Originally Posted by kewlJ View Post
Originally Posted by mcap View Post
Wells Fargo is kind of notorious for asking customers to bank elsewhere if they have “ too much” cash transaction history.
I have heard this from a number of sources. I can't say I really understand the rationale behind it. It is your money, you should be able to move it in and out of the bank as often as you want. Obviously doing so almost daily, raises suspicion of drug dealing/money laundering type stuff. An AP should go into his primary bank and talk to the manager of the local branch. Explain that you are an AP / professional gambler. I have a letter from my attorney stating I am a professional player and have taken it with me to the bank twice when I met with a manager, but it was never necessary to show it. You just tell them who you are and what you are doing, and they generally are very receptive and understanding. That said, I don't deal with the bank mentioned.
I think it has to do with their concern about being in compliance. Cash transactions trigger a lot of legal guidelines and paperwork and for smaller customers they don’t want to deal with it.

Money laundering from big customers like major Drug Dealers or Corrupt foreign governments they are perfectly happy to deal with because its large amounts.

I use a small credit union for most of my cash transactions and they are perfectly happy with it as credit unions are much more customer focused than the large banks.