Can't deposit cash into someone else's account

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Went to Bank of America to deposit cash into a friend's account; My friend is not local to my location.

A service person was expediting people in line, marshaling them to the appropriate areas and informed me non customers cannot deposit cash into customer's accounts.

I had done this maybe two times previously years ago and was only asked for my driver's license.

Apparently this is no longer allowed.

Not sure this is a new regulation or a BoA policy, this is about a 95% FYI post and a 5% 'semi rant w/irritation' commentary.

My bank has electronic funds transfer service but it requires use of a third party for metadata transfer but the transfer is bank to bank; I was not interested in that when I saw the arbitration agreement.

I expect there is a drive to electronically document all transfers of money regardless of how innocuous it might seem.

-T
 
All the banks are starting to adopt this new rule. Wells just sent me a letter saying they are doing the same thing
 
Yep, the banks want more of a cut of the action, and I suppose this is all under the guise of the "counterterrorism" stuff they have been peddling. You know, because the $100 you owe your buddy could fund a major offensive attack.
 
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?
 
Really ??? Me and my dad also do this sometimes since I'm helping him take care of a distant family member at moment, He has BOA and I always went there to deposit cash in his account.

[censored] now have to get a MO and deposit that way
smirk.gif



I use Chase and they nixed non-customer cash deposits like 7 years ago also, They're excuse was the funds can be used for money laundering ???
smirk.gif


Dave
 
Originally Posted By: GMguy84
Really ??? Me and my dad also do this sometimes since I'm helping him take care of a distant family member at moment, He has BOA and I always went there to deposit cash in his account.

[censored] now have to get a MO and deposit that way
smirk.gif



I use Chase and they nixed non-customer cash deposits like 7 years ago also, They're excuse was the funds can be used for money laundering ???
smirk.gif


Dave


Are BOTH your name and dad’s name on the same account ?
 
News to me, but then again the bank I use their tellers and managers know me.
 
Not a problem where I bank (Canada). You don't even have to know the account number (and they won't tell you that, or indicate it on your deposit slip, as it's confidential information). But that doesn't stop them from accepting the deposit if you know the account holder's name and which account you want to deposit it into, and you don't have to provide ID yourself.
 
I learned about this asinine rule when I had 2 kids away at college....I felt exactly the way you do.
 
Originally Posted By: Mr Nice
Originally Posted By: GMguy84
Really ??? Me and my dad also do this sometimes since I'm helping him take care of a distant family member at moment, He has BOA and I always went there to deposit cash in his account.

[censored] now have to get a MO and deposit that way
smirk.gif



I use Chase and they nixed non-customer cash deposits like 7 years ago also, They're excuse was the funds can be used for money laundering ???
smirk.gif


Dave


Are BOTH your name and dad’s name on the same account ?



No, I had issues years ago with BOA and refuse to have ANYTHING to do with them. I make this exception since thats where he banks and we're helping a family member in need otherwise I would be caught dead in a BOA bank
smirk.gif



Dave
 
Last edited by a moderator:
Originally Posted By: Linctex
Use PayPal and send it as a "Gift" to avoid fees.




Not everyone uses or likes Paypal. I have a ebay business so i'm forced to use it. Miss the days before paypal [censored] on ebay, Customers sent me a postal money order or moneygram wire.


Dave
 
Quote:
.... Wells just sent me a letter saying they are doing the same thing

Just recently I got notice from WF about this too, think it was an email. I didn't pay much attention to it, but wondered why.

In Wells case very ironic as they had absolutely no problem opening bogus accounts in customers names, unbeknownst to the customers. Do as I say, not as I did. Laughable.
 
IMO, this is when you start to push back. It's a "policy" decision on their end. If you don't like their policy (and I don't) then you simply tell them you will need to move your accounts somewhere else - AND you do so.

We will no longer maintain an account with one of these large banks like the examples mentioned. Move your account(s) to a different local bank or credit union. There usually are many to choose from in each market.

Also, when opening your new account some may tell you they will need your social security card. There is no law, that requires them to do so (they are required to get your Social Security number for tax reporting but you can tell them what it is). The current law does say the bank has to "know their customers" even though you may have already had an existing account with them for decades. (Apparently with enough of this information they now "know you" and this seemingly provides the information to help see if you are a terrorist or funding the next terrorist activity) However, the current law does not require them to see, or obtain a copy, of a social security card.

Of course, being a private business they can institute about any policy they wish. You have to do the same in deciding what you will put up with. When will you also agree to a urine, blood or DNA sample to open your account?

Exercise your choices while you still have them and these policies get changed.
 
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I can see this.

Someone could try to make a small deposit in someone's account. Check that it works by going there and using the number to deposit.

If it works,then use the same account number to clean them out.

So I can see the logic. It prevents account number verification by doing a reconnaissance deposit.
 
I went to my bank and got cash to deposit into a family members BA account. Same thing, new policy, cannot do. I used to do it all the time. So I deposited my personal check in, and they took that. Went back to my bank, Chase, and put the cash back in. I think since cash gets credited immediately and the funds are needed in the account immediately, no fees are generated. Since my check has to wait one day to credit, they have a chance to collect over draft fees. That's the only real reason I can think of not to take cash. Or counterfeit money now that copying is easier. I don't really care though, small problems compared to others in life. The clerk only could utter "new policy" and had to add we don't tell you the balance. I said I already knew that and didn't ask for the balance. Just like oil filters, once in awhile get a bad clerk.
 
You guys dont have e transfers through banks? I use what we have up here called Interac E-transfer. Yes..its via online banking, but still. Takes literally a few minutes and no driving anywhere or dealing with anyone..lol
 
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