Throughout the past couple of years, certain banks have instituted policies that restrict who is allowed to deposit cash into personal bank accounts. This began with Chase Bank 4 years ago , and since then Bank of America and (most recently) Wells Fargo have followed suit.
Why Is This Happening?
The aforementioned banks have likely rolled out this policy for two primary reasons: cash transactions can present compliance risks, especially for three of the largest banks in the US, and an increasingly robust digital economy and a myriad of available digit payment applications and services have rendered cash to be seen as somewhat antiquated from the perspective of the banks.
How Will This Affect BitQuick?
Now that Wells Fargo, Chase Bank and Bank of America have rolled out this policy in full, we have made some adjustments to our process accordingly.
Wells Fargo, Chase and Bank of America Orders Still Exist On BitQuick. Wells Fargo, Chase and Bank of America Business accounts can still receive cash deposits from third parties. From this point forward, we will only allow business accounts to be listed on our website from these banks, which means that you can deposit cash to any of the listed accounts.
How Do I Create An Order With Wells Fargo, Chase or Bank of America? We have removed the three banks from our list of options on bitquick.co/sell, but you can still create an order if you have a business account. Please contact us when you’re ready to create the order and we will temporarily enable the bank as an option.
New Payment Methods. In the very near future, BitQuick will allow various different methods of payment. Our Western Union and MoneyGram system will be officially launched soon, and we will also be allowing Money Order deposits for Wells Fargo, Chase and Bank of America (please only deposit cash until we fully integrate money orders into our system). We will also be exploring electronic methods of payment, please stay tuned for updates.
We apologize for any inconvenience these new policies may cause, adjustments will be made to our service in the near future that will allow for a more streamlined process with more flexibility. Feel free to reach out if you have any questions or feedback.