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chrisl
12-25-2015, 05:29 PM
I was depositing money into my son's bank account. The teller asked me for my ID. I gave it to her, and asked why did she need to see it. She stated it is now a law, that you must have ID, to deposit money into a bank account now. My drivers license will be attached to the deposit. I ask, if I did not have my ID, could I still make the deposit, she stated No. What is going on here? This was BOA by the way.

Ocala Mike
12-25-2015, 05:55 PM
The Patriot Act (isn't it grand?) is responsible for this. It provides, in part, that banks need to verify the identity of every customer on every transaction, and also...

"A bank need not prove the identity of an existing customer as long as the bank is 'reasonably' satisfied that it knows who you are."

So, given the fact that you were making a deposit on behalf of a third party, I'm guessing that the bank or its representative didn't know who you were.

chrisl
12-25-2015, 06:00 PM
What is next. Showing ID to make a cash purchase.

TJDave
12-25-2015, 06:52 PM
Was this a cash deposit?

boxcar
12-25-2015, 09:00 PM
What is next. Showing ID to make a cash purchase.

Go to the head of the class, my man! Astute and logical prediction. :ThmbUp:
I predict that within 10 years, we'll be a cashless society. Europe for all practical intent and purposes already is.

Tom
12-25-2015, 09:28 PM
The big ? is, will we be cashless due to electronic alternatives, or due to being flat broke? :eek:

chrisl
12-25-2015, 10:44 PM
Yes it was a cash deposit.

zico20
12-25-2015, 10:53 PM
So, let me see if I got this straight. You now need an ID to deposit 10 bucks but you don't need an ID to vote. :ThmbDown:

ManU918
12-25-2015, 11:23 PM
Im thinking this is just a recent BOA change. I deposited $600 into an account (not mine/not BOA) earlier in the week and all the teller asked me was if I wanted the receipt printed or emailed.

Stillriledup
12-25-2015, 11:31 PM
At BOA you can deposit cash into atm without coming face to face with a human.

chrisl
12-25-2015, 11:41 PM
You can, only for your account, not when it is someone else's account. The clerk was very clear. If you are going to deposit cash money in someone else's account. You need to produce a legal form of ID.

EMD4ME
12-26-2015, 02:50 AM
Too many smurfs...one of the reasons for this.

JP Morgan Chase was 1st bank to do this in an attempt to deter money laundering.

thaskalos
12-26-2015, 04:01 AM
The big ? is, will we be cashless due to electronic alternatives, or due to being flat broke? :eek:
That's an even MORE astute observation. :ThmbUp:

With so few of the citizens operating on cash right now...who will be left to object when we eventually move to becoming a "cashless society"? Can you picture it? Every single move that we make...monitored by "Big Brother"?

And, WHY NOT? After all...we got nothing to hide. :rolleyes:

lamboguy
12-26-2015, 04:07 AM
as far as i know, this is a policy only for the money center banks--BOA, Chase, Citi, Wells Fargo and a couple others that i am not sure of. the bank has to keep records of all the cash transactions in or out of a bank account or credit card so it will be easily looked at by federal regulators. if anything looks one bit suspicious to them they will seize the account and force you to prove that you are not doing anything wrong. if you are stuck in that position it may take many months to prove your innocence and you will not have any access to your money while you are trying to prove it.

boxcar
12-26-2015, 09:36 AM
At BOA you can deposit cash into atm without coming face to face with a human.

But would you want to do that? You'd trust a machine to take your cash?

TJDave
12-26-2015, 09:58 AM
At BOA you can deposit cash into atm without coming face to face with a human.

I would never deposit cash in a bank account. Cash stays in my pocket.

thaskalos
12-26-2015, 12:15 PM
I would never deposit cash in a bank account. Cash stays in my pocket.
Or at the track. I make my deposits at the track...and they return them to me, with a higher rate of interest than the one given by the banks. The banks are for the squares...IMO. :cool:

Tom
12-26-2015, 03:15 PM
Finger Lakes was nice enough to hold a few grand for me!