Florida Covid-19 News

CORONAVIRUS: Wells Fargo Raises Mobile Deposit Limits

Boca Business Coronavirus News

BOCA RATON, FL (BocaNewsNow.com) — While not a universal move, Wells Fargo seems to be raising the mobile deposit limits for business and personal customers of the bank who deposit checks using an app. The move, apparently, is reduce the need to rely on an ATM to conduct business during the COVID-19 crisis.

Customers throughout the area have told BocaNewsNow.com that the bank’s traditional hard limit of $15,000 in app deposits during a rolling 30-day period has been raised — in some cases — to as high as $150,000 during a rolling 30 day period. Non-corporate customers with traditional personal accounts are also seeing limits raised from the hundreds into the thousands.

Customers depositing checks through bank apps take a picture of the check which is then processed — often automatically — by a bank’s computer system. Wells Fargo notably kept limits low to reduce the risk of fraud.

It’s unclear if the new limits are permanent or will only continue through the duration of the Coronavirus outbreak.

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