OldCoyote
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Post by OldCoyote on Nov 8, 2019 23:50:03 GMT -5
Today I dug out my wallet took out $750 cash that was buried there. Yes, there was a loud squeaking noise. like an old rusty hinge! Went to Wells Fargo made a deposit in cash, $750, the teller seem to have a problem with the deposit slip reader, call over the manager, she mess with for a little bit. Then said I needed ID to make the deposit,, Really?? I have had this account thru four banks since 1989. What was going on??
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CCL
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Post by CCL on Nov 9, 2019 0:15:44 GMT -5
Maybe they ask for ID for all transactions?
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MN-Investor
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Post by MN-Investor on Nov 9, 2019 2:42:45 GMT -5
I don't know exactly what changed, but USBank started requiring I.D. for cash deposits over a certain amount - I'm not sure what the minimum is - in 2017. I count offering for our church once a month and typically have at least several hundred dollars in cash to deposit. The bank required all of us folks who deposit cash for the bank to show photo I.D. For awhile I was having to show it every time I made a deposit but I think it's been awhile since they've asked to see it. I don't know if it's because we have less cash or if it's because they're so used to seeing us come in once a week and they've recorded all our information into their system.
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Lizard Queen
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Post by Lizard Queen on Nov 9, 2019 9:10:42 GMT -5
Is it really that much of a problem to show them your ID? (Do you have a problem with the voter ID laws?). Banks occasionally make mistakes and get money into the wrong account. With cash, it can be impossible to go back and correct those mistakes. I would think you'd feel better to know that they are making sure they have the right account.
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busymom
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Post by busymom on Nov 9, 2019 10:49:25 GMT -5
The banks here have started requesting ID for cash deposits, which surprised me, too. I get it that they need ID if you're taking out money, but for putting it in seems a bit odd. Do you suppose they're trying to monitor unreported income?
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buystoys
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Post by buystoys on Nov 9, 2019 10:54:40 GMT -5
Isn't that a piece of the legislation that requires banks to report it? I seem to recall that there was a federal law put into place to try to catch people who were paid under the table and/or drug dealers who would deposit large amounts of cash. I could be wrong as I never really deposit cash. We hold it at home and use it for lawn care, odd jobs, etc.
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Tennesseer
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Post by Tennesseer on Nov 9, 2019 11:09:38 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money.
Just a thought.
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TheOtherMe
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Post by TheOtherMe on Nov 9, 2019 11:28:02 GMT -5
(Do you have a problem with the voter ID laws?). I have a problem with voter ID laws. I now have a voter ID card so I don't have to show my driver's license. My issue is with security.
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Lizard Queen
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Post by Lizard Queen on Nov 9, 2019 12:00:48 GMT -5
(Do you have a problem with the voter ID laws?). I have a problem with voter ID laws. I now have a voter ID card so I don't have to show my driver's license. My issue is with security. I asked the OP, because I think he supports voter ID laws.
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sesfw
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Post by sesfw on Nov 9, 2019 12:53:08 GMT -5
I have a problem with voter ID laws.
Several years ago when I was working at a polling location a lady complained about having to show ID to receive a ballot. I then asked her how she would feel if I refused to give her a ballot because someone had come in prior and used her name to get a ballot.
She had no comment.
I have no problem showing picture ID with address that matches what is on record.
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bean29
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Post by bean29 on Nov 9, 2019 12:59:53 GMT -5
Chase Bank Does it too. It has to do with the Money Laundering Laws
It is different if you are depositing to a business account though, I think because when I put cash in DH's Premium Trust Account, they don't make me show id. But they do know the account belongs to corporate, and corporate not only has rules for what the agents do, they have rules for how the bank handles the deposit - and the corporate entity has a list of where the cash (client names) came from.
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Value Buy
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Post by Value Buy on Nov 9, 2019 14:39:56 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money. Just a thought. We all know Well's Fargo is by far the most messed up banking concern in the country......Not really sure why the ID is needed, but I know from previous experience over the years, if you went in and were taking out large amounts out of an account, they would ask for ID. I admit this was not Wells Fargo in my case as they were never in our area.... As far as other posters talking about Federal requirements, I have not seen any new policies that came out to make it lower than the $10,000 number we had in the past. Now as far as your response (it was a good one!) it could be because the account has been inactive for a considerable time, or as you suggest, the account has been flagged for exactly as you suggest or be for any number of reasons......in WF case, simply because they are idiots......
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Value Buy
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Post by Value Buy on Nov 9, 2019 14:45:36 GMT -5
(Do you have a problem with the voter ID laws?). I have a problem with voter ID laws. I now have a voter ID card so I don't have to show my driver's license. My issue is with security. Yes like all the local precinct workers are thieves, especially the one in charge, just waiting to steal your identity! In my fifty years of voting, in five different precincts, the person checking id's I have always recognized that person. I may not know them personally, but I do know who they are in local politics. Quite frankly I have never seen any news article/tv report where people have had their id stolen at the voting precinct.
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TheOtherMe
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Post by TheOtherMe on Nov 9, 2019 15:02:06 GMT -5
It's the scanning of the ID I do not want.
I'm a poll worker. I do not fear a poll worker keeping my ID. That's absurd.
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Post by The Walk of the Penguin Mich on Nov 9, 2019 15:13:22 GMT -5
Maybe it has to do with counterfeit cash and trying to track it? Not saying you were using counterfeit cash, but if I was trying to get rid of it, I’d try to slip it through with a lot of other cash.
Did you ask why?
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Value Buy
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Post by Value Buy on Nov 9, 2019 15:18:30 GMT -5
It's the scanning of the ID I do not want. I'm a poll worker. I do not fear a poll worker keeping my ID. That's absurd. Your post has me wondering now. In the Presidential 2016 election we came to Florida before early voting in Indiana, so we sent a request for an absentee ballot for both of us so we could vote from Florida. When we applied for the ballot we received an application in the mail first, and we signed it, so I guess they compare our signature of record before sending the ballot to us. I cannot remember any specific thing we did to prove on the actual ballot who we were other than check a box stating we were who we said we were, plus of course our signature on the ballot....... I might be incorrect, but that is how I remember it today. Regardless, we both felt this type of voting procedure could be compromised, although not on a large scale.
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OldCoyote
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Post by OldCoyote on Nov 9, 2019 15:31:36 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money. Just a thought. Ahhhh geeees, how did you find out??
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OldCoyote
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Post by OldCoyote on Nov 9, 2019 15:39:02 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money. Just a thought. We all know Well's Fargo is by far the most messed up banking concern in the country......Not really sure why the ID is needed, but I know from previous experience over the years, if you went in and were taking out large amounts out of an account, they would ask for ID. I admit this was not Wells Fargo in my case as they were never in our area.... As far as other posters talking about Federal requirements, I have not seen any new policies that came out to make it lower than the $10,000 number we had in the past. Now as far as your response (it was a good one!) it could be because the account has been inactive for a considerable time, or as you suggest, the account has been flagged for exactly as you suggest or be for any number of reasons......in WF case, simply because they are idiots...... That account is used many times a month, and I have had it since 1989. I do deposit very little cash, I that my change every night put it into a large coffee can, (O.C. is cheap)
There was a couple of times I have filled three of these large cans before I cashed them in.
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NoNamePerson
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Post by NoNamePerson on Nov 9, 2019 16:17:44 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money. Just a thought. Ahhhh geeees, how did you find out?? And I’m thinking OC must not be a very successful drug or gun runner if all he has is $750.00 of course he could have the rest buried in back yard. Where is it you live
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Lizard Queen
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Post by Lizard Queen on Nov 9, 2019 16:23:09 GMT -5
Maybe the bank thought OC was an illegal alien and was trying to deposit drug or gun runner money. Just a thought. We all know Well's Fargo is by far the most messed up banking concern in the country......Not really sure why the ID is needed, but I know from previous experience over the years, if you went in and were taking out large amounts out of an account, they would ask for ID. I admit this was not Wells Fargo in my case as they were never in our area.... As far as other posters talking about Federal requirements, I have not seen any new policies that came out to make it lower than the $10,000 number we had in the past. Now as far as your response (it was a good one!) it could be because the account has been inactive for a considerable time, or as you suggest, the account has been flagged for exactly as you suggest or be for any number of reasons......in WF case, simply because they are idiots...... Oh no, bank of America is the most incompetent bank I've ever come across!
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Works4me
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Post by Works4me on Nov 10, 2019 0:02:57 GMT -5
Yep - money laundering laws.
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TheHaitian
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Post by TheHaitian on Nov 10, 2019 12:51:41 GMT -5
I have an account with Wells Fargo also.
Due to Money Laundering laws they have a few new policies; in your case they need ID for you to deposit cash into your own account.
In other cases: no CASH deposit is allowed into an account that is not yours.
My MIL was depositing $150 (yep not even that much) to pay her portion of a gift purchase for a friend and they would not her; since the account was not hers.
I did not have my checkbook with me (don’t walk around with it and neither does she) so she just gave me the money and I sent it to her friend through “Zelle”.
My brother has run into this situation because he gets paid cash (manual labor for small company and days he work varies from week to week) and he has an account through Wells Fargo (but under my name). So he sends money to it through Zelle also; give the money to his friend(s) or my cousin wife and they send it to me and I put it in the account for him. His boss as agreed to start paying him using Zelle or cash app to facilitate the process.
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Gardening Grandma
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Post by Gardening Grandma on Nov 10, 2019 13:52:43 GMT -5
Im curious. Why Zelle over Paypal?
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TheHaitian
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Post by TheHaitian on Nov 10, 2019 16:03:50 GMT -5
Im curious. Why Zelle over Paypal? New generation vs older generation I guess... Zelle comes with both my banks apps : TDBank and Wells Fargo Heck I use it to transfer money between my wife account (TD Bank) and my account (Wells Fargo). Easy, convenient, money in the account in minutes. I have also used with friends/family members CashApp and ApplePay. It is all a matter of preference, between Zelle, Cash App and Apple Pay I prefer and mostly use Zelle due to the perceived convenience. I say perceived convenience because they are all convenient, but I am bias to Zelle because I just have to open my banking app. PayPal is older, I have not used it in over a decade at least (when I lived upstate NY) and like I said: the new shinny thing vs the old established thing.
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Deleted
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Post by Deleted on Nov 10, 2019 16:04:08 GMT -5
Our bank has a policy that I support on principle but abhor in practice. If a senior goes in to withdraw a larger amount of cash than their client profile shows is "normal", the manager comes out and asks what it's for. This is to ensure that the patron is competent and not being scammed or blackmailed.
We "normally" withdraw a certain amount every couple of weeks for daily expenses but at Christmas we withdraw extra $$ for holiday tips for our lawn maintenance crew and the staff at our favorite restaurant. And yes, the poor, totally embarrassed manager has to come out and ask what it's for and if we are okay.
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TheHaitian
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Post by TheHaitian on Nov 10, 2019 16:07:52 GMT -5
Our bank has a policy that I support on principle but abhor in practice. If a senior goes in to withdraw a larger amount of cash than their client profile shows is "normal", the manager comes out and asks what it's for. This is to ensure that the patron is competent and not being scammed or blackmailed. We "normally" withdraw a certain amount every couple of weeks for daily expenses but at Christmas we withdraw extra $$ for holiday tips for our lawn maintenance crew and the staff at our favorite restaurant. And yes, the poor, totally embarrassed manager has to come out and ask what it's for and if we are okay. I support that because we have helped many people avoid getting scammed at my store. We do Western Union and when an elderly person is sending money we usually ask: - do they know the person they are sending money too? - what are they sending the money for? I have lost count how many people were sending money to a “grandchild” that was in trouble overseas and they did not want their parents to know. Grandma/grandpa, have you tried calling the parents or yet the actual grandchild? Only to find out actual grandchild is safe at home or at college and never left the country.
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Tennesseer
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Post by Tennesseer on Nov 10, 2019 16:57:59 GMT -5
Our bank has a policy that I support on principle but abhor in practice. If a senior goes in to withdraw a larger amount of cash than their client profile shows is "normal", the manager comes out and asks what it's for. This is to ensure that the patron is competent and not being scammed or blackmailed. We "normally" withdraw a certain amount every couple of weeks for daily expenses but at Christmas we withdraw extra $$ for holiday tips for our lawn maintenance crew and the staff at our favorite restaurant. And yes, the poor, totally embarrassed manager has to come out and ask what it's for and if we are okay. It's a good policy. The elderly are the prime target for scammers. Good to see banking institutions watching out for them.
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zibazinski
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Post by zibazinski on Nov 10, 2019 17:00:09 GMT -5
I won’t use PayPal ever but I do use Zelle
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TheOtherMe
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Post by TheOtherMe on Nov 10, 2019 17:09:27 GMT -5
Bank policies on the elderly withdrawing money are sadly needed.
Several years ago, I went to a seminar put on by my credit union and two elderly women had fallen for the grandchild scam. One had sent all of her cash. The other was stopped because she tried to apply for a loan to get the money using her paid off house as collateral.
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tskeeter
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Post by tskeeter on Nov 10, 2019 17:45:49 GMT -5
These days, Wells Fargo is especially challenging to deal with. Due to all of the issues that Wells has had over the past several years, it appears that the lawyers are running the business.
While working on settling Dad’s estate, I went to Wells to change the mailing address on an account. Took an hour and a half to get through all of the bureaucratic nonsense. Then, started to open a checking account in the name of the estate. Wells attorneys did not like the terminology used by the probate court in the Letters Testamentary and Wells declined to open the account. (Yes, Wells actually had their legal staff review the Letters Testamentary before they would open the account. On a Saturday, no less.)
A competing national bank opened the account in less than 30 minutes. When the competing national bank inquired what I was looking for in a bank, I responded “be the easiest bank to do business with”. Wells certainly hasn’t been the easiest bank to do business with.
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