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(Some Rich Guy)   "Welcome to JP Morgan Chase, how may I help you? You'd like to make a deposit? I'm sorry, we don't accept cash. How else may we serve you today?"   (columbusceo.com) divider line 83
    More: Interesting, Greg McBride  
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9947 clicks; posted to Main » on 05 Apr 2014 at 3:52 PM (16 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-04-05 12:26:47 PM
theres no way you could do that on corporate accounts. this is just an easy way to make mom pay $10 to use their easy transfer system or whatever.
 
2014-04-05 12:28:10 PM
One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.
 
ZAZ [TotalFark]
2014-04-05 12:29:20 PM
we have reporting controls that allow us to monitor these types of transactions effectively

Which is why the rule doesn't make sense to me. Demand an ID and file a transaction report if money laundering is the excuse.
 
2014-04-05 12:33:29 PM
I thought all US bills had "Legal Tender for all debts owed" on it.  Isn't it illegal not to accept cash?
 
2014-04-05 12:47:19 PM

Benevolent Misanthrope: I thought all US bills had "Legal Tender for all debts owed" on it.  Isn't it illegal not to accept cash?


Yeah but this isn't refusing cash for a debt, this is a stranger asking you to hold some cash for a while.
 
2014-04-05 12:57:00 PM

ZAZ: we have reporting controls that allow us to monitor these types of transactions effectively

Which is why the rule doesn't make sense to me. Demand an ID and file a transaction report if money laundering is the excuse.


Banks are required to file Suspicious Activity Reports when unusual financial activity is suspected, for example, someone with no known source of income depositing large amounts into an account or someone who is trying to wire transfer large amounts of money out of the US without any ID. Not just banks are required to file SARs. Check cashers, securities dealers, insurance companies, casinos, jewelers and mortgage companies are required to file SARs when there is suspicious activity.

Chase should be set up to flag a transaction automatically if it is suspicious, for example, it sees an unusually large deposit into an account. If they can do with their credit cards (as some credit card companies do to spot fraudulent activity), there is no reason they can't do it on depository accounts.
 
2014-04-05 01:16:05 PM

NickelP: theres no way you could do that on corporate accounts. this is just an easy way to make mom pay $10 to use their easy transfer system or whatever.


I have accounts in a number of different banks, and none of them charge me fees to transfer money between banks, let alone between two accounts at the same bank. Your mom should look into switching banks.

Also, who deposits cash into someone else's account at their own bank? Just transfer the funds from your account. There should never be a fee involved.
 
2014-04-05 01:17:03 PM

naughtyrev: Benevolent Misanthrope: I thought all US bills had "Legal Tender for all debts owed" on it.  Isn't it illegal not to accept cash?

Yeah but this isn't refusing cash for a debt, this is a stranger asking you to hold some cash for a while.


Actually, if you want to get technical, it's a friend asking you to convert cash to depository record and send that cash either to someone else or the Fed.  It just seems strange to me that a bank would not accept cash, since it is legal tender and acceptable for every other transaction.  It's about the pain in the ass it is to handle cash, I suspect.  Not to counter money laundering.
 
2014-04-05 01:24:10 PM
JPMorgan Chase & Co. has ended its practice of allowing people to make cash deposits into the accounts of other customers.


Well, that blows your headline, subby.
 
2014-04-05 01:33:39 PM
The last time I deposited cash into a bank account was 1984, and that was only to consolidate accounts without the usual check transfer delay in order to speed up a real estate transaction.
 
2014-04-05 01:45:18 PM
As the article points out, parents often deposit cash into their kids accounts to help pay for food, rent, beer, whatever for their kids in college. I used to do this. Now I can't. It's a big pain in the ass. Usually a hundred or two, sometimes less. How in the hell does something like this help deal with criminals and "money laundering." Such BS
 
2014-04-05 01:45:43 PM
Anybody know how the money laundering scheme works? Seems to me that putting cash into somebody else's account isn't any different than handing them cash and having them put it in their own account.
 
2014-04-05 01:49:39 PM

Generation_D: One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.


I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.
 
2014-04-05 01:50:24 PM

oxnard_montalvo: As the article points out, parents often deposit cash into their kids accounts to help pay for food, rent, beer, whatever for their kids in college. I used to do this. Now I can't. It's a big pain in the ass. Usually a hundred or two, sometimes less. How in the hell does something like this help deal with criminals and "money laundering." Such BS


Parents can deposit a check into their kids' accounts.  Get a checkbook, promise never to take it to the grocery store, and you and the universe are square.
 
2014-04-05 01:52:26 PM

serial_crusher: I don't know why people think cash anonymize them.


I don't know why the people who absolutely nobody gives a sh*t about are the most obsessed about their anonymity.
 
2014-04-05 01:58:24 PM

serial_crusher: Generation_D: One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.

I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.


Here, I think you need one of these:
4.bp.blogspot.com
 
2014-04-05 03:59:19 PM
They will do this "to protect" mostly themselves against some accusation of illegal activity, but "chip and PIN" credit and debit cards are too burdensome?
 
2014-04-05 04:01:06 PM
As much as I'd love to blame the banks, the blame on this falls squarely on the shoulders of the Federal Gov't and the insane, idiotic war on drugs.
 
2014-04-05 04:01:41 PM

serial_crusher: Anybody know how the money laundering scheme works? Seems to me that putting cash into somebody else's account isn't any different than handing them cash and having them put it in their own account.


Lethal Weapon 2 Explains Money Laundering: http://youtu.be/gxqv5W77cJg
 
2014-04-05 04:03:40 PM
Lyttle said no one particular event led to the move, which took effect on March 3, but it was part of a comprehensive review of bank policies aimed at keeping customers' accounts safe.

Yes, because customer safety is the bank's number one priority /sarcasm.

It's like PR people have a list of code words assigned to numbers and they create stuff for the press using a random number generator.
 
2014-04-05 04:04:31 PM

oxnard_montalvo: As the article points out, parents often deposit cash into their kids accounts to help pay for food, rent, beer, whatever for their kids in college. I used to do this. Now I can't. It's a big pain in the ass. Usually a hundred or two, sometimes less. How in the hell does something like this help deal with criminals and "money laundering." Such BS


It's the 21st century. You can use Chase's free quick pay system, PayPal, write a check, give the kid a prepaid AmEx Serve and load money in through your bank account online, or just do a transfer between accounts at the same bank. All of those are easier than depositing cash and free.
 
2014-04-05 04:05:09 PM

NickelP: theres no way you could do that on corporate accounts. this is just an easy way to make mom pay $10 to use their easy transfer system or whatever.


It's free.
 
2014-04-05 04:06:05 PM
The real criminals can transfer funds without worry.  This is simply just another totalitarian boot on the throats of the masses.
 
2014-04-05 04:07:19 PM
Banks have to report any deposits of more than $10,000, and have to file Suspicious Activity Reports if they see someone trying to "layer" transactions so they bypass the process (Say, making two deposits of $6,000 and $5,000 each).  Working for a bank, I have to take training classes for reporting money laundering every year even though I don't handle money.

Was working at a banking center a while ago where a roofer came in with a couple of large checks he wanted to deposit, and didn't want to fill out the forms because they went over the $10,000 limit.  Heard him complain that other banks didn't make him do it, which is B.S.  Then he switched to "Well, you did it last time.", which is also B.S.

/just because I work for a bank doesn't mean I agree with all of its policies
//we were asked to write our congressman to complain about a bill keeping ATM fees reasonable
///as a stockholder, I get proxy voting instructions for executive compensation - none of which is enumerated, just yay, nay, abstain
 
2014-04-05 04:09:44 PM

naughtyrev: Benevolent Misanthrope: I thought all US bills had "Legal Tender for all debts owed" on it.  Isn't it illegal not to accept cash?

Yeah but this isn't refusing cash for a debt, this is a stranger asking you to hold some cash for a while.


I used to work for an industrial auctioneer and some of our sales would be in some very bad neighborhoods. We tried to discourage large cash payments by requiring payment by cashier's check on any bill over $1000. This still meant I would  be carrying around thousands of dollars in cash that I would have to take back to the office and put in the safe. Once I had to take a $35,000 cash payment which, combined with the amount I already had from other customers, meant I had over $40,000 in cash stuffed in my pockets. Did I mention this was in a bad neighborhood? How bad? After I left the jobsite I had to stop for gas before going to the office. The gas station was at the corner of Florence and Normandie. This was about a week before the L.A. riots started at that same intersection.
 
2014-04-05 04:14:09 PM
Easy solution. Stop using the too big to fail banks. Credit unions and locals dont do this shiat.
 
2014-04-05 04:16:34 PM

Thosw: Banks have to report any deposits of more than $10,000


And in the decades since the requirement was introduced the amount has never been adjusted for inflation nor is there any sign that it will be in the future.
 
2014-04-05 04:20:43 PM

dustman81: serial_crusher: Generation_D: One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.

I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.

Here, I think you need one of these:
[4.bp.blogspot.com image 350x290]


I'm a little slow. I thought at first you were offering him popcorn.

www.raleighcelkids.com
 
2014-04-05 04:20:48 PM
Thosw: Banks have to report any deposits of more than $10,000, and have to file Suspicious Activity Reports if they see someone trying to "layer" transactions so they bypass the process (Say, making two deposits of $6,000 and $5,000 each).  Working for a bank, I have to take training classes for reporting money laundering every year even though I don't handle money.

Was working at a banking center a while ago where a roofer came in with a couple of large checks he wanted to deposit, and didn't want to fill out the forms because they went over the $10,000 limit.  Heard him complain that other banks didn't make him do it, which is B.S.  Then he switched to "Well, you did it last time.", which is also B.S.

/just because I work for a bank doesn't mean I agree with all of its policies
//we were asked to write our congressman to complain about a bill keeping ATM fees reasonable
///as a stockholder, I get proxy voting instructions for executive compensation - none of which is enumerated, just yay, nay, abstain


Wrong.

Banks only have to report cash transactions exceeding 10k in the same business day.
 
2014-04-05 04:22:12 PM

Thosw: Banks have to report any deposits of more than $10,000, and have to file Suspicious Activity Reports if they see someone trying to "layer" transactions so they bypass the process


This is a bunch of nonsense. Incoming CSB

About six years ago I discovered that one of the these prepaid card jobbies was charging me less to withdraw money from an ATM then my own bank was. So I set up a system where by I'd transfer money from my bank to the prepaid card and then withdraw cash from the ATM.  The most I ever withdrew was $500 in a month. Well, this worked for a couple of months and then the pre-paid card got canceled. They accused me of money laundering and refused to release any money that was left in the prepaid card. They said there was no "legal reason" to do what I was doing. When I pointed out that their ATM fee was cheaper than my banks they didn't even blink. I was a money launderer. I lost several hundred dollars on that card--I didn't figure it was worth a court fight over it.

Banks are a scam and money laundering is one of the biggest fig leafs they hide behind to justify the scams they pull.
 
2014-04-05 04:27:36 PM
Please, NEVER forget: Banks, insurance companies and politicians are all shysters and liars.
 
2014-04-05 04:29:44 PM

serial_crusher: I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.


Don't be naïve. That "stripper" who shook her titties at you and gave you a handy in the champagne room was an FBI special agent. They all are now. The bill scanning is just a legacy backup.
 
2014-04-05 04:31:25 PM

Thosw: Was working at a banking center a while ago where a roofer came in with a couple of large checks he wanted to deposit, and didn't want to fill out the forms because they went over the $10,000 limit.  Heard him complain that other banks didn't make him do it, which is B.S.  Then he switched to "Well, you did it last time.", which is also B.S.


I have deposited checks of over $10k multiple times in my life.  I have never been asked to fill out any kind of form, aside from the normal deposit slip that you fill out for any deposit.
 
2014-04-05 04:36:45 PM

serial_crusher: Generation_D: One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.

I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.


No.  They don't.  But nice try anyways.
 
2014-04-05 04:36:48 PM

thamike: serial_crusher: I don't know why people think cash anonymize them.

I don't know why the people who absolutely nobody gives a sh*t about are the most obsessed about their anonymity.


BECAUSE THE GOVERNMENT IS TEH EBIL!!!!
 
2014-04-05 04:43:02 PM

Thosw: Was working at a banking center a while ago where a roofer came in with a couple of large checks he wanted to deposit, and didn't want to fill out the forms because they went over the $10,000 limit.  Heard him complain that other banks didn't make him do it, which is B.S.  Then he switched to "Well, you did it last time.", which is also B.S.


He's correct and you are wrong.  That may be your banks policy but its not required by federal regulations.  Case in point - just in the last year I've deposited several checks of more than 10k and not once have I ever been asked for additional information.  The only time anything was out of the ordinary was when I deposited the proceeds of selling my house and a bank manager was asked to complete it.  He then tried to upsell me on a new mortgage.  Bastard.

/I have also spent half my career working for large banks and know of the training you speak of - I don't think your interpretation of that is correct either
 
2014-04-05 04:43:29 PM
Chase tried to keep my mother from paying her mortgage in their local branch so they could push for foreclosure. They kept trying to demand she set up an account with them and direct deposit etc. It took a few calls to the attorney general but they finally began to accept her cash payments.

She's still in a fight with them because they want to charge her fees for the times they caused delays by not accepting her payments. They are also in trouble for not reporting the debt correctly (even after two years of complaining to them) to the reporting agencies so a suit is forthcoming.

fark Chase sideways.


/hoping she'll get a free house from all the documented abuse
 
2014-04-05 04:51:05 PM

Nightjars: Thosw: Was working at a banking center a while ago where a roofer came in with a couple of large checks he wanted to deposit, and didn't want to fill out the forms because they went over the $10,000 limit.  Heard him complain that other banks didn't make him do it, which is B.S.  Then he switched to "Well, you did it last time.", which is also B.S.

I have deposited checks of over $10k multiple times in my life.  I have never been asked to fill out any kind of form, aside from the normal deposit slip that you fill out for any deposit.


They are kind of supposed to report large transactions to the IRS. Granted they tend to fill the form out and not the customer. It was probably a lazy teller that didn't want to do the work and the roofer that thought he could get away with not being taxed/having it reported, not understanding the rules with banks and large transactions.
 
2014-04-05 04:52:59 PM

Benevolent Misanthrope: naughtyrev: Benevolent Misanthrope: I thought all US bills had "Legal Tender for all debts owed" on it.  Isn't it illegal not to accept cash?

Yeah but this isn't refusing cash for a debt, this is a stranger asking you to hold some cash for a while.

Actually, if you want to get technical, it's a friend asking you to convert cash to depository record and send that cash either to someone else or the Fed.  It just seems strange to me that a bank would not accept cash, since it is legal tender and acceptable for every other transaction.  It's about the pain in the ass it is to handle cash, I suspect.  Not to counter money laundering.


They are certainly willing to accept your cash. They just want you to put it in your account before sending it to seomone else's.

If I went into chase, gave them my money to put in my account and told them to transfer that much to someone else's account the same effect with the bank taking one extra step.
 
2014-04-05 04:55:24 PM

ReverendJynxed: Chase tried to keep my mother from paying her mortgage in their local branch so they could push for foreclosure. They kept trying to demand she set up an account with them and direct deposit etc. It took a few calls to the attorney general but they finally began to accept her cash payments.

She's still in a fight with them because they want to charge her fees for the times they caused delays by not accepting her payments. They are also in trouble for not reporting the debt correctly (even after two years of complaining to them) to the reporting agencies so a suit is forthcoming.

fark Chase sideways.


/hoping she'll get a free house from all the documented abuse


While your enthusiasm is noble you're misinformed. The only reason they won't take payments at the branch are A) if you're involved in some sort of mortgage modification or B) you're in foreclosure already.

I can guarantee her loan was already 30 days past due (at least) and I'm sure she was SHOCKED to find out that the bank was starting foreclosure proceedings when they didn't recieve a mortgage payment.

My sympathy level is minimal for a lot of folks.  Either pay your mortgage, take advantage of the modification programs available in a timely AND complete manner. Or don't pay your mortgage and say F it until the bank kicks  you out.  You'd be amazed at how many people who's homes are on the line fail to fill out or turn in modification paperwork because they're either to forgetful or lazy.
 
2014-04-05 04:57:31 PM
Please, anyone explain in this modern day an age why you would ever have access to and want to deposit more than $10,000 in cash without having the following motivations:

1.  you are trying to launder money
2.  trying to hide income

I'll be waiting.
 
2014-04-05 05:00:26 PM

bonobo73: Please, anyone explain in this modern day an age why you would ever have access to and want to deposit more than $10,000 in cash without having the following motivations:

1.  you are trying to launder money
2.  trying to hide income

I'll be waiting.



Because it's a free country. Ostensibly.
 
2014-04-05 05:01:35 PM

ZAZ: Which is why the rule doesn't make sense to me. Demand an ID and file a transaction report if money laundering is the excuse.


That takes time, training, and results in accountability. Easier to just ignore the desires of your customers.

Remind me again why anyone would use Chase or BoA?
 
2014-04-05 05:02:43 PM

bonobo73: Please, anyone explain in this modern day an age why you would ever have access to and want to deposit more than $10,000 in cash without having the following motivations:

1.  you are trying to launder money
2.  trying to hide income

I'll be waiting.


Because (a) people are different than you and (b) they do not have to justify their behavior to you.
 
2014-04-05 05:09:35 PM

bonobo73: Please, anyone explain in this modern day an age why you would ever have access to and want to deposit more than $10,000 in cash without having the following motivations:

1.  you are trying to launder money
2.  trying to hide income

I'll be waiting.


http://www.ij.org/miforf
 
2014-04-05 05:14:03 PM
Then why does the Federal Government want all your cash? .. and yours too? .. and yours, and yours, and yours ...
 
2014-04-05 05:22:25 PM
Who keeps their money in a bank?  They are a scam and the Fed should be dissolved!

/chemtrails
//buy gold
///Obamacare is Communism
 
2014-04-05 05:22:26 PM

semiotix: serial_crusher: I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.

Don't be naïve. That "stripper" who shook her titties at you and gave you a handy in the champagne room was an FBI special agent. They all are now. The bill scanning is just a legacy backup.


i.imgur.com

shake shake shake
 
2014-04-05 05:24:48 PM

serial_crusher: Generation_D: One step closer to a cashless society. Mark of the beast flying overhead, contrails blazing.

I don't know why people think cash anonymize them. Every bill has a serial number on it that gets scanned when it passes through an ATM or teller. For most transactions, money doesn't change hands more than a few times before it's right back into a bank. You go to the ATM, give cash to the stripper, stripper puts it in her bank. Bam, now they know that you went to the strip club, and how much you spent there.


Um...

1) They don't scan serial numbers either at the ATM, or at the teller.

2) Even if they did, at BEST they'd know where the money ended up, NOT how many people/places it went thru. For instance, You go to the ATM, spend money at the convenience store. Someone else spends money at the convenience store, and gets your bill as change. Then THEY go to the strip club.
 
2014-04-05 05:33:10 PM

gingerjet: He's correct and you are wrong. That may be your banks policy but its not required by federal regulations.


Um... http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Re garding-Reporting-Cash-Payments-of-Over-10000-Form-8300

Who must file Form 8300?
Any persons who receive more than $10,000 in one transaction or a series of related transactions, while conducting their trade or business, must file a Form 8300.
What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash payment is:

Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same payer (or agent), and
Received in a single transaction or in two or more related transactions.


Now, technically, it does say the person who 'receives' it must file the form. But there's nothing there that stops them from having the depositor fill it out.
 
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