Can't deposit cash into someone else's account
- Thread starter simple_gifts
- Start date
- Status
Here in South Africa cash transaction fees are horrible and often a good percentage of a cash transaction value - as an account holder I don't want people to deposit cash in my account because I am liable for the charges ................ banks probably also trying to limit the number of fights because of the cash transaction fees charged to the account holder?
I think what folks here ard running into iare the acts passed a few years back. It requires ID on all cash transactions. Typically banks only due this if it is a large cash deposit. Meaning 5k- 10k. I myself have ran into it with a deposit of just a couple of hundred dollars.
I know this information because I have worked in banking before.
To banks we are not customers we are cattle.
Threaten to move your money somewhere the other bank may or may not do that type of transaction.
The big banks theory is if they loose one small account they dont care and they will have a new customer in your place relatively soon. And maybe with more funds than you had.
Not trying to offend anyone.
Sharing my knowledge...
I know this information because I have worked in banking before.
To banks we are not customers we are cattle.
Threaten to move your money somewhere the other bank may or may not do that type of transaction.
The big banks theory is if they loose one small account they dont care and they will have a new customer in your place relatively soon. And maybe with more funds than you had.
Not trying to offend anyone.
Sharing my knowledge...
Last edited by a moderator:
OP, if you want to practice, you can transfer money into my bank account any time. I am here for you! Transfer away!!
Also never forget that big banks and big business will do EVERYTHING they can to foster a "cashless society".
This is not to be overlooked.
This is not to be overlooked.
It has to do with preventing money laundering and especially with preventing huge fines from regulators. . There is not a federal regulation specifically stating you can’t deposit into someone else’s account. It’s up to the individual bank to set policy on how they manage that risk. Cash transactions exceeding $10k have to be reported. To get around this folks will have multiple people come in with smaller amounts that cumulatively exceed that amount. The issue is the bank is still required to report this if the cumulative totals in one day exceed the $10,000. So what happens is the first guy comes in and deposits $4000. The bank isn’t required to collect his info. The next guy comes in and deposits another $4k. Still not required to obtain his info. Now the third guy comes in with $2,500. No info is collected from him either. When the system totals everything up and discovers $10,500 was deposited the bank is prompted to file a report. But now they don’t have sufficient info about the conductors of the transactions and could be stuck with a big fine.
OP here; I am aware that Paypal is available but my general policy is not to propagate account info indiscriminately. I've had personal info lost or stolen by/from (3) different agencies/companies for services i was 'required' to register for. (VA, NationsBank card for military travel, OPM hack) This is just personal preference.
The deposit was to cover an emergency so writing a check and depositing it wasn't really an option. I will formulate 'plan b' for the future.
I have my money @ 2 small institutions; one has 5 branches and donates 10% of profits to charity, which the customers vote on. When I opened my savings account, the woman filling out the info was quite courteous; i looked down to get her name and her desk plaque indicated she was the VP of the bank.
The deposit was to cover an emergency so writing a check and depositing it wasn't really an option. I will formulate 'plan b' for the future.
I have my money @ 2 small institutions; one has 5 branches and donates 10% of profits to charity, which the customers vote on. When I opened my savings account, the woman filling out the info was quite courteous; i looked down to get her name and her desk plaque indicated she was the VP of the bank.
If you're both B of A you can do it on the B of A web site. If not, you can use Zelle. These are both alternatives to PayPal and are free. I'm sure there must be others. I can't tell you the last time I stood in line at the bank for anything.
Use a Postal Service Money Order, they take cash. Also DO NOT do business with a bank that is against Crypto!
Problem with all these Fed chartered banks is YOU are not the shareholder! Find a Savings/State bank with voting rights. Some Credit unions are OK.
Problem with all these Fed chartered banks is YOU are not the shareholder! Find a Savings/State bank with voting rights. Some Credit unions are OK.
Last edited:
Like fordman 65 said if you threaten to change banks they may or may not change their mind. I once got mad at the bank I was with, and told them to close my account and give me a check for the amount. They snotily said ok, but when they saw the account balance, went running to the manager, and fell all over them selves to not have me withdraw the money.
Originally Posted By: old1
Like fordman 65 said if you threaten to change banks they may or may not change their mind. I once got mad at the bank I was with, and told them to close my account and give me a check for the amount. They snotily said ok, but when they saw the account balance, went running to the manager, and fell all over them selves to not have me withdraw the money.
Not being nosey, but just wondering what was your bank account balance ?
Usually the teller will say ok, sign this form and they'll cut you a check on the spot...
Like fordman 65 said if you threaten to change banks they may or may not change their mind. I once got mad at the bank I was with, and told them to close my account and give me a check for the amount. They snotily said ok, but when they saw the account balance, went running to the manager, and fell all over them selves to not have me withdraw the money.
Not being nosey, but just wondering what was your bank account balance ?
Usually the teller will say ok, sign this form and they'll cut you a check on the spot...
Originally Posted By: goodtimes
You can deposit a personal check into someone's BA account now, but not cash. I did it twice.
Seems to be the new "Norm since they're pushing online smartphone APP banking, This is the way its been with Chase for years now.
Dave
You can deposit a personal check into someone's BA account now, but not cash. I did it twice.
Seems to be the new "Norm since they're pushing online smartphone APP banking, This is the way its been with Chase for years now.
Dave
Not surprised.
A great way of hiding illicit money. Banks are required to deal with paper trails.
A great way of hiding illicit money. Banks are required to deal with paper trails.
Originally Posted By: JHZR2
Huh? I don't get it.
If I deposit at my bank, I fill out the slip and hand it and the cash/check to the teller.
Nothing else to it.
Are they asking for ID or how are they verifying that the depositor is not the account owner?
^^^ That ^^^ I dont get it either. HOW the heck does the bank know its someone else if you are depositing cash?
Huh? I don't get it.
If I deposit at my bank, I fill out the slip and hand it and the cash/check to the teller.
Nothing else to it.
Are they asking for ID or how are they verifying that the depositor is not the account owner?
^^^ That ^^^ I dont get it either. HOW the heck does the bank know its someone else if you are depositing cash?
Last edited:
You can do this with the "Night Depository" box, right? No teller required.
Originally Posted By: alarmguy
Originally Posted By: JHZR2
Huh? I don't get it.
If I deposit at my bank, I fill out the slip and hand it and the cash/check to the teller.
Nothing else to it.
Are they asking for ID or how are they verifying that the depositor is not the account owner?
^^^ That ^^^ I dont get it either. HOW the heck does the bank know its someone else if you are depositing cash?
Well if the account holder is a woman and you're a man, that'd be one tip off for the teller.
Originally Posted By: JHZR2
Huh? I don't get it.
If I deposit at my bank, I fill out the slip and hand it and the cash/check to the teller.
Nothing else to it.
Are they asking for ID or how are they verifying that the depositor is not the account owner?
^^^ That ^^^ I dont get it either. HOW the heck does the bank know its someone else if you are depositing cash?
Well if the account holder is a woman and you're a man, that'd be one tip off for the teller.
- Status
