Cash deposit at the bank

[gmerkt]

I've had a checking account at the same bank for about 34 years. Right now, it's Bank of America. It's been three different named institutions prior to that. Over the years things change beside names. I don't remember exactly when this started, but these days they want to see picture ID whenever cash money is deposited. Maybe as a result of banking "reform" after the recession of 2008-10, I don't know for sure.

Today, I had four money orders to deposit. As I was getting ready to leave, I spotted sixty cents on my dresser. Coins are seeing less and less use. For one thing, they aren't worth much. For another, so many people conduct business on a non-cash basis. One function they still serve is to even out cash transactions which are impacted by sales taxes. You can't just buy something for a dollar, it takes 1.12 or whatever. In Wash. state, not Oregon, don't jump on me about that.

Anyway, I wanted to get rid of this .60 and since I was already going to the bank, I figured to just chuck it into the checking account along with the money orders. As if it would make any difference, but better than having it fall out of my pocket while working in the yard.

I get to the bank, plunk the money on the counter. After a little bit, the teller asks me for my ID because the sixty cents is in cash. Big money laundering hazard there.

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[Stomper]

I've had a checking account at the same bank for about 34 years. Right now, it's Bank of America. It's been three different named institutions prior to that. Over the years things change beside names. I don't remember exactly when this started, but these days they want to see picture ID whenever cash money is deposited. Maybe as a result of banking "reform" after the recession of 2008-10, I don't know for sure.

Today, I had four money orders to deposit. As I was getting ready to leave, I spotted sixty cents on my dresser. Coins are seeing less and less use. For one thing, they aren't worth much. For another, so many people conduct business on a non-cash basis. One function they still serve is to even out cash transactions which are impacted by sales taxes. You can't just buy something for a dollar, it takes 1.12 or whatever. In Wash. state, not Oregon, don't jump on me about that.

Anyway, I wanted to get rid of this .60 and since I was already going to the bank, I figured to just chuck it into the checking account along with the money orders. As if it would make any difference, but better than having it fall out of my pocket while working in the yard.

I get to the bank, plunk the money on the counter. After a little bit, the teller asks me for my ID because the sixty cents is in cash. Big money laundering hazard there.

C'mon.... admit that it's cartel money for running guns. Down South 0.60USD will by a case of Corona beer, a haircut and shave, and a lap dance with 12 strippers.

 

[Medic!]

I read cash deposit in the title of the thread and wanted to so what cash looked like?

 

[BSDave]

I quit doing business with big banks and switched to a small local credit union years ago. Way better service and way better rates. I never have to show my ID for anything. Everyone there knows me. Also they don't have an employee turnover because employees like working there.

 

[41mag]

As a related whimsical story to the 'Whither goest Cash?' theme here, here's mine:
A few years ago (maybe 4 or 5) I had occasion to deposit a few hundred $ check at my institution. I asked for a couple rolls of "silver dollars" in coins, to subtly bribe the grandkids for various chores.
First, it was a major effort to obtain a roll, even at the bank.
2nd, the mighty silver dollar withered into something resembling an aluminum bus token,
3rd) grandkids were Not Impressed, even never having seen nor handled one before,
4th) in paying cash for various small purchases around the county with them, general disbelief in authenticity was widespread. More than once the manager was summoned as no policy covered what to do with bus token-looking coins. I too had to show ID a few times. Odd and very non satisfying transactions for sure.

 

[Alexx1401]

I've had a checking account at the same bank for about 34 years. Right now, it's Bank of America. It's been three different named institutions prior to that. Over the years things change beside names. I don't remember exactly when this started, but these days they want to see picture ID whenever cash money is deposited. Maybe as a result of banking "reform" after the recession of 2008-10, I don't know for sure.

Today, I had four money orders to deposit. As I was getting ready to leave, I spotted sixty cents on my dresser. Coins are seeing less and less use. For one thing, they aren't worth much. For another, so many people conduct business on a non-cash basis. One function they still serve is to even out cash transactions which are impacted by sales taxes. You can't just buy something for a dollar, it takes 1.12 or whatever. In Wash. state, not Oregon, don't jump on me about that.

Anyway, I wanted to get rid of this .60 and since I was already going to the bank, I figured to just chuck it into the checking account along with the money orders. As if it would make any difference, but better than having it fall out of my pocket while working in the yard.

I get to the bank, plunk the money on the counter. After a little bit, the teller asks me for my ID because the sixty cents is in cash. Big money laundering hazard there.

The change I get now days just goes in a large bottle. When it gets full I take it to the store where they have those machines that take it. Used to charge some percentage which was fine with me. Now they do it free if you take it in gift card for Amazon. Works for me. As for banks I can not remember the last time I walked inside one. Have much better things to do with my time than stand in line there. I just use the ATM if I need something from them or to give them some money.

 

[Alexx1401]

As a related whimsical story to the 'Whither goest Cash?' theme here, here's mine:
A few years ago (maybe 4 or 5) I had occasion to deposit a few hundred $ check at my institution. I asked for a couple rolls of "silver dollars" in coins, to subtly bribe the grandkids for various chores.
First, it was a major effort to obtain a roll, even at the bank.
2nd, the mighty silver dollar withered into something resembling an aluminum bus token,
3rd) grandkids were Not Impressed, even never having seen nor handled one before,
4th) in paying cash for various small purchases around the county with them, general disbelief in authenticity was widespread. More than once the manager was summoned as no policy covered what to do with bus token-looking coins. I too had to show ID a few times. Odd and very non satisfying transactions for sure.

I take it you are talking about those $1 coins? I have a handful of those around here somewhere. When they hit they were highly touted as being great. Far cheaper for the mints and such. Talk about a flop. Last time I saw some was a vending machine. Bought something and the machine gave those for change. I suspect a lot of people would not know what they were they flopped so badly.

 

[sobo]

I quit doing business with big banks and switched to a small local credit union years ago. Way better service and way better rates. I never have to show my ID for anything. Everyone there knows me. Also they don't have an employee turnover because employees like working there.

^^^ THIS!!! ^^^
I have not used a bank since 1983. Been with my current credit union since 1989. I get the same treatment as BSDave. Could not be happier.

 

[Camelfilter]

They won't do anything with your ID, unless the cash transaction is at $10,000. Then they would simply file IRS form 8300.

Or one could deposit $9,999...just sayin'.

The ID thing must be a branch policy or some such.

Perhaps you don't use an ATM card at your deposit? Dunno.

However zero to get hinky concerns over, having done many high cash transactions.

 

[Capn Jack]

He vos chost follwing orders....

 

[jbett98]

My late friend who died of colon cancer in '08 had a sure fire way to not go broke while playing the slots in Vegas.
He would cash in his winning tickets from the slot machines and always ask for the payout in $5.00 bills.
If they handed him the newer issued bills with all the anti-counterfeiting measures, he would feed them back into the machines.
If the cash teller handed him older $5.00 bills with no holograms or special markings, he would bring them home.
After he passed away, his widow told me that he had some cash money in a suitcase under his bed and after dragging it out from underneath, I found over $86,000 bucks in five dollar bills.
You should have seen the look on the bank tellers faces as I handed over bundles of really old five dollar bills in exchange for crisp new one hundred dollar bills.
I would limit the transaction to $3,000 or less, as they get really weird with anything larger.
One teller told me that folks collect older bills that have special markings like a star after the serial numbers, as that means that it's a replacement bill after a misprint at the time of printing, or if the serial numbers come out in sequential order.

 

[cigars]

The change I get now days just goes in a large bottle. When it gets full I take it to the store where they have those machines that take it. Used to charge some percentage which was fine with me. Now they do it free if you take it in gift card for Amazon. Works for me. As for banks I can not remember the last time I walked inside one. Have much better things to do with my time than stand in line there. I just use the ATM if I need something from them or to give them some money.

My credit union Unitus has a big coin machine. They don't charge any fee for members. It's one small benefit. I just put all the change money into the kids accounts.

 

[66PonyCar]

I have a friend who likes to leave tips using $2 bills and $1 Eisenhower coins. The servers are always stymied by them.

 

[FortRock]

The banks are not your friends. On February 13, 2020 we went to US Bank to withdraw $4000 in cash for a boat transaction. Unless we explained why we wanted the money and who we were going to transact with the manager at the Commercial St. branch in Salem refused to give us our money. We inquired as to why we were being interrogated and were told that it is a new law and until we submitted we would not be allowed to have access to the money we had lawfully deposited that in good faith. Refusing to summit to abrogation of our Forth Amendment Rights, we left the bank and contacted the corporate office in St. Paul, MN. We were given a s-load of hooy about a new policy that is "more or less a get to know you interaction" to prevent money laundering and scams. We have done business with US Bank for decades. We filed a formal complaint. Considering the amount of money we transfer through US Bank pursuant to real estate transactions, this incident was a real puker and a wake up call. We went back and we were able to have our money without further insult. Otherwise, we got no satisfaction from Management in St. Paul and when this last round of transactions is over we will remove all our accounts from there. We will be using a bank in Montana with a good reputation and with whom we seem to have established positive rapport. The woman at the Commercial St. branch clearly did not know what she was doing. If you encounter this treatment I would encourage you to not stand down.

 

[Alexx1401]

The banks are not your friends. On February 13, 2020 we went to US Bank to withdraw $4000 in cash for a boat transaction. Unless we explained why we wanted the money and who we were going to transact with the manager at the Commercial St. branch in Salem refused to give us our money.

If it was me? At that point I would just tell them fine, need a check to close the account and I will find a bank that wants my money. Take the check and leave. Have way too many better ways to spend my time than fighting with them over that. As for the cash last I heard the pot shops still have to deal in cash? Wonder how it works when they show up at the banks with that?

 

[OldTengu]

If it was me? At that point I would just tell them fine, need a check to close the account and I will find a bank that wants my money. Take the check and leave. Have way too many better ways to spend my time than fighting with them over that. As for the cash last I heard the pot shops still have to deal in cash? Wonder how it works when they show up at the banks with that?

They're not allowed to have business accounts, because cannabis is still illegal at the federal level.

 

[GWS]

I have a friend who likes to leave tips using $2 bills and $1 Eisenhower coins. The servers are always stymied by them.

LOL I paid with 2 dollar bills at a McDonalds years ago and the kid thought I was passing a counterfeit bill. Had to get th be manager to explain to th he kid that it was indeed legal tender. I got a laugh and free french fries for that.

 

[awshoot]

... I don't remember exactly when this started, but these days they want to see picture ID whenever cash money is deposited. ...

That's BoA's policy as opposed to law -- my bank doesn't ask for ID if I deposit cash.

 

[P7M13]

They won't do anything with your ID, unless the cash transaction is at $10,000. Then they would simply file IRS form 8300.

Or one could deposit $9,999...just sayin'.

As told to me:
They lowered that amount multiple times. Last I heard, it was $4K
Also, if you do multiple cash deposits, that too is tracked and reported.
Anyone here in banking to corroborate or refute that?

 

[SCARed]

They're not allowed to have business accounts, because cannabis is still illegal at the federal level.

MAPS CU is the main canabis bank in OR. They've been doing it for the past 5 yrs or so. Wauna FCU has recently started taking on canabis accounts too. Although because they are a federal credit union they are more restrictive in who they can have as customers.

Both are pretty strict with their accts, and have a longer due diligence period to open the account as well as periodic checks while the account is open.