Treated like a criminal at the bank today

SFL_cracker

So I stop a bank today to deposit some cash into my Parent's account to repay them for something they bought for me. Tried to deposit the whopping sum of $200 in cash. Teller asked if i was on the account and I said no. I was then informed that I could not deposit any cash into the account if I was not on the account. ****. I tried giving them my ID, I gave them my personal account that I also have with the bank...Nope. Its a new "fraud" thing.. I could deposit the funds into my account and do a transfer or get a money order. Really. Is it illegal to have cash??? So I got in my car and drove to the drive in, gave the teller my id and had no problem as my Dad has the same name as me.

PS Bank's initials are "CHASE"

tag

I've never had a bit of a problem depositing money in family members accounts.

I remember years ago, when people used checks, I was given a check by a deadbeat that bounced. The teller let it slip how short the account was. I deposited enough cash ($70) to cash the $850 check.

mike_s

I get similar treatment when I try to deposit cash in my own account at chase.

stc1993

:funnypost smart thinking tag.

Machine Head

Dang... Rules Suck, but there are rules for a reason.

Finger Mullet

Actually any time I have made a cash deposit, I have always been asked for ID, even though I told the teller that I am ok with cash deposits being made to my account without my knowledge or ID, no sale.

Buford Cletus

SFL_cracker wrote: »

So I stop a bank today to deposit some cash into my Parent's account to repay them for something they bought for me. Tried to deposit the whopping sum of $200 in cash. Teller asked if i was on the account and I said no. I was then informed that I could not deposit any cash into the account if I was not on the account. ****. I tried giving them my ID, I gave them my personal account that I also have with the bank...Nope. Its a new "fraud" thing.. I could deposit the funds into my account and do a transfer or get a money order. Really. Is it illegal to have cash??? So I got in my car and drove to the drive in, gave the teller my id and had no problem as my Dad has the same name as me.

PS Bank's initials are "CHASE"

Where's the criminal part?

abovebored

One step closer to the ultimate goal of a cashless society, whereby all monetary transactions can be more closely monitored and taxed.

chubasco

My wife has a retail store and switched banks because she was getting charged fees when her monthly cash deposits from sales exceeded the "limit" the bank set. New bank also had a monthly limit on cash deposits but it was higher.

cadman

abovebored wrote: »

One step closer to the ultimate goal of a cashless society, whereby all monetary transactions can be more closely monitored and taxed.

I think 50 years.

cadman

chubasco wrote: »

My wife has a retail store and switched banks because she was getting charged fees when her monthly cash deposits from sales exceeded the "limit" the bank set. New bank also had a monthly limit on cash deposits but it was higher.

It is getting harder to find a bank that doesn't charge for everything. I had to switch banks twice in two years due to new federal regulations and fees. Also quit selling money orders and phone cards due to new regulations.

Mackeral Snatcher

Try finding a credit union to join and you will not have these problems.

cadman

Mackeral Snatcher wrote: »

Try finding a credit union to join and you will not have these problems.

Don't count on it. They are effected by the federal regulations like every other bank. It is not the bank, it is new rules from the feds that are being implemented. Banks are having to assume more liability for their customers actions and are having to report more activities to the fed. As one bank President told me, the fed is trying to make banks an arm of the IRS. They are looking for untaxed cash deposits to go after.

Austins26

agreed i hate going into the Bank or Credit Union, Post Office, etc etc

I deposit my cash thru the ATM @ my CU

Mackeral Snatcher wrote: »

Try finding a credit union to join and you will not have these problems.

WaterEngineer

I would be looking for a new bank. Chase just wants the $$$ for the EFT. Chase and B&A are the debble.

SFL_cracker

I will be looking for a new bank....up until then I had good luck...Oh and by the way, I am a part owner of a large financial firm that processes in excess of $25 Million per month for over 100 clients...Guess which bank just got crossed off our list....

Noeettica

Just use their ATM Card and put it in that way EZ Peezy ! I do it ALL the time ...

and YES you need the Pin ...

King_Me

Same thing happened to a friend of mine recently, tried to deposit cash into daughter-in-laws bank account, cashier said they couldn't do it but would except a personal check :huh The bank was also Chase.

Towers

Time to find a new bank...

King_Me

In January 2014, JPMorgan Chase & Co., the largest bank in the U.S., announced that in order to head off potential money laundering issues, it would be implementing a policy that requires customers making cash deposits to show identification and that prohibits customers from depositing cash into personal accounts on which they are not listed as account holders:



The policy applies only to cash deposits (not negotiables such as checks or money orders) and only to deposits made into consumer and business accounts (not investment, Treasury and commercial accounts). The restrictions, for example, limit the ability of parents to deposit cash into the accounts of their children who might be away from home (e.g., at college or on vacation) if the parents are not listed as joint account holders, but Chase customers can add authorized signers to their accounts to work around this limitation.

According to a Chase spokesperson, the policy change was related to efforts to bolster the bank's anti-money laundering efforts:

It is not accurate to say that this limitation on cash deposits is "banking law," however. Banks are required by law to report cash transactions exceeding $10,000, but they are not required to turn down cash deposits made by non-account holders — the latter restriction is purely a voluntary policy that Chase has chosen to implement on its own; other banks may or may not follow suit.

Read more at http://www.snopes.com/business/bank/nocash.asp#jfXZOPSG1Mybkh19.99