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12-25-2015, 05:29 PM
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#1
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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New Bank Policy?
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.
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12-25-2015, 05:55 PM
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#2
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Registered User
Join Date: May 2010
Posts: 5,005
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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.
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12-25-2015, 06:00 PM
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#3
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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What is next. Showing ID to make a cash purchase.
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12-25-2015, 06:52 PM
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#4
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Registered User
Join Date: Aug 2009
Posts: 11,002
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Was this a cash deposit?
__________________
All I needed in life I learned from Gary Larson.
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12-25-2015, 09:00 PM
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#5
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Registered User
Join Date: Oct 2001
Posts: 46,884
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Quote:
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Originally Posted by chrisl
What is next. Showing ID to make a cash purchase.
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Go to the head of the class, my man! Astute and logical prediction. 
I predict that within 10 years, we'll be a cashless society. Europe for all practical intent and purposes already is.
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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12-25-2015, 09:28 PM
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#6
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,887
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The big ? is, will we be cashless due to electronic alternatives, or due to being flat broke? 
__________________
Who does the Racing Form Detective like in this one?
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12-25-2015, 10:44 PM
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#7
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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Yes it was a cash deposit.
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12-25-2015, 10:53 PM
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#8
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Registered User
Join Date: May 2014
Location: st louis
Posts: 2,994
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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. 
__________________
You will never achieve 100% if 99% is okay!
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12-25-2015, 11:23 PM
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#9
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Registered User
Join Date: Aug 2011
Location: Parts Unknown
Posts: 2,435
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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.
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12-25-2015, 11:31 PM
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#10
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Veteran
Join Date: Oct 2009
Posts: 25,607
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At BOA you can deposit cash into atm without coming face to face with a human.
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12-25-2015, 11:41 PM
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#11
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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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.
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12-26-2015, 02:50 AM
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#12
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NoPoints4ME
Join Date: Sep 2013
Posts: 9,854
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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.
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12-26-2015, 04:01 AM
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#13
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Registered User
Join Date: Jan 2006
Posts: 28,569
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Quote:
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Originally Posted by Tom
The big ? is, will we be cashless due to electronic alternatives, or due to being flat broke? |
That's an even MORE astute observation.
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. 
__________________
"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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12-26-2015, 04:07 AM
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#14
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,769
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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.
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12-26-2015, 09:36 AM
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#15
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Registered User
Join Date: Oct 2001
Posts: 46,884
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Quote:
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Originally Posted by Stillriledup
At BOA you can deposit cash into atm without coming face to face with a human.
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But would you want to do that? You'd trust a machine to take your cash?
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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