF was caught opening fake accounts, they want to accomodate the clients. Not get more bad press.

Don’t assume that the bigger the bank the better the online platform. I have online accounts with BofA and their system is garbage compared to the online system at Huntington. So easy to use and to track activity. BofA doesn’t even come close, but I have to use them for various reasons.