Legally, nothing prevents someone else from depositing money into your savings account. However, many banks have rules in place that limit the ability of other people to deposit money into your account. Banks impose these rules in an effort to prevent fraudsters from finding out your account information during the process of making a deposit.
Although it is not illegal for someone else to put money in your savings account, banks often have policies that restrict who has access to your account information and who can perform transactions.
Large Currency Transaction Report
Bank employees have to complete a Large Currency Transaction Report whenever an individual conducts transactions that involve more than $10,000 of cash within a 24-hour period. The report lists personal information about both the person receiving the cash and the person conducting the transaction. Another individual could not make a $10,000 deposit into your account without being able to provide the bank with your name, date of birth, Social Security number and other requested information. This makes it difficult for someone other than a close friend or relative to make a big cash deposit into your account. The federal government uses LCTRs to track money laundering and terrorist activities.
Reasons for the Deposit Rules
If you cannot physically get to the bank, then rules related to third party deposits could prove problematic. However, these rules are designed to protect you and your bank from loss. If someone deposits a check into your account and that check bounces, then your bank can debit your account for the amount of the check and assess penalty fees. If your bank shared your account number with other people, then those individuals could later attempt to use that information to extract funds from the account without your permission. If you need someone to transact on your account, then you should write a durable power of attorney (POA), which names someone as your agent who can legally conduct transactions on your behalf.