A Question About Bank Policies.

[Tiny]

Nov 9, 2019 10:49:25 GMT -5 busymom said:

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?  

Why would they need an ID?   the bank's database "Knows" it was cash being deposited.   I would think they could set up a "query" to create a report of any account that has had more than X amount of "cash" deposits with a value over Y dollars.  I suspect no one really cares about a $1000 or less per month in cash...  so any cash deposits over the course of a month that total more than 1K might raise a read flag ( if 1K is the cut off) Or maybe if the account has had that kind of activity for more than a 3 months....  

Yeah, back in the day - the Accounting IT department would get a file (on a tape, then on floppies, and the CDRoms, and finally we'd just sign on and download the data) from our Telephone provider which we could pick thru to find the extensions that dialed 1-900 numbers or made lots of long distance or to foreign countries or that had an unreasonable amount of calls (or length or calls) so a manager could be notified.      In the very beginning IT didn't know who an extension belonged to, but as the years went by we had a better internal databases that linked userids to extensions.  
 
I doubt the bank needs the tellers to input ID information. 

[Tiny]

Nov 8, 2019 23:50:03 GMT -5 OldCoyote said:

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??

It's the 21st century - use an ATM to deposit your cash.   You don't need to show an id for that. 

[alabamagal]

Nov 10, 2019 17:57:21 GMT -5 Tiny said:

Nov 8, 2019 23:50:03 GMT -5 OldCoyote said:

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??

It's the 21st century - use an ATM to deposit your cash.   You don't need to show an id for that. 

But they have your picture.

[OldCoyote]

Nov 10, 2019 17:57:21 GMT -5 Tiny said:

Nov 8, 2019 23:50:03 GMT -5 OldCoyote said:

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??

It's the 21st century - use an ATM to deposit your cash.   You don't need to show an id for that. 

This only happened one time the other day. It seemed the computer would not move on until it was given my I.D.

[Lizard Queen]

I would not deposit cash in an atm. My DH used to, until they claimed he was $20 short on a deposit. He said he counted the deposit twice before he put it in the envelope. Too easy for a teller just to pocket a $20 (or whatever), and there's nothing you can do about it.

[TheHaitian]

Nov 10, 2019 18:48:30 GMT -5 alabamagal said:

Nov 10, 2019 17:57:21 GMT -5 Tiny said:

It's the 21st century - use an ATM to deposit your cash.   You don't need to show an id for that. 

But they have your picture.

You also identify yourself by using the ATM:
- your card issued to you
- your pin that only you should know
- and yes the little camera that records you

[bean29]

Nov 10, 2019 19:38:19 GMT -5 Lizard Queen said:

I would not deposit cash in an atm. My DH used to, until they claimed he was $20 short on a deposit. He said he counted the deposit twice before he put it in the envelope. Too easy for a teller just to pocket a $20 (or whatever), and there's nothing you can do about it.

You don’t put it in an envelope anymore you just put the cash in & it counts it. Pretty sure you can cancel transaction and get your cash back if they don’t agree with your #.

You also stack your checks and feed them all in at once. I was very confused how it worked until I used it a few times.

[TheHaitian]

Nov 10, 2019 20:58:51 GMT -5 bean29 said:

Nov 10, 2019 19:38:19 GMT -5 Lizard Queen said:

I would not deposit cash in an atm. My DH used to, until they claimed he was $20 short on a deposit. He said he counted the deposit twice before he put it in the envelope. Too easy for a teller just to pocket a $20 (or whatever), and there's nothing you can do about it.

You don’t put it in an envelope anymore you just put the cash in & it counts it. Pretty sure you can cancel transaction and get your cash back if they don’t agree with your #.

You also stack your checks and feed them all in at once. I was very confused how it worked until I used it a few times.

What she said!

You just put your cash in and it counts it: it tells you how many of each bills you deposited and tally up the total. Pretty cool actually!

And I like the Wells Fargo ones because when I get cash back I can pick how I want it : 5’s, 10’s, 20’s , 50’s or 100’s. So if it is for a birthday or wedding I can get a nice crisp 50 or $100’s from the ATM without having to go to the teller.

Actually don’t even remember the last time I actually went inside a bank, even opening my business account and my brothers checking account I did that online.

[Lizard Queen]

Nov 10, 2019 20:58:51 GMT -5 bean29 said:

Nov 10, 2019 19:38:19 GMT -5 Lizard Queen said:

I would not deposit cash in an atm. My DH used to, until they claimed he was $20 short on a deposit. He said he counted the deposit twice before he put it in the envelope. Too easy for a teller just to pocket a $20 (or whatever), and there's nothing you can do about it.

You don’t put it in an envelope anymore you just put the cash in & it counts it. Pretty sure you can cancel transaction and get your cash back if they don’t agree with your #.

You also stack your checks and feed them all in at once. I was very confused how it worked until I used it a few times.

Oh! Good to know! I don't even have an ATM card at the moment (I do need to get one, though. It's been 5+ years since my last one expired). I always pay with my cc's.

[Miss Tequila]

I have an account with a local bank that I set up for my aunt.  She deposits cash there regularly without issue.  Her deposits range from $100 to over $1k and she has never had a problem.  

My personal accounts are with a larger bank and it is hit or miss when they ask for ID.  the only time I go to the bank is to either deposit rent checks or cash but I have found no consistency as to what I'm required to show ID for.  

[Miss Tequila]

Nov 10, 2019 20:58:51 GMT -5 bean29 said:

Nov 10, 2019 19:38:19 GMT -5 Lizard Queen said:

I would not deposit cash in an atm. My DH used to, until they claimed he was $20 short on a deposit. He said he counted the deposit twice before he put it in the envelope. Too easy for a teller just to pocket a $20 (or whatever), and there's nothing you can do about it.

You don’t put it in an envelope anymore you just put the cash in & it counts it. Pretty sure you can cancel transaction and get your cash back if they don’t agree with your #.

You also stack your checks and feed them all in at once. I was very confused how it worked until I used it a few times.

Never, ever put cash in an ATM.  I do not have an ATM card and haven't since college.  My daughter has one and always has a ton of cash on her since she is a bartender.  She deposited $2k in the ATM and the ATM failed!  She got an error message and that was that.  She couldn't get the cash out.  She went into the bank (yes, the bank was open but apparently my kid was too lazy to go in!) and they had to shut the ATM down and audit it.  It took a few days but she got a letter in the mail that they were putting the deposit in her account so she was lucky.  The manager told her to never put cash in like that because if there was a glitch she would have zero proof.  I told her that a long time ago but I'm mom so what do I know?!?!

[swamp]

Nov 11, 2019 11:06:50 GMT -5 Miss Tequila said:

Nov 10, 2019 20:58:51 GMT -5 bean29 said:

You don’t put it in an envelope anymore you just put the cash in & it counts it. Pretty sure you can cancel transaction and get your cash back if they don’t agree with your #.

You also stack your checks and feed them all in at once. I was very confused how it worked until I used it a few times.

Never, ever put cash in an ATM.  I do not have an ATM card and haven't since college.  My daughter has one and always has a ton of cash on her since she is a bartender.  She deposited $2k in the ATM and the ATM failed!  She got an error message and that was that.  She couldn't get the cash out.  She went into the bank (yes, the bank was open but apparently my kid was too lazy to go in!) and they had to shut the ATM down and audit it.  It took a few days but she got a letter in the mail that they were putting the deposit in her account so she was lucky.  The manager told her to never put cash in like that because if there was a glitch she would have zero proof.  I told her that a long time ago but I'm mom so what do I know?!?!

I don't think the ATM can handle an envelope that thick. 

I've deposited cash at the ATM, but never that much.  

[Miss Tequila]

Nov 11, 2019 11:08:59 GMT -5 swamp said:

Nov 11, 2019 11:06:50 GMT -5 Miss Tequila said:

Never, ever put cash in an ATM.  I do not have an ATM card and haven't since college.  My daughter has one and always has a ton of cash on her since she is a bartender.  She deposited $2k in the ATM and the ATM failed!  She got an error message and that was that.  She couldn't get the cash out.  She went into the bank (yes, the bank was open but apparently my kid was too lazy to go in!) and they had to shut the ATM down and audit it.  It took a few days but she got a letter in the mail that they were putting the deposit in her account so she was lucky.  The manager told her to never put cash in like that because if there was a glitch she would have zero proof.  I told her that a long time ago but I'm mom so what do I know?!?!

I don't think the ATM can handle an envelope that thick. 

I've deposited cash at the ATM, but never that much.  

Maybe that's why it gave an error.  I was livid...of course I'm mean so I told her that if she didn't get the money back that it was a $2k lesson on not being a lazy ass!lol  In the end, she got it back and she hasn't put cash in an ATM since.

I just don't get how lackadaisical some people are with cash.  I have a tenant that is the same way.  He would leave his rent in cash in my mail box!  I'm a very honest person so I would never take his money but what if someone else saw him and took it?  I had to pull the mom card on him and he was in his late 20's...

[Deleted]

Banks vary a lot on policies.  About 7 years ago I agreed to become District Treasurer for a nonprofit.  Getting authorized as a signatory on the checking account was a real ordeal.  The bank employee had us signing paper after paper, all the while moaning about how The Patriot Act and other regulations made all this work necessary.  A couple of years ago I became Treasurer for my club, same organization, different bank. I think I provided ID, signed a couple of papers and was outta there in 10 minutes.

Fortunately I've never had to deposit cash to an ATM but I don't think I'd trust them.  I've worked with computers for too long.

[TheOtherMe]

I won't deposit cash in an ATM.  

I will go through the drive thru and deposit it using the virtual teller.  The transaction is mostly like using an ATM but with a person on a screen.

The credit union where I take dad doesn't have the fancy ATMs yet.  You do still use an envelope at that location.

[Blonde Granny]

Far and away the w worst bank on the face of the earth is Arvest Bank located here in Arkansas and Oklahoma. Wholly owned by the Walton family, and they turn every little situation into a crisis.

[tskeeter]

Nov 13, 2019 13:56:39 GMT -5 Blonde Granny said:

Far and away the w worst bank on the face of the earth is Arrest Bank located here in Arkansas and Oklahoma. Wholly owned by the Walton family, and they turn every little situation into a crisis.

Granny, you know why the Walton family got into banking, don’t you?  It wasn’t to provide high quality service to the bank’s depositors.  It was for the same reason that Willie Sutton robbed banks.  That’s where the money is.

The Waltons own banks so that WalMart can borrow the money deposited by the bank’s customers.  Access to the money allowed WalMart to expand it’s discount store business.

[OldCoyote]

I asked the Bank why the needed my ID when I deposited cash, $750 in my account.

It is now recorded for money laundering!!

At the same time I deposited a check from my wife, into that account,  $6000, guess what ?

They needed my ID for that also.