Try this:
The link in post #4 suggests that they won’t deposit without identification. Presumably a PIN counts.
Having worked in a bank, some of the things we did like this pissed off customers, but we did it because it would bite them in the ass later if we let them. I don’t know the justification for this one though, besides “OMG terrorism!”
My bank’s password requirements are several orders less onerous than e.g. my insurance website. Bank says “password at least X characters long,” insurance says specific length, uppercase, numbers, etc. Cracking my bank password would be bad, but they are free to pay my insurance if they want.
Some years ago (before all this nonsense came down) I had occasions to deal with handsful of cash too. I dealt with it then in a way that should work perfectly well in today’s brave new world too.
I just stuck that money in my wallet, and used it as my day-to-day spending money.
Since that particular segment of my income came to me as cash, and never went into a bank in the first place, it saved me the hassle of paying income taxes on it too. Ah for the good old days.
The OP suggests they won’t allow a cash deposit even if you have the account# if you can’t show ID proving you are the named account holder.
I know about a year ago I paid a online merchant by just this method, depositing money into their chase bank account and was not asked for ID.(they offered a discount for this method versus paypal and had excellent feedback).
Hm. I’m assuming that there would be no problem if you had a deposit slip for the account?
I need to stop by Chase in a couple of days, I’ll try to ask someone at a high-level.
No, this won’t work anymore. Your name has to be on the account, at least at Chase, if you want to deposit cash. You need to turn that cash into a check or money order if you want to deposit it at Chase if you’re not on the account.
J.
The flaw with this theory is that large currency deposit reporting is an automated process at any bank with more than one branch. Automation is the only way to catch transactions designed to skirt the law, like making slightly smaller cash deposits every day (or multiple times each day) or cash deposits at various branches over a short time period. About the only time a person will complete the report manually is when you do something to make someone suspicious enough to do the paperwork.
These are easily solvable problems, if the banks wanted to solve them. In the case of parents and so forth, the account holder can establish PINs for each party he wants to authorize to make deposits. These people presumably know the account exists, and a PIN (with ID) would indicate that the person making the deposit is authorized to do so. They wouldn’t be allowed to withdraw money or perform other transactions (at least not without a power of attorney), but they would at least be able to make deposits in cash. No PIN, no cash deposit.
The second could be solved if the bank issued something like a “gift receipt” that would show that the deposit was made, but that had no other useful information as far as the account number or other personal information.
I think it’s an internal thing.
I’m sure you would mind if that stranger added himself as a payee and sent all your money off to his own account. I work in internet banking and this has actually happened. One of our customers had his identity stolen. They set up the internet banking using his information before he did, added themselves as a payee to his billpay, and off went the cash. A week went by before he noticed the money was missing, and we weren’t able to stop it by the time we were notified. He was credited back the funds because it was identity theft, but we had to eat it.
Banks don’t like eating money. It’s crunchy and excessively high in calories.
Thanks for the info. Wow, just wow. We’re moving towards the elimination of cash entirely – I see people charging 1.00 transactions and even less. Chicago parking meters require a credit card, so you could be pushing through a .25 charge. Never mind that the credit card fees cause price inflation (since merchants etc pass them on to consumers), just don’t have to deal with cash.
It’s interesting that banks are the first ones to take the step of saying they won’t accept cash.
[sub]Yes, I know I’m exaggerating for the sake of emphasis[/sub]
Hold on. Chase hasn’t said they won’t accept cash. They said they won’t accept cash for deposit into somebody else’s personal account (the rule doesn’t apply to business accounts).
I know that everyone can think of a theoretical scenario where it is necessary to do this: getting money to an out-of-town relative for example. But how often in real life does anyone here do this? OK, when I was little, my parents used to send me to the bank to make a deposit for them occasionally (I realize that adults today would be calling Child Protective Services if they heard about a parent doing this), but I have never in my adult life had to deposit cash in somebody else’s account.
If you have a need to do this AND the recipient happens to be a Chase customer, you can still deposit the cash into your own account and transfer it or buy a cashiers check or money order or just use Western Union. If you have a frequent need to do this, you can get your own Chase account, make a deposit, and use their person-to-person transfer service.
[quote=“Alley_Dweller, post:31, topic:691625”]
Hold on. Chase hasn’t said they won’t accept cash. They said they won’t accept cash for deposit into somebody else’s personal account (the rule doesn’t apply to business accounts).
(snip)
Thank you for the clarification. Because this is how I pay rent. Every month deposit it in a Chase account (like next Monday).
[quote=“Doug_Bowe, post:32, topic:691625”]
Just to be clear, the official policy for business accounts is that you have to present an ID, but not that your name has to be on the account. So bring your ID with you.