We don't take cash...

[Kingfisher]

My mom told me her brother called today. He tried to put $50.00 in cash in his son's checking account today and they said no way. We don't take cash. Say what?? They live in Oregan. I told mom your brother must be growing pot......... Since when do banks not take cash?

 

[Rafter S]

That's a new one on me. You said checking account so I assume that it was at a bank. And they wouldn't take cash? I'd be finding a new bank, because the people who would make a decision like that shouldn't be trusted with people's money.

Edit: I just re-read the original post. Maybe since he was putting the money in someone else's account? It still doesn't make much sense, but that's the only thing I can think of.

 

[Alan]

Has to be a communication problem, my son and employees make bank deposits in my business account on a regular basis. That includes cash as well as checks. The bank will not give out a bank balance if your not on the account and they won't give anyone the account number (not on the account). As you know I'm in Oregon and I'm sure we are no different than the test of the country when it comes to banking policies.

 

[MO_cows]

That's a new one! I have heard of cash over a certain amount being a problem but $50 cash shouldn't get anyone's panties in a wad.

I got aggravated at a bank who wouldn't change a $100 bill for me a few years back. My boss sent me out to pick up his lunch which was fast food that day and all he had was the $100. I went to the bank nearest the drive thru to get 20's but they wouldn't do it because I wasn't an account holder. After that episode I never will be!

 

[slick4591]

A few years back our bank went to requiring ID with every deposit. WTH! I'm putting money in, not taking it out.

 

[1982vett]

My mom told me her brother called today. He tried to put $50.00 in cash in his son's checking account today and they said no way. We don't take cash. Say what?? They live in Oregan. I told mom your brother must be growing pot......... Since when do banks not take cash?

Internet bank account?

 

[CottageFarm]

Was it a Credit Union?
Some of them don't deal with cash.

 

[Alan]

A few years back our bank went to requiring ID with every deposit. WTH! I'm putting money in, not taking it out.

That would no doubt light my fuse, I can understand it if someone was asking for cash back when making a deposit.

I can't imagine any bank or credit union not dealing in cash.

 

[Dave]

I use a credit union. They ask for my "code word" every time I make a deposit or a payment. I keep telling them if anyone wants to deposit money in my account or pay my bills without the code word to just go ahead and take their money.

 

[Commercialfarmer]

Saw something on one of the cable documentary news shows about marijuana in Colorado, so I watched it for a bit. There was a section talking about banking. The marijuana business deals in cash only- I believe because banks won't deposit checks or credit card transactions related to the sale of marijuana. But the banks also won't take cash. I missed a small section in there, but I believe it had something to do with the feds being able to bring really stiff penalties on the banks for handling money associated with a federally banned substance. The business handled everything in cash, and then converted it to money orders. And I believe at that point, they were able to deposit the money orders in a bank and it was all considered on the up and up. :dunce: The business man they interviewed said what he found really dumb was that the Feds had regulations on how to handle the taxes from the marijuana business that it didn't recognize as a legitimate business and would penalize banks for being involved with.

That probably doesn't answer your question, but it was along the same topic and I found it interesting/disturbing.

 

[robb]

Chase Bank just started the same policy at least in Texas. You have to be on the account and provide ID if they don't recognize you to deposit cash.

I would guess there is an exception for business accounts where different employees make the deposit.

 

[gimpyrancher]

My bank wasn't a federal depository. So I took my employee tax withholdings to another bank. They ended up not willing to except my banks cashiers check for my tax deposits. Their excuse was that I didn't have an account. A major banking (federal) screw-up. When I was told by the teller that they would no longer except my tax payments checks, I started paying them in cash. When I again was refused, I asked to speak to the manager. When that clown presented himself, I told him that he would not only except my deposit TODAY, but he would call for a meeting to address the problem in the future. I told him that not only will he except my cash deposit, he'd do so in the future without any challenges. It's the law. He was able to not take my check, but when I brought in cash, he had no choice. I told him he is/was a federal depository. Meaning, he had no choice. It took a few days, but in the future, I was never denied by his tellers in the future.

 

[Alan]

Chase Bank just started the same policy at least in Texas. You have to be on the account and provide ID if they don't recognize you to deposit cash.

I would guess there is an exception for business accounts where different employees make the deposit.

I stand corrected, I went my bank today to make a deposit, as I have done for the last 11 years. The deposit was in my business account and I had $320 in cash, I know all the tellers and they know me. They insisted on photo ID to accept the cash part of the deposit! Like I said I know all the tellers and managers so I tried my best to keep it together. I asked them why the policy change, no one knew the answer, one finally said it may be to help prevent money laundering. I been here for years, I'm I'm going to try to launder $320? I said it's enough to make me look for a new bank, I can understand ID on a cash withdrawal, but to put cash from my business into my account, you all know me. By then I had the manager hanging in the area, saying nothing, but one young gal popped up and said well it's the new world and all banks are doing it! I just about blew my top, but only said thanks for the challenge, I'll see if I can find a bank that doesn't....... Not a word from the manager.

WTH is going on?

 

[AudieWyoming]

I suspect showing a license number to deposit cash is just another way for big brother to get in their subjects business. If your license number shows up too many times in the data base some one from IRS, DEA, Homeland Security, ect. looks into what you are up to. I know retailers like Home Depot and Lowe's will usually take their store brand returns with out a receipt for store credit with a valid Id, but if the system flags your number you get put on a shoplifter suspect list.

I try not to be one of those paranoid, black helicopter conspiracy people but as we observe the total lack of accountability in the federal government, few things surprise me anymore.

"Just because your paranoid, doesn't mean someones not out to get you!"

 

[Commercialfarmer]

A little bit of paranoia can be healthy.


Since I highly distrust our current government/over taxation situation, I wonder that the cash/id thing is to keep a lid on tax evasion. Could be worth billions to them in unreported income and fees for failure of reporting.

Im sure if you are an illegal/undocumented Democrat, the fees will not apply.

 

[Jogeephus]

A little bit of paranoia can be healthy.


Since I highly distrust our current government/over taxation situation, I wonder that the cash/id thing is to keep a lid on tax evasion. Could be worth billions to them in unreported income and fees for failure of reporting.

Im sure if you are an illegal/undocumented Democrat, the fees will not apply.

That's exactly what it is - under the guise of protecting us from terrorists of course. Banks are being forced to comply with new regulations. Many - if not all - will be putting in a new computer system that tracks every transaction by taxpayer id number. I suspect in Kingfisher's situation this bank did not have the new system in place and didn't want to risk the chance of being fined by the feds.

If you recall, under George Senior, they put in place the mandatory reporting of cash transactions over $10,000 to fight the War on Drugs. A trillion dollars spent to keep pot off our streets and we see how well that worked out. Now Opie's bunch wants every dollar accounted for to fight the War on Terrorism. They probably took notes from Italy. Italy is broke but the people are not. Its pointless to have a 70% tax rate when everyone is using cash or bartering.

Just one more sacrifice for the sake of freedom.

 

[dieselbeef]

i like cash..its my fave..i hate debit and electronic crap..besides it makes lazy...and some stupid

 

[Alan]

Well I'm still steaming about it this morning, I feel like this is a real violation of my rights. I googled it this morning and it appears JP Morgan Chase is the main bank asking for ID, some media outlets says it ties into JPM lawsuit settlement dealing with their ponzi scheme, I shoulda left them then! Some say it is to help with money laundering :bs: . The all seeing eye sounds them most legit and believable, the "by the people for the people" organization invading our privacy even more. To steal from one of Jo threads, I DO FEEL VIOLATED!!

I haven't used an ATM machine in many years, I don't like them, but I do have a question for those that use them. Can you still make a cash deposit using an ATM machine? If so how are you going to shove a photo ID in that slot! Or prevent me from making a deposit in someone else's account?

You may be able to tell I'm a little pizz still this morning, how dare you ask a long time customer who everyone knows by name for ID to put money in your bank!

I can tell there will be a trip to my bank today to get some answers.

 

[tntblaster11]

Yep I use M&T Bank and they require ID to deposit or withdrawal. They also charge account holders a fee to withdraw money at the counter from one's own account !! The drive through line for the ATM was really long, and I had to deposit a check, and wanted some money back. They charged me $2 to "write a check to cash"... and I'm like.. I'm not doing that, I just want money back.. nope nope... they had me write a check out..

So annoyed, going to change banks. They've enabled all kinds of new policies. I've been an account holder for years, and when I deposit a check, only a small portion is available right away... it's 1-2 days before the whole amount is there. It's ridiculous.. and I'm there at opening so it hits the same day.. nope, no go.

 

[greybeard]

Chase Bank just started the same policy at least in Texas. You have to be on the account and provide ID if they don't recognize you to deposit cash.

I would guess there is an exception for business accounts where different employees make the deposit.

Yep--it is an effort to control money laundering. I have 1 account that my wife is not a signer on-- (recommended by my CPA to protect her own assets) . She cannot deposit cash in that account even tho everyone at the bank knows her and I.