Bank...Deposits...Cash...Now Need To Show ID...New Rule

mobile home university
1

QUESTIONS:

  • “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:

Thanks So Very Much!

2

I made a cash deposit of 2500 into a seller of a trailers acct at bank of America and they made me show my id.
This was 2 weeks ago , so I guess some are doing this. The same day I did 1900 into another sellers acct at wells fargo and I was not asked.
probably some day we wont be able to deposit cash into any account. unbelievable I know.
funny story and true— Union Bank closed all my accounts last year after 20 years of me being with them because they said I deposited to much cash into their bank. I was like WHAT? your a bank!
Then I went to wells fargo. lol.
I just don’t understand them.
My suggestion is to keep a lot of CASH GOLD AND SILVER stashed as the banks make up their own rules as they go.
But what do I know.
Have a great day!

3

Well then how are people going to deposit money into an ATM?

4

The government is showing their desire to remove cash from our exchange of goods. Their reasoning of course is bogus since if you have $50,000 at your local bank may need 5 days or more to have the paper money. Without going into scary detail they know when the general public loses confidence in the banking systen and or failing economy for instance the run on the banks would be a disaster. They know without paper money there can not be a run on the banks and more scary like Cpyrus sums over $100,000 in checking or saving accounts were cliped up to 20% to help substain a bankrupt country–our present debt will NEVER be payed back and our children will experice–you can add your thoughts and our dear country will gladly take from the producers to give to the parasites as they are presently doing. In dealing with foreign countries 5 years ago homland security prevented a small sum of $10,000 leaving the USA with a deal we were working on in a foreign country. Thighten your seat belts we have not really experiecing all the goodies they are preparing for the apethetic Americans that sit still while we watch the greatest country in the world being destroyed. In Mo. presently on all major transactions before a real estate deal can be complete the names of the buyers and sellers are being checked to see if someone is on a terrorist list and remember being an antiObomba fan can put you on that list.

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5

I suspect that smaller banks will be the last to introduce these intrusive policies - maybe going with a local bank would be worth the effort and give you the longest protection from corporate overreach.

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6

Chase will not allow a tenant to deposit cash for their rent into my account so I finally moved to a smaller bank. I have since moved to auto drafting with most of my tenants and I really like that. All new tenants are required to have a checking account and do auto draft. Seems to weed out the less stable tenant.

7

I’m having a similar issue. Small facility. PO was local and 100% cash pickup.

Are there any ways to tie into a bill payment system at Walmart or convenience stores? I know a lot of convenience stores have free money orders now. What about just taking the cash and putting towards a bill?

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My residents all get deposit slips to my rent collection account and many of them pay in cash. Never had a problem and the bank is Huntington in OH. The only problem I have is that the bank charges me each month based on how much cash is deposited into the account!!! Have to agree with Carl on this one that there is something else going on here and I don’t like it one bit.

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What scares me most about this discussion is that most of the posters have been required by a rule extension in 2010 to have a compliance program themselves on Anti Money Laundering. This would include:

  • written policies and procedures
  • ongoing employee training programs
  • an online account with FINCEN
  • at least annual audits of the compliance program with written corrections of program failures.

If someone has done this, they would not need this discussion. The only thing that is changing is the dollar amounts that set off a need for a Suspicious Activity Report on the part of the institution.

I do agree that governments are trying to eliminate cash altogether so they can better control us and that is scary.