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To me, it just more and more invasion of privacy for non-account holders who are buying nothing and putting more people at risk with all the internet hacks going on.
I'm having trouble generating as much angst over needing to show an ID for something involving a cash exchange with a bank or retailer.
When you're in public using the services of a bank what reasonable expectation of privacy should you have? You're always free to not use their services if their policies exceed what you find appropriate. I return a product at the grocery store they want an ID too. Sign up for one of those casino player cards and you have to hand over an ID. Rent a car? ID. Providing information about who you are is quite common in today's world.
The IRS isn't tracking deposits. This is an antimoney laundering issue
I wouldn't pay anyone to count bills, I find it hard to beleove you were charged for such a thing
Yes, it was a couple years ago and it was about $12,000 someone had given us on a job. Granted, the fee wasn't much, only if I remember about $5.00 but still... and I had to show my license, give my social security number. And yes, this was a BIG bank, Wells Fargo, where we had our business account. They have much the same policies as BofA. I was only there because small banks got bought out by bigger and bigger banks until finally we were with WF. We went back to a small bank shortly after.
And IRS is indeed tracking deposits. We had to fill out a form and send it in explaining where we got that much cash. Maybe it wasn't the IRS, maybe it was just the US Treasury, but what's the difference? We had to include the social security number of the person who gave us that cash too.
The amount of cash doesn't matter. If you are making a one dollar deposit in cash you need to have your ID recorded.
I think the real reason is they want to identify who is using cash and why. They would like do away with cash and then the Banks and the government can control you by shutting off your accounts anytime they decide you are a problem. With your funds controlled and no cash you will comply with every wish and command of your master.
The next step is the banks will charge you a fee if you deposit cash. They are all about fees. They will earn billions in charging those who deposit cash. The banks want your money and they don't want to pay for it. They want to use your money to make them money. If you have money in cash they can't make any money off of it . They need you to put and keep it in the bank.
Think of it this way. If you have a registered gun and the government decides to pass a law and requires you to turn in your gun and you don't do it. They shut off your account and your're homeless and starving in the street. You will comply with your masters wishes.
I can't do anything at my bank interacting with a human without swiping my ATM card and keying in my PIN first. I get asked for my photo ID when I use a credit card occasionally. Why should I care? I want my identity confirmed on all my transactions since it's such a PITA when a credit card gets cloned. I'd have no problem with a retina scan to confirm it's me.
I'm not sure the ID for cash isn't based on the amount of the $ involved. Each month (when we are lucky enough that the tenant pays) I deposit $700 - $800 in cash because I think our tenant has a distrust of banks and immediately takes any money he gets out of the bank and deals in cash only. I have not once been asked by the bank for my ID.
When I had the bigger amount I deposited at the bigger bank, they asked for all the ID. Each month at smaller bank when I deposit the rent cash, nobody says a word. I feel like I am doing something wrong using cash... so once I told the teller what it comes from and she said it was a good thing, at least I didn't have to worry about him giving us a bad check!
I did have one time I put some cash in along with an out of state check and they held the entire amount, the check and the cash! I thought that was so dumb. The check I understood, the cash I sure didn't.
I go to 12 different banks and CUs every month and deposit money into other people's accounts. Chase is the only one who has this policy that I have encountered. They do not allow cash deposits at all into accounts other than your own, apparently, so you have to show ID for cash deposits.
I deposit cash every month into Wells Fargo accounts for a variety of people (not me) and businesses and have never had an issue, so it isn't true that Wells Fargo has this policy.
Yes, it was a couple years ago and it was about $12,000 someone had given us on a job.
And IRS is indeed tracking deposits. We had to fill out a form and send it in explaining where we got that much cash. Maybe it wasn't the IRS, maybe it was just the US Treasury, but what's the difference? We had to include the social security number of the person who gave us that cash too.
Any cash transaction over $10,000 requires you to fill out an IRS form 8300. This applies to big banks, small banks, car dealerships, individual cash exchange, etc. I believe this law has existed since 1985. In 1985 the population of the USA was 238 million and the US government was circulating about $720 in banknotes per person. As of Dec 31, 2015 the US government was circulating $4286 in banknotes per person (although most of the $100 banknotes are thought to be overseas).
Customs and Border Patrol has a similar form,CBP Form 6059B for carrying more than $10,000 in cash on an international flight. You must combine the value of of all of your currency. For instance if you have a single $10,000 Singapore Dollar banknote (the most valuable banknote in the world) worth $7000 US dollars, and six 500EURO banknotes, then you must fill out the form as you currency is worth over $10K in US dollars.
There is no law against these cash transactions or carrying this much currency on a plane. It is illegal to fail to report it. A Guatemalan dishwasher who lived above a bar for 11 years and was paid in cash accumulated $59,000 without ever having a bank account. Upon trying to return to Guatemala his cash was confiscated. When the agents determined that he was not a drug mule (just very thrifty), they refused to give him the cash back as he had not filled out the form.
Current customs laws state no legal limit to the amount of currency you can carry on a plane while flying domestically. If you fly within a state or from one state to another, you face no cash restrictions, but TSA agents may ask questions about the source of your cash and the reasons you have it with you. A 2009 ruling limits TSA agents' powers when it comes to dealing with this situation, but the best way to get on your plane without a fuss might be to answer questions briefly and politely if the TSA officers notice your cash.
Last edited by PacoMartin; 02-06-2016 at 09:15 PM..
Any cash transaction over $10,000 requires you to fill out an IRS form 8300. This applies to big banks, small banks, car dealerships, individual cash exchange, etc. I believe this law has existed since 1985. In 1985 the population of the USA was 238 million and the US government was circulating about $720 in banknotes per person. As of Dec 31, 2015 the US government was circulating $4286 in banknotes per person (although most of the $100 banknotes are thought to be overseas).
There are apparently exceptions to this. I work at a property management company, and we accept cash for rent. I routinely deposit more than $10k a month in cash in to our account, and several times have been more than that on a single deposit. Never once had to fill any forms out of any kind. I bank at Wells Fargo. Maybe they are filling out the form for me without telling me, I don't know. Maybe because on my end it is many small transactions (rents are between $700 and $2000 each), although it is one big deposit at the bank. But I do know that in 15 years, I've never had to do one.
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