# Banking Institutions Requiring I.D. For Cash Deposits



## Chauncey Gardiner (Jan 9, 2016)

While attempting to deposit three checks and $300 in cash at my local Bank of America, I was surprised when informed I'd have to provide photo I.D. After doing so I requested written policy on why the new requirement was implemented. 

Unfortunately the paper only stated the new policy. *No Identification, No Cash Deposit. *Nothing was provided explaining the reasons for the change. 

A couple of internet searches netted some information about Bitcoins and money laundering, both subjects that don't make sense to me.

Any thoughts or concerns? Anyone love their banking institution? I'm not apposed to changing. 

BoA policy - :bow::bow::bow: BANK of AMERICA

~ Chance


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## NoNotAgain (Jan 9, 2016)

Chauncey Gardiner said:


> While attempting to deposit three checks and $300 in cash at my local Bank of America, I was surprised when informed I'd have to provide photo I.D. After doing so I requested written policy on why the new requirement was implemented.
> 
> Unfortunately the paper only stated the new policy. *No Identification, No Cash Deposit. *Nothing was provided explaining the reasons for the change.
> 
> ...




You might be a money launderer. 

The Feds want to keep tracks on everyone. Some banks have gone as far as prohibiting storing cash in a safe deposit box as well as silver or gold bullion. When they're ready, they'll just seize your assets.


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## saypat (Jan 9, 2016)

if something like this bothers you, prepare to be bothered a lot going forward ..... I mean backward.


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## Chauncey Gardiner (Jan 9, 2016)

Currently the only thing that bothers me is BoA's decision that their "customers" don't warrant any information on the new policy. Here it is. Like it or lump it. We don't care enough about your business to provide pertinent information because we don't have to.

~ Chance


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## NoNotAgain (Jan 9, 2016)

Chauncey Gardiner said:


> Currently the only thing that bothers me is BoA's decision that their "customers" don't warrant any information on the new policy. Here it is. Like it or lump it. We don't care enough about your business to provide pertinent information because we don't have to.
> 
> ~ Chance



I was a BOA customer for over 40 years when you factor in the buy outs. Last May, they informed me that my account was being sold to another bank. I didn't want the account sold as I had automatic bill pay set up as well as pay checks, stock dividend checks, and the pain in the backside when traveling. BOA/Nations banks were everywhere, so no fees to take money out.

The new bank has two branches within a half an hour drive and none where I travel to for my northern office. The new bank has been a failure with the ATM machines constantly out of either money or receipts. The president of the bank worked the drive in the first week of the transition. It hasn't got better. 

I probably spent 15 hours changing everything over to the new bank and it looks like I'm going to have t do it again before the end of the year.

Just be glad that you're not a Citi Bank customer as they are charging customers to deposit cash into their accounts. When it gets to that point, my mattress is going to become mighty lumpy to sleep on.


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## waxing twilight (Jan 9, 2016)

Any credit union. I'm somewhat surprised people still trust them with their $ after the way they behaved over the last decade or so. It will be a cold day in hell before they ever see a penny of my $. I switched to credit unions a while back and am never looking back.


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## Chauncey Gardiner (Jan 9, 2016)

Mighty lumpy, that impresses me as a good thing. :twothumbs Perhaps you could use the one in the spare room for your stash. Keep your sleeping unit soft and smooth. 

~ Chance


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## scout24 (Jan 10, 2016)

Similar policy at Chase Bank. To deposit cash into someone else's account, ( My college student son, whose account is linked to mine.) State issued photo ID required. If you go to the teller, you have to swipe your card and enter your P.I.N. before even saying hello. Not how I want to do business, and am actively looking for a new bank. I like lumpy above, Bank of Serta...


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## Greta (Jan 10, 2016)

I pulled all of my money and accounts out of BofA years ago because of their screwed up policies and total lack of customer service. They screwed me over WAY too many times and made me feel like *I* was the stupid low-life who couldn't manage my money. I'll admit I felt somewhat vindicated a couple years later when I was sent a check for my cut of the class-action suit filed against them for screwing over their customers. And then when they implemented their policy a fews years back to allow illegal aliens to open accounts with their FOREIGN identification (this policy is still in place, btw), I felt further validated that I had made the right decision to kick them to the curb. As a loyal customer of theirs for 20+ years, I had to have a local driver's license to open an account and accept their illegal fee practices, but anyone who is in our country illegally can walk into their bank and open an account with nothing but their foreign ID card. I pulled my mortgage from them and several checking and savings accounts - including business accounts.

I now have everything with USAA. And one savings account with a local credit union. I can deposit cash into the credit union and transfer it online to my USAA account. I can use any ATM in the world to withdraw funds from my USAA account - and USAA reimburses me for the ATM fees. Of course one has to have a military affiliation in order to bank with USAA but most credit unions operate the same way. Credit unions are the way to go.

And FWIW - and totally IMHO - BofA SUCKS!!


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## sidecross (Jan 10, 2016)

Greta said:


> I pulled all of my money and accounts out of BofA years ago because of their screwed up policies and total lack of customer service. They screwed me over WAY too many times and made me feel like *I* was the stupid low-life who couldn't manage my money. I'll admit I felt somewhat vindicated a couple years later when I was sent a check for my cut of the class-action suit filed against them for screwing over their customers. And then when they implemented their policy a fews years back to allow illegal aliens to open accounts with their FOREIGN identification (this policy is still in place, btw), I felt further validated that I had made the right decision to kick them to the curb. As a loyal customer of theirs for 20+ years, I had to have a local driver's license to open an account and accept their illegal fee practices, but anyone who is in our country illegally can walk into their bank and open an account with nothing but their foreign ID card. I pulled my mortgage from them and several checking and savings accounts - including business accounts.
> 
> I now have everything with USAA. And one savings account with a local credit union. I can deposit cash into the credit union and transfer it online to my USAA account. I can use any ATM in the world to withdraw funds from my USAA account - and USAA reimburses me for the ATM fees. Of course one has to have a military affiliation in order to bank with USAA but most credit unions operate the same way. Credit unions are the way to go.
> 
> And FWIW - and totally IMHO - BofA SUCKS!!


An excellent response and very good advice for all of us to consider. :thumbsup:


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## bykfixer (Jan 10, 2016)

I've been carded when depositing a 3" stack of $100, 50 and 20 bills after selling a car or depositing my $20 bill collection after a few years...shall we say when it was deposits that could be seen as...well, unusual. Big brother watching and all that....

Bank of America began as a bank where the little people could get loans for upstart businesses...particularly imigrants...who nobody would loan money to. 
They were a pillar in the community way back when. 
But at some point they became a big bank and now they're ridiculous. 
I haven't banked there in decades. 

I tend to go through credit unions to borrow money for cars or what have you as they have good interest rates and fees aren't so bad.
But being in many cases not being FIDC insured they don't get my cash. I'll keep like $50 in a savings to exceed the $5 to have an account thing.

I use small community banks for that....FDIC insured ones. They still give away lollipops and calenders or piggy banks when you open a savings account. And frequently the tellers know you by name. So even though you're supposed to give ID when depositing checks...they just ask me which account to put it in. 

But I never keep all my eggs in one basket. 

I look for Wells Fargo to go the way of BoA in the future...but according to my family it's so far so good.


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## Beamhead (Jan 10, 2016)

I have to show ID at a credit union to make my truck payment, thankfully it is the only loan I have and it will be paid in full soon. B of A$$ made me wait over an hour to pay off a MC loan back in the day, they were summarily dismissed.
The following is my opinion only.................the guvment/IRS/FRBS is after far too much control and many if not all banking institutions must following their guidelines. :tinfoil:


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## 1DaveN (Jan 11, 2016)

Chase outright refused to let my sister-in-law deposit $300 in cash in my niece's account (her daughter). They actually said "we don't have any way of knowing where that cash came from," as if that should matter.

It seems that one thing all these stories have in common is that it's the biggest banks. In their own financial self-interest, they allowed money laundering and other criminal activities for years. Now they feel "targeted" by the federal government, so they make consumers' lives miserable. I'm pretty happy to bank at a small credit union - I get all the services I need (except foreign currency, which I need much less than once a year), from people who don't act like their job is to torture me.


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## MichaelW (Jan 13, 2016)

Do not do business with the big zombie banks: J P Morgan Chase, Citibank, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo
They are bankrupt, many many times over. {check out their derivative liabilities. That is why they took down Lehman Brothers}
Just stick with cash, carry a Glock, you'll be fine.


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## sidecross (Jan 13, 2016)

http://www.nytimes.com/2016/01/14/u...column-region&region=top-news&WT.nav=top-news

The very rich get a free pass.


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## NoNotAgain (Jan 13, 2016)

sidecross said:


> http://www.nytimes.com/2016/01/14/u...column-region&region=top-news&WT.nav=top-news
> 
> The very rich get a free pass.


I'm sure that some money laundering does occur, but this investigation isn't about money laundering, but the fedgod looking to see who has what so that they get theirs first.

Wealthy people place properties in trusts to hide their identity from nosy neighbors and those that prey on expensive homes for break-ins. If you pulled up the property records and saw that the Rockefeller's owned a given property, with all of the media shows, you know their whereabouts. 

The state of Delaware wouldn't exist except for the ease in forming a corporation to reduce taxes and limit themselves from civil suits.

All of the properties sold in both New York and Florida still pay a titling tax, basically a sales tax and get hit with annual property taxes. Somehow the annual tax bill gets paid.

If they want to go after people or companies hiding monies, look at the companies purchasing foreclosed homes. They purchase, then resell days later and substitute the new sellers info but pocket on another contract double the selling price.


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## Greta (Jan 13, 2016)

Veering just a bit too much off-topic here gentlemen... let's bring it back around, ok? :thanks:


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## sidecross (Jan 13, 2016)

Greta said:


> Veering just a bit too much off-topic here gentlemen... let's bring it back around, ok? :thanks:


Not a problem, I will refrain from making connections that may not be appropriate for this forum. :wave:


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## gadget_lover (Jan 19, 2016)

It's strange that the Bank of America asks for state issued ID at the tellers, but allow you to deposit cash via the ATM. They don't care who you are as much as they want an audit trail.

Unfortunately, the rules are set up such that you are not allowed to do anything to circumvent the requirements, so don't try logical things like smaller deposits. 


Daniel


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## Gary m (Aug 11, 2021)

Chauncey Gardiner said:


> While attempting to deposit three checks and $300 in cash at my local Bank of America, I was surprised when informed I'd have to provide photo I.D. After doing so I requested written policy on why the new requirement was implemented.
> 
> Unfortunately the paper only stated the new policy. *No Identification, No Cash Deposit. *Nothing was provided explaining the reasons for the change.
> 
> ...


It does not matter how many accounts you have there or how long you have been a customer. At BOA you are just a number, I am retired from BOA after 32 years and now can now not get anyone to answer the phone at any branch. We are just numbers and if they can get away from cash handling, imagine how many people they can let go !


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## Chauncey Gardiner (Aug 11, 2021)

Gary m said:


> It does not matter how many accounts you have there or how long you have been a customer. At BOA you are just a number, I am retired from BOA after 32 years and now can now not get anyone to answer the phone at any branch. We are just numbers and if they can get away from cash handling, imagine how many people they can let go !


I let go of my relationship with BoA two months back. Their politics and fee schedule blow, but they don't blow my direction any longer.


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## bykfixer (Aug 12, 2021)

I suppose in some areas there are no options except those big banks. 

Where I live the small banks are getting gobbled up by a little bit bigger banks. But we still have options other than those ginormous-too big to fail numbers. 

Several years back I was carded when buying a high end CD player. I had saved $25 a week until I had $1000. One day I took all those 20's and 5's to a stereo salon and purchased a really nice 5 disk changer. When I pulled out the bag of money the guy got all squirrley like and asked for my ID. At that time my capital city was #4 in America for homicides during a crack cocaine epidemic and he said he wanted my info in case I was a drug dealer. 
I humored the guy and showed him my drivers license. My first wife was all upset. But then again she stayed upset by something or other pretty much all of the time. "Does he look like a drug dealer? C'mon let's go"……"yes dear"


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## jtr1962 (Aug 13, 2021)

This security BS has gotten out of hand. A few weeks ago I set up Zelle on my Chase account because my sister needed to have some money transferred to her within a few weeks for some home repairs she's doing. A test transfer of $1 worked fine. Yesterday she asked me to send her the money for the deposit-$2,800. Chase rejected that. They have a $2,000 per day maximum. OK, fine, I figured I'll send $2,000, then the remaining $800 the next day. First my $2,000 transfer was put on hold. Then it was cancelled. For some reason Chase called my brother for verification even though his name and contact info is nowhere on the account, other than as a beneficiary. My phone number and email is the primary contact address. They couldn't reach him since his phone was off (not allowed to take calls at work), so the transfer was cancelled.

I tried again tonight after I knew my brother would be home in case Chase called him again. The transfer was rejected immediately. OK, so I figured let me try a smaller amount. I tried smaller amounts twice. Both rejected. Third time Chase locked me out of the account. There is a number to call to unlock my account but nobody is there now.

Anyone here a lawyer? I would like to sue them big time over this. I should be able to do what I want with my own money. And if they're going to have security BS, at least contact the right person. Security is fine to a point, but the number of false positives from overly tight security is getting to be ridiculous.


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