Chase Stops Cash Deposits Into Accounts That Aren’t Your Own (and It Still Doesn’t Make Sense)

Daryl Paranada

By  Updated on Wed Jul 16, 2014

More Columns »

“When making a cash deposit, please be ready to show a valid ID and deposit only into accounts that list your name,” states a letter received recently by a JPMorgan Chase bank customer.

Chase Stops Cash Deposits Into Accounts That Arent Your Own (and It Still Doesnt Make Sense)

Flickr source

A new policy move by Chase — America’s largest bank by assets — will change the way customers can make cash deposits. Not only will Chase customers have to show their ID, but they will also have to be a signer on the account in which they hope to make a deposit.

“We are making this policy change for cash deposits only to combat misuse of accounts, including money laundering,” said Suzanne Ryan, a spokeswoman for Chase.

The new policy, which went into effect March 3, only impacts customers who want to make cash deposits into consumer accounts. Customers wishing to make cash deposits into business banking accounts can still get by with providing just an ID.

Better Regulation or a Pain in the Neck?

Does the policy make sense? Will it really safeguard more accounts? For everyday Americans, the policy seems to be nothing more than a huge inconvenience.  What should a mother do if she wants to deposit money into her child’s account while he or she studies abroad? What about a relative who wants to help out a family member located halfway across the country? What if I wanted to deposit money into my brother’s account for his birthday? Do these actions constitute as “misuse of accounts?” I think not.

Customers who are unhappy with the policy change can log a complaint with the bank or use alternative methods to deposit money into an account.

“Customers can deposit personal checks, cashier’s checks and money orders. They can use Chase QuickPay online. They can add an authorized user to their account,” said Ryan.

Each of the suggested alternatives is limiting and inconvenient in some way. Critics say personal checks are becoming obsolete and funds aren’t always immediately available upon deposit. Cashier’s checks are only available at banks or credit unions and some institutions might issue these types of checks just for customers. Money orders cost money and typically have a $1,000 limit. Chase’s QuickPay service allows customers to use a mobile app (or use the service online) to transfer money from their account into another one, but not everyone is technically proficient. And with data breaches routinely making the news, some customers might not want to rely on mobile banking to make important transactions.

How is it I can’t use my good, hard-earned cash to deposit in someone else’s legitimate account? Look, I’m all for stopping money laundering. But this new policy is disruptive for millions of families across the U.S. Not only is it disruptive — but it’s also silly.

The Problem with Money Laundering

Without getting too deep into the details, money laundering in its simplest form is the act of making money that comes from one source seem like it comes from another. Crooks attempt to disguise the illegal means through which the money was obtained, so that it appears to have been obtained from a legal source.

To combat this crime, Congress passed the Bank Secrecy Act in 1970, one of the first laws to fight money laundering in the U.S. One of the rules established by the act was requiring financial institutions to report cash transactions of more than $10,000 made through or to the bank. That threshold was established because anything less would be a waste of time to report. No one launders, say, $100. A criminal would have to make 100 trips to the bank to reach the $10,000 level.

And even if it did happen, banks are supposed to watch out for and report any suspicious patterns or activities. So a criminal trying to launder money should conceivably be caught due to their suspicious behaviors. At my own, non-Chase bank, I can’t make a purchase over $500 without getting an activity alert! Plus, if Chase is so worried about money laundering occurring at such a miniscule level, shouldn’t they do something about being able to make deposits at an ATM where an ID isn’t required?

Bank Regulation like an Empty Gesture

You’ll have to excuse me if I sound a little dubious about Chase’s reasoning behind the policy change. Chase, of course, is under a microscope. It is one of several big banks that’s being targeted by U.S. regulators for lax money laundering controls. And the bank has agreed to pay $1.7 billion — the largest bank forfeiture in history — to victims of Bernard Madoff’s Ponzi scheme. Madoff kept the bank account at the center of the fraud at Chase. The bank will be criminally charged with two violations of the Bank Secrecy Act.

Despite customer uproar, Ryan says Chase does not currently plan to change the policy. If you’re upset about Chase’s new deposit policy, check out our bank reviews to see how others feel about our nation’s banks.

Related
 

Post a Comment

  • highinterest

    Something a lawyer must have designed. Covering their a**es seems to outweigh providing service to customers.
    Of course, since Jamie Dimon, God of Banking (TM), probably has lackeys to carry the meager amount of cash a God needs, He in His infinite wisdom probably assumes that no one else needs cash.

  • Rebecca Polius

    This is the most RIDICULOUS thing they could do.
    THIS IS STUPID.
    Do they realize this is stupid??
    They don’t.
    MY FATHER in ANOTHER CITY deposits cash to me all the time.
    *I* deposit cash into my MOTHER-IN-LAW’s account ALL THE TIME.
    But now we have to get a MONEY ORDER or something and their money orders are $5?! THIS IS BULL.
    I should have the right to deposit cash in anyone’s account that I WANT TO. NO MATTER WHO IT IS, NO MATTER IF IT’S MY ACCOUNT OR NOT!

    • ryan

      You can just write a check. It’s not that big a deal.

      • http://empressbeautystore.com Rebecca Polius

        I don’t like checks, lol. The money takes too long to leave the account.

      • azmicitizen

        Who carry’s checks anymore! You go to the ATM draw out some cash and deposit it in someone else’s account. IDIOT!

      • Gary

        Ryan, it’s obvious you work for Chase. Stop pretending – the rule is stupid and serves Chase not the people who support them. I invite everyone to vote with your account. I closed mine!

        • Daryl

          Hey Gary,
          Thanks for the feedback. Which bank did you end up switching to?

      • PutYourThinkingPantsOn

        I’m 30. I’ve never written a check. Checks need to go the way of the record, tape, and cd’s. There is no reason why we need to be transferring pieces of paper to each other. Not with the technology available today.

        A WAY WAY better suggestion for Rebecca would be for her to use Chase “Quickpay”. I use it all the time to pay my rent, to transfer money to my girlfriend when she needs to go grocery shopping, shoot I even paid the commissioner in my fantasy league with quick pay. It works.

        • BClark

          True, and I ended up doing this. But it isn’t immediately available. The message I got said it could take 1 – 2 business days. Cash is immediately available and sometimes it’s necessary. But I agree using quikcpay for most would be good but not when it’s an emergency

      • Antonio Paladino

        Unless the person needs the funds ASAP….then what?

    • Linzeerae

      You can simply do a transfer at the branch from your chase acct and into theirs. Non chase checks, money orders or cashiers checks – the first $200 is available immediately and the rest at midnight. A teller or banker can help u with a dozen solutions.
      Chase employees tens of thousands if people. If they have to keep paying $2 billion lawsuits, those people won’t be able to get paid. These people are good at their jobs & are doing what they have to in order to protect the company and it’s employees and it’s customers. If you owned a business, you would put whatever best practices in place you needed to, to secure your future.

  • stayoutofmybusiness

    Definitely total bs will be changing banks immediately

    • ryan

      If you bank with Chase, you can do a simple account transfer with a teller. Exactly the same as depositing cash, but doesn’t require you to have the cash in hand.

      • Elissa Kinsey

        OH YEAH! Simple account transfer…. Where you buy a money order or pay for the “simple account transfer” ether way chase wants extra money for nothing! Why dont you just come out and say it, “We are a multi billion doller corperation, but it is no where near enough, so we have to pray on the hard working, non-multibillionaires so they6 can pay for our company jets, exotic, vacays, and spa treatments! At least it would be honest!

        • bug menot

          To be fair, if you’re both on Chase.com, then you can use QuickPay for free. Otherwise, they’re just being silly. The real reason for this is bad management. ’nuff said

        • Linzeerae

          You do not have to buy a money order or anything else. You can simply transfer funds from your checking directly into someone else’s with the help of a teller or banker

          • assholes

            This simply transfer funds option that everyone is referring to only works if you have an account with chase. What about if a relative is in account state who is not a customer at chase and is not on your account but needs to deposit money in your account? THEN WHAT?

      • Jason Meyers

        Come on now Ryan with that nonsense. I guarantee you Chase will lose customers. I for one am debating on Wells Fargo for now vs US Bank but I will leave shortly. When you allow criminals to dictate your bank service your going down the wrong road.

        • Genanigans

          I put money in someone elses chase account from time to time. I initially questioned chase not allowing cash, But they do let you do a cash advance from your OWN card for no fee (as a form of creating a reliable paper trail). The first bank to do something unpopular will always risk alienating customers. But because the reason the are doing it is to appease the government, other banks that DONT do it will seam to be negligent and almost feel forced to follow suit. And unless chase loses all of their customers (they wont) the other banks will feel safe to do it using chase as the guinea pig.

          And about ATM cash deposits. PIN based transactions are ALWAYS considered done by the customer in the banks eyes. Exceptions are made in extreme cases but its rare.

  • Jim

    I get that it’s inconvenient, but its really simple. You can’t change this rule so stop complaining. Get a checkbook and write a check. Complaining about a 5 dollar money order, get a freaking check, cost 2$ or a check book (you get like 100 or more for like 20 bucks) from any bank you have an account from. If you don’t have a bank account anywhere, then your out of luck which sucks. If you have a chase account, just transfer money either online or through a transfer slip. Adjust, adapt, and move on. It’s not like you can change it.

    • Elissa Kinsey

      Obviously this guy works for chase… don’t defend a retarded policy when you know it is retarded. yeah we are all going to adapt! with a new bank that is not ludacris. and yeah we can change chase’s policy when we all leave for bank of america, and chase has no choice cause they don’t have any more customers, wich will happen because they are doing this and the other banks are not. HMMM 1)keep my account and spend money for no reason (money orders made for people who do not have bank accounts now being a requirement for people with bank accounts?????) every time anyone wants to make a deposit, or 2) go to a normal bank that does not nickel and dime us with stupid policies every chance they get… this really is a no brainer. Keep your work at work and keep your personal time for you, they don’t pay you that much!

      • ryan

        You can’t get a money order without having an account anyway, so your “nickel and dime” excuse doesn’t make sense. You can do a simple account transfer with a teller instead of getting a money order. It’s instantaneous and exactly the same as depositing cash.

        • Kimberly

          Checks are held for long periods of time by certain banks. People don’t have the means to wait for that. Plus the prices for checks are going up since they aren’t a main way of banking anymore. Money orders only go up to $1000 for $5 and you can’t get one if you don’t bank anywhere. Pretty inconvenient to have to change the way you prefer to do your banking, especially when all banks do is promote how simple it is. And the fact that Chase is so concerned about fraud on accounts but they promote something like QuickPay is quite interesting to me. Seems QuickPay would cause more problems than my family member or friend depositing cash into my account per a trained teller who is supposed to be able to detect shadey transactions.

        • azmicitizen

          NOt when your account is not at the same bank, DUMBA**.There is a charge for transferring money from one bank to another. Obviously, you are not a thinker! Maybe you are the one that thought up this dumb rule and are now trying to figure out how to justify your dumbness.

        • Elissa Kinsey

          You cant get a money order without having an account anyway?! huh? wich post did you think you were responding to? obviously not mine cause your response made no sense, let me break it down to you reeeeaaaallllyy ssslllllooowwwww so you dont miss anything.
          You can get a money order anywhere,
          gas station, grocery store… the list goes on and on.
          You dont need a bank account of any kind to get a money order.
          Money orders cost money,
          a couple of dollers at most places but 5.00 from chase.
          so everytime you want to make a deposit to an account that does not have your name on it, you have to pay extra,
          THAT IS WHERE THE NICKEL AND DIMING US PART COMES IN!!!!!!!!!!!!!!
          Oh and I went back through the posts! You do work for chase!!!! 100000000% you are getting in to it with everyone trying to justify the retardation of the new policies, dedicating your pitifull life to it witch would make it sooooo sad if you dont actually work for them, YOU NEED A HOBBY OR A PORPOSE IN LIFE!
          Not only are you making yourself look retarded for defending this ludacris business mistake being made by chase, you dont even know what your talking about. like I stated get a hobby, chase does not pay you enough for this, your just making your self look really stupid RYAN THE RETARD of RETARDINGTON. So if the hospitols start requiring that we give a 1500.00 deposit before they even think about fixing us, are you going to jump on the blog and defend them too? ‘AWW, its ok guys… its really not that bad…. all you got to do is got to the bank before your family member dies pre surgary, I dont know what all of you are complaining about…’
          YEAH that will be you!
          Its wrong, its stupid, you know it, stop defending it! I dont want to have to make you look any stupider then I just did now!

      • bug menot

        Well, unless they do like Romania and go all “mandatory uselessness law” on our banks. Mentioning, I’d not go to BoA even for a $100 bonus on first deposit. ;)

    • bug menot

      Or derpy derp… change banks. Real geniuses running Chase now. Hey, what do you know, there’s credit unions that don’t pull all this nonsense and actually have more than 1-2% of their value in a form easy to liquidate.

    • bug menot

      Might as well site back and enjoy it, eh? Are you sure that your name isn’t Clayton Williams? Or are you a close relative?

  • Perry Green

    Trying to Force everyone to use QUICKPAY or else they wont receive their funds. Thats kind of like taxing our currency if we let it happen. I will definitely Close my Chase Bank Accounts. There are way too many other Banks begging for our business.

    • ryan

      You don’t need to use quickpay. Just do an account transfer with the teller that you would be handing your cash to. Exactly the same.

      • casey

        What if you dont have a bank account. Im sorry everyones supposed to bank with chase. Get out of here obvious you work for them.

      • BClark

        doesn’t work like that if you’re not a chase customer

    • PutYourThinkingPantsOn

      That’s kinda like taxing our currency, except for the fact that you know, it doesn’t cost anything to send a quickpay payment.

      Have you ever tried paying anything with quickpay? Just wondering. It’s kinda awesome. Just saying.

  • Elissa Kinsey

    This is incredibly stupid on so many levals, make people get money orders if they want to deposit $10,000, or more. or let customers have a list of people on thier account that are allowed to deposit money once they show an i.d.. My husbond cant make a deposit in to my account unless he is on my account? Maby i dont want mr big spender on my account. maby that is how I keep an account. but is there any reason a husbond cant give his wife some money or parents cant give thier kid some money? maby the kid dosnt want his parants to be able to take money out, (there are parents like that) so what chase is saying is that my family has to spend money for no reason (money order) to make a deposit or i have to give them all access to be able to recieve money from them, they are ether working a deal to help make western union more money or they are thinking they have too many customers and need to annoy some of them out of the branch. MESSAGE RECIEVED CHASE, I am going on a bank tour tomarrow and will be out of your hair by the end of the week.

    • Daryl

      Hi Elissa,
      Thanks for commenting. I’m wondering whether you ended up changing your bank due to this policy?

  • Asanchez

    This is absolutely ridiculous!!!! My sister, who lives out of state went to make a deposit into my checking account. I told her to deposit cash so it will post right away. I wish I would’ve known this new policy however I only look at the transactions made not anything else. I’ve been inside the branch several times in March and it was never
    mentioned. This is such a huge inconvenience!! I’m changing banks this weekend.

    • Daryl

      Hey Asanchez,
      Did you end up switching banks? If so, which one did you switch to?

  • Guest

    Such a crock of crap. I have a handicapped mom, who depends my sis and I to do her banking for her. I can understand withdrawing cash from someone else’s account, but this whole money laundering excuse? Nonsense!

  • Jay Stewart

    I agree this is a crazy rule for everyday parents like my dad who would deposit money in my account for emergencies

  • Kdoggies

    A bank is an institution where you can keep your funds and make investments. Money Orders, checks, and especially cash are legal instruments of payment. There are federal laws in place already that banks must follow in order to do business. Banks are NOT a law enforcement agency. Is this just another step to force us into a total cashless society?

    • bug menot

      If some dumb bureaucrat tries to make the world into a cashless society, it likely will become a mostly BARTER (as in no taxes) society. Well at least there’ll be no tax evasion.

  • TerryGauchat

    Move your money to a member benefit Credit Union. Everyone qualifies, low fees, higher interest, friendly local staff and policies. Stop supporting the big Banks that ruined the economy.

    • ryan

      Why? So I can drive an hour out of my way to find a branch? No, I think I would rather be rational, logical and adapt to change.

      • TerryGauchat

        How often do you actually need to go into a physical branch? Most Credit Unions offer free (fully rebated) cash withdrawal from any ATM (including those expensive ones in corner stores, clubs, restaurants). They also accept deposits online and by mail. I got to my branch (choice of 3 in San Francisco) no more than 3 times a year.

      • bug menot

        LOL, most credit unions are at the least, regional by now. We’re talking branch offices just like banks, if you’re in a big city. Everyone is being very rational and adapting by looking at other less annoying financial institutions. Heck, in a pinch, there’s Blue-Dot cards. Don’t even try and tell me there’s not a Wal-Mart in every major city. Of course, I’d not use those cards because of equally annoying policies with them, but some would prefer those over Chase/JP or BoA.

  • Mir L

    this is the most ridiculous thing ever. Just found out Chase closed my sibling’s account for unusual deposit activities. deposits I including the rest of my family put in his account since he is a college student. I guess Chase feels that he is a participate in the whole big laundering scheme. Him and his $400 dollars. This is just crazy!! Now how am I suppose to deposit money.

    • bug menot

      1) Get a prepaid card.
      2) Lie

  • rick holland

    I went to.the bank to deposit $50.00 dollars in to my mothers account because she is on a fixed income and she was grocery shopping and and didnt have enough money in her account to buy her grocery so she had to leave them at the store . I said to the teller my mother need this money and becuse i live in another state which is 500 miles away and was told this is the banks new policy. Ps………CHASE BANK $50.00 DOLLARS ISN’T MONEY LAUNDERING. It was so my mother would go HUNGARY THANK YOU FOR CARING

    • Elissa Kinsey

      I an almost shocked that Jim the Jumbo jack a$$ and Ryan the retard have not come up with a snappy defense of chases cold hearted actions here. Come on guys DO IT! I cant wait to see your pathetic defense for this!

    • Linzeerae

      The first $200 of any non-chase check or month order of cashiers check would be available to her immediately

  • ThisOneGirlWithPie

    I think this is ridiculous, I rent a house from a family member who banks with Chase, and I don’t want to drive more than five hours just to drop off money because Chase won’t allow me to deposit into her account. I understand their woes about money laundering but there has to be some other way, other than money orders, and checks. I mean who wants to spend MORE money just to help out a family member, or in my case pay rent. I don’t bank with Chase, and thank the gods I don’t, I have been screwed over so many times from them, and once more with this.

    Let me just say this before anyone thinks to say “just write a check lol” checks are pretty much dead, I rarely meet anyone who stills writes checks, let alone anyone who accepts them. Checks can bounce, but cash cannot bounce. Cash is guaranteed cash. With a check on the other hand it isn’t.

    I don’t know, I know that there isn’t going to be some Chase Executive reading this going; “wow this anonymous person, as with the other people, are really annoyed and I am moved by their complaints, let’s get rid of this foolish policy and be friends!” I don’t really care about that or what other readers think. I really just don’t. I am probably just going to post this and never think to look at it again. I am just getting this out there, and putting my two cents into the mix.

    But in my opinion, I think that maybe, just maybe, it’s not just about this whole money laundering thing, I think it’s also to push people into getting an account with them. Because the last few times I tried to deposit money into the family member’s account to pay rent, the first thing out of the teller’s mouth after they asked if I had an account with them “well why don’t you” or “well it won’t take long, and then you won’t have to worry about not being able to deposit into this account we can just transfer it” and so on. I really think it’s just trying to pull other banks apart, and their bankers apart, and basically saying “If you want to be that kind and caring family member or friend and put money into an account, well then you have to come bank with us.”

    But maybe, a solution to a problem, a solution that I am going to try to go with next month when rent is due, get Google Wallet or even Paypal and just try it from there, transfer from your bank to your account, and then to their account and they can do whatever they want to do it from there. Of course there is going to be a small fee, but it’s better than paying $5+ on a money order, or even more on a check that I think will be extinct here soon.

    Anyways, that is my scrambled up ramblings!
    Cheers!

    • Daryl

      You’re definitely not alone. There are tons of Chase customers who feel the same as you do. Did you end up signing up for Google Wallet or PayPal?

  • BankStar

    The thing about the debit card is the owner of the account would have the debit card, silly. You wouldn’t give you debit card to someone else, especially in your examples of “across the country”….? They have also limited the amount of debit cards to 1 per account so that proper controls are put in place and that cannot happen. Then the owner wouldn’t have the card.

    • Mychael

      Tell that to my three debit cards linked to the same checking. They will fight it, but it is their policy to “discourage” having more than one card; not to disallow it–unless that’s changed in the past year. Telephone bankers are your worst enemy at Chase. On the rare occasion that you do get one that knows what (s)he’s talking about, you could’ve driven to the branch, had a nice face-to-face interaction, and achieved the same goal in similar time.

      If they really have changed their policy, maybe try to get a Disney card, but explain that you’d like to keep your old one open for recurring payments. That should work. :)

  • azmicitizen

    I went to CHASE on Wednesday afternoon to make a $50.00 cash deposit into my granddaughter’s account. They put me through the third degree. I bank at that branch quite regularly. They try to sell me on the QuickPay crap. Like I;m going to send money over an unsecured WiFi. When they get you hooked enough on using the QuickPay app etc. then they will find a way to charge you for the service.
    I guess it is time to research another bank to service my account. One that doesn’t make my life more inconvenient than it already is. Closing both my accounts, SO LONG CHASE your too big for me to bank with. If enough of us close our accounts and move to another bank, we will be big enough to make a difference too!.

    • Daryl

      Wow. Sorry to hear that. Did you end up switching banks?

  • azmicitizen

    I have to add one more thing! Ever since all the hacking into the credit/debit card databases has been going on, I rather use cash. Twice last year I had my debit/credit cards changed because of the Target, Sprout’;s fiascos. Having said that, if you don’t want to take my cash, I’ll take my business elsehere and have my granddaughter do the same.

  • Heather White

    This is the most ridiculous thing I have ever seen. My mom tried to deposit money in to my account for me this morning (I am a student), and they denied her. The bank said she can go get a money order; really? You’re going to make people PAY to deposit money in to your bank? Might be time to switch banks.

    • Daryl

      Hey Heather,
      I absolutely agree. What did your mother end up doing? Did you end up switching banks?

  • Mychael

    Just in case Chase ever decides to read this, it would be a good move (i.e. making everyone happy) to add a “Deposit only signature” option to the signature cards.

    Why can’t we have a win-win?

  • Peaches

    “shouldn’t they do something about being able to make deposits at an ATM where an ID isn’t required?” – You do have to provide ID at the ATM. You have to swipe your card and put your pin number in. That’s your ID. And that’s exactly what you have to do inside the branch as well. Duh.

    • bug menot

      Cards are trivially clonable…

  • Jack Ster

    They will immediately cease this new rule if everyone pulls their money out at the same time. May 15th would be a good day.

    • bug menot

      Already on it – moving my direct deposit to another account at TCF or a local credit union. When I’m sure it’ll show up on the other account, this one is going bye-bye. I will likely get my relatives to change, too. This policy is very inconvenient and knowing companies with bad management, this’ll be just the first of many.

      • Daryl

        Thanks for commenting. Did you end up switching banks?

  • akelly

    This is awful!!! This was the only way I ever received child support….. now this is just one more excuse.

  • BAGUIO BOY

    Someone must have just been appointed to the “Let’s Do Something Stupid to Our Customers Department”. I have a brother-in-law who owes me money who deposits to my Chase account to pay me back. Today he’s told he can’t deposit CASH since he’s not a Chase account holder. But, he’s told, he can deposit checks. This crap about money laundering is just that. There are systems to prevent laundering and they kick in at $10K, not the $100 he sends me. Dumb, dumb, dumb. We bail the bank jack asses out and they screw us in every monetary and non-monetary way possible.

  • DMoney

    In defiant frustration, I just put $1000 on the counter with the deposit slip and walked away after hearing this new policy. I hope the money finds the account…

    • DMoney

      And 3 hours later…it appeared in the account.

  • mel

    This is so inconvenient! I live at the other end of a state from my family. Times I have needed help and my grandmother walks into Chase and deposits cash for me. Today is how I found out when I needed my fiance to deposit cash into my account because I’m at work and they didn’t let it happen!!!! I may switch to a bank that does not do this.

    • Daryl

      I agree Mel, it’s really inconvenient and a lot of other consumers feel the same way.

  • casey

    Ok tried to add cash to my boyfriends account. I am out of checks and I dont have a chase account but im putting forty ridiculous dollars into an account that rarely gets cash. This is stupid. I hope he switches banks now.

  • chase SUCKS

    BS I HATE CHASE and this BS policy. I am leaving CHASE bank

  • Jason Meyers

    This is a bunch of bullshit. I left B of A because I thought their service was slacking but this is nonsense. Why should criminals make our banking less convenient Chase? My sister needed money and I had to go get a money order to deposit! What is the point of having a bank account?

  • Ash

    So yesterday before knowing about this stupid change, I went to deposit 40.00$ into my sisters account. I live in cleveland and she lives in Dallas. I filled out deposit slip and handed teller the money. She asked fort ID and I told her it wasn’t my account as when she told me the dumb new rule that you cannot deposit cash into someone else’s account. She did tell me I can put a check into her account just put it in my sisters name. I ran home, got the check, brought it up to teller. I asked her if she needed to see my ID to verify it was my check. “No” she said. So you need an ID for a cash deposit but I could’ve stolen some random check and you wouldn’t of known because you don’t need to check an id when I’m writing a check From my acct to put in my sister. This whole thing is totally half backwards. What if a child was overseas and needed a parent to deposit cash in their account. So many circumstances that this totally screws up. This company really needs to rethink this or people will be pulling out.

  • Roxine Ware

    They are trying to recoup that 1.7 billion fine they have to pay! Beware they are going to charge for everything now. That damn Bernie Madoff…

  • Kyle

    Yeah they told me they would gladly accept a BAD Check, but no cash…How stupid can you be!!! Cash can not bounce, a check can…So I ask why would you put your customers account in jeopardy, however not allow them to reap the benefits of cash instantly hard posting to an account.

    Chase and anyone in support of this stupid rule should get a clue!!!

    • Daryl

      Hey Kyle, wow. What did you say when you were told they would accept a bad check, but not cash?

  • Hilda Vasquez

    Very sad… =(

  • BClark

    THE stupidest thing I have ever heard of – I found out about this today
    when I tried to deposit $250 into my daughter’s account. When I asked
    what could possibly be the reason a bank doesn’t accept cash, the teller
    told me “because we’re trying to prevent human trafficking” WHAT!?!?
    How the hell does this prevent human trafficking? Even the tellers
    don’t know why they don’t take cash. Oh yeah, you can just write a
    check – who carries a checkbook around and depositing a check is not
    immediate access to the money. Banks that don’t accept cash – crazy

  • Lisa

    Terrorism, right. Has it occured to anyone that the banks just want to have the “float” on any checks deposited?

  • brbr2424

    How idiotic is this. As described above, I am a mother, and my daughter is in Spain and she needed money in her account and she needed it today. Today, I went to the ATM outside of the Chase bank and pulled $400 out of my USAA account. i went into the bank intending on depositing the cash in my daughter’s Chase account. They refused the deposit and I had no way to get the $400 back into my USAA account. I walked over to the USPS and bought a $400 money order for $1.25 and returned to Chase and made the deposit.

  • jojo

    if you don’t want to do quickpay (which I don’t understand people hating… i use it all the time to pay back friends, send money to relatives, etc. and the money always shows up immediately in my account, never have I waited more than 30 minutes) why not set up paypal?

    • bug menot

      Probably for the same reason I haven’t bothered selling anything on ‘feeBay’ for several years. The fees are a killer!

  • Bri

    Its funny that he used the example of a mother trying to put money in her child’s bank account whom is studying overseas. Last weekend my mother tried to put some money in my account for an emergency I was having overseas. I am still waiting for the check to clear…

  • hatinchasebk

    Obviously this is all about the float. By law cash has no float time. So no they hate cash deposits….

  • Angelo Marconi

    Dump Chase and bank somewhere else……if everyone would dump them you will see how fast they change this stupid policy