- “As an Owner of a Mobile Home Park when you make Cash Deposits do you have to show your ID?”
- “For those Owners of a Mobile Home Park who allow your Tenants to make direct bank deposits with Cash do your Tenants have to show their IDs?”
- “Do you work at a Bank and could you explain policy changes with Cash Deposits?”
My Husband and I have been making Deposits to our MHPs for the past 3 years (Money Orders, Checks & Cash).
When we purchased our Turnaround MHP 2 years ago, a lot of our Tenants paid in Cash (not ideal and we are weening them off…however a bird in the hand is worth two in the bush).
We have been making Cash Deposits from this MHP for 2 years with no issues.
However, yesterday the Bank asked for my ID because one of the Deposits was Cash ($915).
The Bank said that it was their “New Policy” and it was to protect me from people putting Cash in my Account and I not knowing who they are. Really…the Bank is protecting me from people giving me money…I do not think so.
Then the Bank went on to say that they needed to know who was giving them counterfeit money. They said that they “count” the money and it “saves” the serial number to the cash. Later if they determine that the cash was counterfeit, they know which Cash Deposit it belonged to.
Yesterday, I then went to another Bank. This Bank is for our personal account. I asked this Bank (both major Banks with branches all over the US) about Cash Deposits. This Bank told me that they do not have this policy. This Bank said that the “counting machine” does not save the serial numbers. That the “counting machine” will count the money and detect any counterfeit money.
Approximately a month ago we had one of our Tenants direct deposit Cash into our account at the Bank because their previous Money Order had gotten lost in the mail. This Tenant happens to be Hispanic.
I am just wondering if the Bank flagged our account because we had a Hispanic deposit Cash in our account.
Has anyone experienced this issue?
Does anyone work at a Bank and could shed some light on this issue?
Please just let me state that showing my ID is not a big deal.
It is just strange that all of a sudden after 2 years that they now need my ID.
The Bank that now requires an ID is:
- Bank Of America
The Bank that said that it did not have this policy is:
- Wells Fargo
I did Google and found the following reasons. The articles tended to talk about JP Morgan Chase’s policies:
Article #1: Money Laundering: “In a bid to close potential money laundering loopholes, JPMorgan Chase (JPM) tells FOX Business it is set to roll out a new policy that requires customers who want to make a cash deposit to show identification and be listed on the actual account.”
Article #2: Money Laundering: “The change at Chase is probably one of the many moves it made in response to problems it had complying with laws designed to prevent money laundering…”
Article #3: Human Smugglers: “…choke off the financial channels of human smugglers.”
Article #1: Money Laundering
"Chase Revamps Cash Deposit Rules To Ease Money-Laundering Risks"
Article #2: Money Laundering
"Banks Change Deposit Policies To Combat Money-Laundering"
Article #3: Human Smugglers
"U.S. Investigators Ask Banks To Amend Cash Deposit Rules To Curtail Account Funneling"
Thanks So Very Much!