Hi aam123,
You do not need a Chase or Wells Fargo account. You make a cash deposit into the ExchangeBitcoins.com checking account.
This is what I use and it works very well.
1 - Open a free account at ExchangeBitcoins.com
2 - Make a Cash Deposit Order on their site. Tell them how much I want to deposit and they will give you their bank account information. You should print out a copy to take with you to the bank.
3 - Go to nearest Chase or Wells Fargo bank and complete a cash deposit slip with ExchangeBitcoins.com address and bank account information.
4 - Give the cash to the teller. You do not need anything else. Make sure you get a receipt for the cash deposit.
5 - Copy or photograph the deposit receipt and email it to ExchangeBitcoins.com with the information they gave you from step #2.
6 - Your cash should be in your account in about one hour or less. (my experience).
7 - Buy bitcoins. (if you prefer Mt.Gox you may send your bitcoins to them later)
Hit: I think they want you to deposit an odd dollar amount to make it easier to distinguish deposits. (ie deposit 498.64 instead of 500.00)
From their webiste:
Deposit Cash at a Local Bank Branch
Cash deposits can be made at any of over 15,000 Chase or Wells Fargo branches. You can deposit from $5 to $2,000 per day. There is a deposit fee of the higher of $1 or 1% of your deposit.
Cash deposits work as follows: Fill out the form below to make a no-commitment deposit reservation, you will have 2 business days before the reservation expires to make your deposit. The reservation will present you with step-by-step instructions: fill out a deposit slip, present the deposit slip and your cash to a teller, and send us an e-mail including an image of your receipt to confirm your deposit. Your cash deposit clears when we verify your e-mail.
Please do not use any account-to-account transfer feature that your bank may offer. This process is exclusively for cash that is physically deposited with a teller.
Bank:
Amount: You have an active deposit reservation: Cancel
1. Print these instructions and take them with you.
2. At the bank, fill out a deposit slip as follows:
Account name: Exchange Bitcoins Inc.
Account address: 805 Veterans Blvd Suite 200, Redwood City, CA 94063-1736
Type: Checking
Wells Fargo Account Number: XXXXXXXXXX
Amount: $XXXXX.XX (You MUST deposit EXACTLY this amount to be credited).
3. Make your deposit by presenting the deposit slip and cash to a teller. Don't forget any change you are due.
4. Obtain a receipt.
5. Verify the amount on the receipt is EXACTLY: $XXXXX.XX
6. Send an e-mail to deposits@exchb.com with this statement:
Dear ExchB,
I have made a cash deposit in the amount of $XXXX.XX at Wells Fargo for account XXXXXXXXXX.
YOUR NAME
7. Cash deposits clear on receipt of your e-mail. XXXXX = is my information.
n.olmos
Edit:
Update: Looks like Chase is out and Bank of America is in.
"Deposit Cash at a Local Bank Branch
Cash deposits can be made at any of thousands of Bank of America or Wells Fargo branches. You can deposit from $5 to $2,000 per day. There is a deposit fee of the higher of $1 or 1% of your deposit.
Please note we have replaced Chase with Bank of America for cash deposits as of Sept. 7th, 2011.
Cash deposits work as follows: Fill out the form below to make a no-commitment deposit reservation, you will have 2 business days before the reservation expires to make your deposit. The reservation will present you with step-by-step instructions: fill out a deposit slip, present the deposit slip and your cash to a teller, and send us an e-mail including an image of your receipt to confirm your deposit. Your cash deposit clears when we verify your e-mail.
Please do not use any account-to-account transfer feature that your bank may offer. This process is exclusively for cash that is physically deposited with a teller."
