Banking and Cash Vent...

[ultrarunner]

Seems there is a war on cash and it finally hit home for me.

For decades I have managed residential rentals... some units have been low income and others premier property... an eclectic mix.

One 4 bedroom home is rented by 5 students... good kids... one couple and 3 singles...

Each month the rent is a mix of cash and check(s) never an issue.

I was at the bank making my regular deposit and teller asked about the family and summer plans... etc... all small talk.

When it came to the cash deposit I was told no government ID no deposit??? I thought it was a joke as the niece and the tellers kid go to the same school, same class we see each other at school events.

I said is this new? She said there is a sign posted in the lobby... I said where... up in the corner facing the wall there is a sign saying "ID may be required" to which I said OK... but I have banked here since age 16... Mom did the ribbon cutting on the new branch opening... etc... branch manager said I have Best Customer Status and calls me at home with promotions...

I provide my License and left it at that.

Twenty minutes later a tenant stops by to pay to avoid being late... $800 cash and $700 check... I go right to the bank and now I am questioned as to why I am making 2 cash deposits on the same day???

The manager comes over... 3 weeks ago same manager calls me at home in the evening for 20 minutes to let me know special banking programs additions for their Best customers and if there is anything she can do to just ask.

Anyway, she said they treat everyone the same without exception... no matter if I walk in off the street or have banked with them for decades... I say this is a sad state of affairs because business is about relationships and I get a lecture on it would be unfair to treat people differently and that banking is heavily regulated.

I then make the point the airlines are heavily regulated and yet offer their best customers VIP lounges, express ticketing, by-pass ques and can apply for preferential security treatment... she said banking is not flying.

Then I simply said I would like to know what Federal Reg requires my Government ID?

She did not know and said she could not provide that information... I later investigate and learn Banks must "Know" their customers... nothing about requiring Government ID from the Feds... so ID at deposit is bank policy.

Up until that day... my only complaint on the customer surveys is the low .0015 interest they pay on checking.

Cash is becoming persona non grata here... the same with shopping too.

At the Hospital we often accept large cash payments... in fact we are not allowed to process credit cards for anesthesia payments... cash, check or money order for anesthesia... maybe we will have to deny medical treatment because the patient only has cash?

A lot of the Millennial tenants have asked to use PayPal and other forms of e-payment which I do not offer.

I left saying the events of the day have caused me to re-evaluate my banking relationship.

The next day I moved all but the minimums to the credit union which pays interest 40 times higher...

Mentioned my experience to my brothers and one did the same with his very substantial business account to a smaller regional Business Bank and we will see... so far his new bank has already invited him and his family to a night out where the bank reserved the Zoo for a private party in appreciation for their patronage.

 

[fried1765]

Seems there is a war on cash and it finally hit home for me.

For decades I have managed residential rentals... some units have been low income and others premier property... an eclectic mix.

One 4 bedroom home is rented by 5 students... good kids... one couple and 3 singles...

Each month the rent is a mix of cash and check(s) never an issue.

I was at the bank making my regular deposit and teller asked about the family and summer plans... etc... all small talk.

When it came to the cash deposit I was told no government ID no deposit??? I thought it was a joke as the niece and the tellers kid go to the same school, same class we see each other at school events.

I said is this new? She said there is a sign posted in the lobby... I said where... up in the corner facing the wall there is a sign saying "ID may be required" to which I said OK... but I have banked here since age 16... Mom did the ribbon cutting on the new branch opening... etc... branch manager said I have Best Customer Status and calls me at home with promotions...

I provide my License and left it at that.

Twenty minutes later a tenant stops by to pay to avoid being late... $800 cash and $700 check... I go right to the bank and now I am questioned as to why I am making 2 cash deposits on the same day???

The manager comes over... 3 weeks ago same manager calls me at home in the evening for 20 minutes to let me know special banking programs additions for their Best customers and if there is anything she can do to just ask.

Anyway, she said they treat everyone the same without exception... no matter if I walk in off the street or have banked with them for decades... I say this is a sad state of affairs because business is about relationships and I get a lecture on it would be unfair to treat people differently and that banking is heavily regulated.

I then make the point the airlines are heavily regulated and yet offer their best customers VIP lounges, express ticketing, by-pass ques and can apply for preferential security treatment... she said banking is not flying.

Then I simply said I would like to know what Federal Reg requires my Government ID?

She did not know and said she could not provide that information... I later investigate and learn Banks must "Know" their customers... nothing about requiring Government ID from the Feds... so ID at deposit is bank policy.

Up until that day... my only complaint on the customer surveys is the low .0015 interest they pay on checking.

Cash is becoming persona non grata here... the same with shopping too.

At the Hospital we often accept large cash payments... in fact we are not allowed to process credit cards for anesthesia payments... cash, check or money order for anesthesia... maybe we will have to deny medical treatment because the patient only has cash?

A lot of the Millennial tenants have asked to use PayPal and other forms of e-payment which I do not offer.

I left saying the events of the day have caused me to re-evaluate my banking relationship.

The next day I moved all but the minimums to the credit union which pays interest 40 times higher...

Mentioned my experience to my brothers and one did the same with his very substantial business account to a smaller regional Business Bank and we will see... so far his new bank has already invited him and his family to a night out where the bank reserved the Zoo for a private party in appreciation for their patronage.

An unfortunate sign of the times/world we live in.
I HATE it all!
Likely the very worst of all there,.... in the land of fruits & nuts.

 

[bunyip]

About a year ago I needed some cash, considerably more than avaiable from an ATM.
Went tto a branch and was met with looks of absolute horror, we don't carry cash, only electronic banking, had to travel 60km to a branch that did.
Rarely do I set foot in a bank but this left me bewildered after all I was of the opinion that this was a primary function of a bank.

 

[RNeumann]

Big bank vs local credit union.... seems about par for the course. I haven’t been in to to a bank in a few years. Everything I need can be done online.
For some, this is a matter of principle, for others a matter of style. The saying goes- In matters of style, swim with the current. In matters of principle, stand like a rock.
Some would say the Internet, cell phones or a smart phone is something they won’t do. But look at some of us. We need to jump on the Internet “just to vent.”
Good luck, I hope the credit union serves you well.

 

[5030]

Must be a Kalifornia thing but then Kalifornia is basically screwey anyway. Never had that happen here and I deal with a credit union, not a commercial bank and I to own and manage numerous rentals and get my rent in checks and cash. Actually I prefer cash. No paper trail for the Fed. Not that I'm dishonest, I prefer that grey area concerning declared income.

 

[fishheadbob]

There is a war on money laundering and unstated, undeclared income going on. Blame the I.R.S., the D.E.A., and the Patriot act for it. If you make $10,000 in cash deposits in a month, or if it appears that you are timing things to get around the "month" concept, the bank must file a "suspicious activity report" with the I.R.S. on a timely basis. Whether you're running a deli, selling pizzas, or anything else which generates a lot of cash, the govt. wants to make sure they're getting their cut of it.
A long time ago F. Lee Bailey said that if you are walking around with more than $500 in cash, you are probably doing something illegal. Inflate $500 to today''s money and you kind of get the idea.
You ought to see the craziness that happens in a bank when a customer wants to wire a couple of thousand back to "old country" relatives; especially if they're in the Middle East.
edit: this was in a credit union; we weren't exempt from the requirements.

 

[orezok]

I bank in CA and I can deposit any amount of cash directly into the ATM without even a deposit slip. I don't even have to go inside. The only way they "know" me is to look at the ATM's video. I suppose that if I tried to deposit $10K there might be a problem.

 

[TnAndy]

So simply stop depositing it. Stick it in a home safe, use it for expenses on the rentals, property taxes, or any dadgum thing else you like....it's your money. Unless one is in a large cash business, I can't see the need to even use a bank for deposits. Become your own bank. The less business I do with banks, the more I like it.

 

[4570Man]

So simply stop depositing it. Stick it in a home safe, use it for expenses on the rentals, property taxes, or any dadgum thing else you like....it's your money. Unless one is in a large cash business, I can't see the need to even use a bank for deposits. Become your own bank. The less business I do with banks, the more I like it.

That’s exactly what I would do but since he said he managed them I assume it’s not his money.

 

[atsah]

The less business I do with banks, the more I like it.

Same here.. A while ago my mother decided that she wanted to close an account and give me a sizable amount of money, I told her I don't want a check, she went in and closed the account and requested cash, they gave it to her and escorted to her car.. Makes no sense to me to be paying taxes on the same money five friggin times and getting harassed at a stupid bank..

 

[Tomtint]

The govt would like nothing more than a cashless society. Controlling every penny that goes through people's hands is their ultimate goal.

 

[bunyip]

I would love to stop using banks but I get paid directly into a bank acc, my insurance and other things come out of a bank acc and then the bank strands me somewhere because of a technical error.
Got a new credit card and activated it, the old one is now useless, fly to Sydney and go to pick up a hire car I booked, use new card, did not work, try old one, did not work, had a pocket full of cash, don't accept cash, wife is with me, same acc and she offers hers, refused as it is not in my name as I booked the car.
We cancelled the booking and started again in her name, got the car, next day everything is working perfectly but if I had been there alone I would have been in trouble despite having cash on me.
Sometimes I think banks need to be shot with a ball of their own sh##, my Brother carries 3 credit cards for the same reason as he travels more than me.

 

[Jstpssng]

Years ago when I was travelling I always paid in cash. I tried checking in at a motel one night and the owner said that he had to have a credit card with a $500 minimum. That's common now, but 20+ years ago I had never heard of it. I offered to give him a $500 cash deposit as it was late, I'd been driving all day, and the next place was an hour away in a town I had just driven through; yet he demanded a CC, and the more he insisted the less I was inclined to give him one. As I walked out the door he chased me out, screaming "You're the reason that I require a credit card!" I almost pointed out that his attitude might be the problem, but didn't bother.

 

[Industrial Toys]

Any one that stays at any hotel must realize there is a whole lot of stuff going on that they are ignorant to. Just for starters, take a blue light with you. I have no ambition to EVER stay at any hotel again!

 

[Jstpssng]

Any one that stays at any hotel must realize there is a whole lot of stuff going on that they are ignorant to. Just for starters, take a blue light with you. I have no ambition to EVER stay at any hotel again!

I miss those days. I couldn't do now what I did 15 years ago, but I was making good money and beginning to visit parts of the country which most people will never see. Had I kept at it I would eventually have worked my way over to the the west coast for a while, and done some time in Alaska. In a weak moment I gave it all up for a "real job" making less money and letting somebody else dictate my hours, what I do and where I work.

 

[kenmac]

Find another bank to do business with. They don't want your's.
I haven't been in a bank in 15 yrs. I use a credit union.

Sold a tractor this past week. Told the guy I wouldn't take a check.
The guy went to the bank and withdrew 7K cash while I unloaded the tractor at his home.

 

[morris lipham]

The govt would like nothing more than a cashless society. Controlling every penny that goes through people's hands is their ultimate goal.

Yep, then they would put a chip in everyone to trace everything, including your whereabouts. There're going to do it a little bit at a time until they get there.

 

[3930dave]

I bank in CA and I can deposit any amount of cash directly into the ATM without even a deposit slip. I don't even have to go inside. The only way they "know" me is to look at the ATM's video. I suppose that if I tried to deposit $10K there might be a problem.

Cash is demonized, and weed is legal.

May you Live in Interesting Times........

I used to think that nobody could do Arrogance and Infuriating Behaviour like the Big 5 Canadian banks, but I've learned otherwise hanging around here.....

I've keyed on 'zok's post, because it ties well into the first thing I thought of reading ur's post...... Significant intrusive questions I received from one Big 5 bank here, concerning a single cheque I was attempting to deposit, and was issued by another Big5. Canadian $, and the real joke was that it was for a tiny amount.

The first thing I realized later (once the smoke stopped coming out of my ears) was that if I'd tossed that cheque into an ATM, I would have had zero issues. Not hard to argue that what these institutions are really saying is "Stay the ________ out of our building".

Plenty of people today prefer to interact with screens, rather than people..... but for much of what I want from a financial institution, that doesn't do it for me.

In a similar fashion, I've made sure to transition my business elsewhere. The difference can be night/day.... but if you just step back slightly, you realize that these "Good" businesses have a great advantage.... much of their competition is so truly Bad at service, that they really don't have to try all that hard.......

Rgds, D.

 

[3930dave]

Seems there is a war on cash and it finally hit home for me.

Anyway, she said they treat everyone the same without exception... no matter if I walk in off the street or have banked with them for decades...

Strange isn't it...... these corporations actually believe that compelling you to deal with a lobotomized robot (the mgr you talked to) is going to make you hand over something as valuable as your money ?

Rgds, D.

 

[skipperbrown]

That sounds like a new bank policy not a new law. That's why the banker couldn't tell you about the 'law'. The only law regarding depositing large sums of cash is when the amount exceeds $10,000. I used to own laundries and I would deposit more than $10,000 cash a week, sometimes more than $10,000 at a time. However, it was into a business account so the bank never made me fill out the required form because businesses are exempt from reporting. If my wife made the deposit, it was a rare thing and she would have to show ID if the teller didn't know her. I was on a first name basis with everyone in the bank as I was in there over 100 times a year. Banks are running scared as they don't want to be seen as fronts for illegal activity especially if you are depositing cash into a personal account even though most smart criminals avoid using banks at all unless it is a laundering operation. If your bank is 'getting into your business', find another bank.