@Peter , as per the following:
- “Tenants depositing directly into the MHP Bank Account”
Last year we had a couple of our Tenants deposit Cash directly into our MHP Bank Account using our MHP Deposit Slips.
There was no charge to the MHP nor the Tenants for the Tenants depositing directly into our MHP Bank Account.
We use Bank Of America and it worked nicely for a couple of deposits.
However, last year Bank Of America decided to require any Cash Deposits into certain Business Accounts to have an ID presented with the Cash Deposits.
Last year as per Bank Of America’s Representative this new rule above was created to protect Businesses from having a random person deposit Cash into their Accounts.
Ok…so if anyone out there would like to randomly deposit Cash into my Business Account…that would be awesome…and I would give you a big “Thank You” . Personally, I do not see this as an issue.
I researched a bit and found that the Bank Of America policy was to help stop “Money Laundering”.
Please know that everything we do is legal and that I have no problem giving my ID to Bank Of America. All we do is rent out Land and Mobile Homes. It is all legal.
However, some of our Tenants probably would not be as comfortable giving their ID to Bank Of America.
The Tenants could get a Money Order and then deposit the Money Order into the MHP Bank Account (without giving their ID).
We just have not gone this route.
It is my understanding that Wells Fargo does not require the ID when depositing cash to a Business Account.
We wish you the very best!