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Had someone make a $500 cash deposit as they usually do.
He came back and complained they want see his ID and record it on the transaction even though he doesn't have an account at the bank. He said he told the teller he had no ID at first, so they almost declined the cash deposit until he pulled out his ID. I told him that is ridiculous and not true.
I called the branch he went to, BofA of course, and they told me all the big banks, Chase, Wells are doing the same. The CS rep said it protects the account holder and person making the deposit. Yes, your typical canned response. If it was a check deposit, no ID is needed.
I understand there is fraud and counterfeit bills. So with this policy, they now they have an actual person to go after. However, the cash deposit is immediately put into their cash drawer for customers (right ??) so it never gets verified and just goes back into circulation. And it was only $500, not thousands !!!
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.
Can nothing be done anonymous anymore because of potential threats?
Most people have nothing to hide but also don't want to be over-exposed either.
Do you want more banks and financial institutions to have your sensitive information stored digitally?
There was a post on CD a while back where a cash deposit had been made by a third party, and it never got credited to the proper account, going somewhere else instead. Think how much easier it would have been to trace that and correct it had there been the additional information above just the bank account number.
FWIW, night drops are anonymous. I can't recall any teller at 2AM when I made deposits from movie theatres.
If you're already a depositor, they have your sensitive info already. For somebody you're sending to make a cash deposit into your account, especially when such depositor doesn't have an account there, it depends upon what they want for info. Name, address, phone? No big deal. License number? Maybe.
OTOH, would you want somebody to just be able to walk in off the street to deposit $500 in counterfeit bills into your account without any verification, and then withdraw $500 in good money from your account via an ATM ten minutes later?
With all the identity theft, phishing schemes, and other sophisticated scams/crimes out there, it makes sense for banks to be able to track people making transactions. A solution might be to issue your employees who have to make bank runs picture id cards with employee numbers.
I thought those rules were all about Homeland Security, to prevent money laundering, and IRS being able to track money not being reported as income? We were once charged a fee for them just because they had to stand and count (and their little bill counter did all the work in a flash!).
I wonder how banks handle deposits like my daughter makes, 300 $1 bills from a fund raiser for her PTA?
I thought those rules were all about Homeland Security, to prevent money laundering, and IRS being able to track money not being reported as income? We were once charged a fee for them just because they had to stand and count (and their little bill counter did all the work in a flash!).
I wonder how banks handle deposits like my daughter makes, 300 $1 bills from a fund raiser for her PTA?
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
If you're already a depositor, they have your sensitive info already. For somebody you're sending to make a cash deposit into your account, especially when such depositor doesn't have an account there, it depends upon what they want for info. Name, address, phone? No big deal. License number? Maybe.
OTOH, 1. 2ould you want somebody to just be able to walk in off the street to deposit $500 in counterfeit bills into your account without any verification, and then withdraw $500 in good money from your account 2. via an ATM ten minutes later?
3.With all the identity theft, phishing schemes, and other sophisticated scams/crimes out there, it makes sense for banks to be able to track people making transactions. A solution might be to issue your employees who have to make bank runs picture id cards with employee numbers.
1. Nigerian cashier's check scheme. - happens a lot still today.
2. How do they get your ATM card if they are just somebody off the street? I think they don't.
Or am I missing something...(thinking) so say like they skimmed your card, now want to deposit bad money to your acct., then they withdraw the same amount they deposited from a replica ATM card?
3. perhaps... maybe IRS should do that with tax refunds & request a valid ID card.
They have a reason for requiring this info. New rules all the time because the shysters are always thinking of new gimmicks to scam you. If you're not doing anything wrong then comply with the bank's request. I would.
I have made deposit in my friend account many times as it is cheaper then send a money order through the mail ..... I even had a land Lord of the rental apartment were I paid the rent right in His account at the bank for years , as I just give the teller the account number with No name , and then they ask for the name of the account and I tell them the name . and some time they ask for a signature for a receipt but never any security problem , as I was putting money in and not taking money out
Had someone make a $500 cash deposit as they usually do.
He came back and complained they want see his ID and record it on the transaction even though he doesn't have an account at the bank. He said he told the teller he had no ID at first, so they almost declined the cash deposit until he pulled out his ID. I told him that is ridiculous and not true.
I called the branch he went to, BofA of course, and they told me all the big banks, Chase, Wells are doing the same. The CS rep said it protects the account holder and person making the deposit. Yes, your typical canned response. If it was a check deposit, no ID is needed.
I understand there is fraud and counterfeit bills. So with this policy, they now they have an actual person to go after. However, the cash deposit is immediately put into their cash drawer for customers (right ??) so it never gets verified and just goes back into circulation. And it was only $500, not thousands !!!
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.
Can nothing be done anonymous anymore because of potential threats?
Most people have nothing to hide but also don't want to be over-exposed either.
Do you want more banks and financial institutions to have your sensitive information stored digitally?
One thing: there are laws pertaining to cash deposits. If a person deposits a certain number of small cash deposits, some law is triggered, and the banks must report it. A tax thing. Small cash deposits are used by some in some sort of tax evasion scheme.
Another thing: terrorism. If certain kinds and amounts of cash are deposited, banks have to report it for tracking possible terrorism stuff.
You don't have to present ID to deposit a check because the check identifies the payer and his account.
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