Chase customers are upset that they can’t deposit their own cash into someone else’s account. Chase said it shifted its policy on cash deposits to combat misuse of accounts, including money laundering. So, what alternatives do frustrated customers have?

photo 2_622x312

1. Tell your loved one to open a Chase account

Telling your loved one to open a Chase account might work if, say, you want to send money to a child and they have no bank account currently or if your loved one is unhappy with their current bank. Of course, critics of Chase’s no-cash deposits policy might cry foul at such a suggestion because it’s your money, right?

Why should you force a loved one to open a Chase account just to transfer money to them with your hard-earned cash? There’s no good answer to that question. However, if you plan to transfer funds frequently, this might be the easiest way to sidestep Chase’s no-cash deposits policy.

2. Add authorized users to your account

One way to sidestep the new rule is to add an authorized user to your account. Adding an authorized user essentially gives the individual access to your financial account. Parents and couples add authorized users to their bank or credit card accounts all the time. Adding an authorized user to your account has pros and cons.

The biggest upside to adding an authorized user to your Chase account, of course, is convenience. You won’t have to utilize any time-consuming or costly methods — like getting a money order or cashier’s check — to sidestep depositing money into your loved one’s account.

There are drawbacks, however, to adding an authorized user to your account. The biggest drawback: the primary account holder is legally liable for everything an authorized user does. If you add a relative to your account and he or she goes on a spending spree, you’re out of luck. That bill still has to get paid and as the primary account holder, it’s your ultimate responsibility to ensure that happens.

3. Use a personal check

Another way to sidestep Chase’s new cash deposit policy is to write a check. Of course, some people might say no one writes or carries checks these days. More problematic, though, is the time it takes for a check to clear at a bank.

A bank will consider your account history, balances, dollar amount, and the type of check being deposited when determining whether to place a hold on a check. Even if everything looks OK, it might take up to five business days for the check to clear. If someone needs money immediately, writing a check isn’t going to help.

4. Get a cashier’s check

Cashier’s checks are more secure than personal checks because funds are guaranteed by the bank that issues the check. Unless the bank suspects the check is fraudulent, funds from a cashier’s check are usually available to you by the next business day. But because of that guarantee, as you might expect, cashier’s check come at a price.

A cashier’s check costs an average of $9.10 at America’s 10 largest banks. Sending someone money via a cashier’s check might be an option if it’s a one-time deposit and you don’t mind paying the fee. Otherwise, it’s not plausible for everyday or regular transactions.

5. Get a money order

Money orders are an acceptable form of payment if you can’t write a personal check or it’s not safe to do so. Why would you choose to use a money order instead of a check? Checking accounts are more convenient, but you might consider using a money order if you want a more secure form of payment than, say, a personal check.

Start saving money in under a minute.

See how much you can save in just a few steps.

Get Started

You can purchase money orders at the post office, some retail stores, grocers, etc. Of course, the major downside to a money order is that it costs money — fees can range between $0.50 to $10. There is also a maximum amount you can include on a money order, which is $1,000. Plus, you might get tricked into purchasing a fake money order if you’re not careful. And just like with a personal or cashier’s check, the funds won’t be available immediately.

6. Use your loved one’s ATM card

If you need to quickly deposit cash into a loved one’s account, you can use his or her ATM card. Of course, it’s a potentially dangerous situation because you should never share your personal information with anyone.

After all, you never know what a loved one can do with, essentially, access to your account and money. But if you really trust your partner or child, it’s a way to get money quickly. It won’t help if you and your loved one live far away, though.

7. Use Chase QuickPay

Some critics of Chase’s new no cash deposits policy have suggested that the bank made the switch in order to get users to sign up for its online service, QuickPay. With Chase QuickPay, you can send money to another person — virtually anyone with an email address, the bank says — or request money from someone else without cash or checks using a smartphone, tablet or computer.

There are no fees for users and you don’t need a Chase account to use the online service, but the big downside is that at least one person involved in the transfer must have an account at the bank. While using QuickPay is instant, the actual transfer of funds isn’t always quick. The deposit still must be cleared before going through.

If you want to avoid going to a bank or ATM and your recipient doesn’t need the funds right away, QuickPay might be a good option for you. If you’re hoping to send money off to someone quickly, though, QuickPay might not live up to its name. (Update: Chase recently upgraded Chase QuickPay so that it’s very easy for Bank of America and Wells Fargo customers to send money to Chase accounts.)

8. Use another peer-to-peer service

PayPal is the most popular person-to-person online payment service, but funds aren’t always immediately available. If the sender already has the funds in his or her PayPal account, the money is available for the recipient immediately. But if the money has been sent via eCheque — which might happen if you don’t have a card and bank linked to your account — it will take 3-5 business days for the funds to show up.

If you send money to someone through PayPal, but have no balance left in your account, you can send money via your checking account. However, the transaction might take a few days. It depends on the bank and whether both accounts linked to PayPal have been verified. Plus, depending on how you transfer money, you might get hit with a fee.

PayPal isn’t the only person-to-person online payment service. Other alternatives include Google Wallet, Amazon Payments, Skrill, and Payoneer. But just like with PayPal, these online payment services have pros and cons including cost and ease of use.

Suzanne Ryan, a spokeswoman for Chase, told us what she recommends people to do if they want to deposit money for someone else. “They 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.”

While each of these eight options listed might allow you to sidestep Chase’s no cash deposit policy, if you’re spending too much time or money trying to circumvent the problem, you might consider switching banks.

  • Johnattan

    Im closing my account with Chase….. Who ever made this decicion is a clueless person.

  • Systemisbroken

    Chase isn’t the only one. BMO Harris informed me of their new policy of having to provide my ID when making a deposit into our commercial account. I debated with the teller knowing full well she was just “doing her job”.
    I can’t believe the decision makers even considered the ramifications of their new policy.
    I was told this was for better security against money laundering and terrorist activity. It’s to bad some many people hide behind this excuse when it doesn’t hold water. When I questioned this, I was told it would provide bettewr security to me the account holder. I asked,”How so?” With no answer.
    Here are my beef’s with it;
    1. I am inconvienced in getting my ID out of the wallet, especially when using the drive thru.
    2. I have to share my ID with a stranger. I don’t know the tellers and even if I did, I’m not certain I want to share personal info with them. That’s why we are issued account numbers in the first place. Is it too much to ask for their ID when I have to show mine?
    3. As I debated with the teller she informed me that she would include a form letter that explained the new policy along with my receipt and ID (after I relented). Several blocks later I had to race back to the bank as she forgot to give me back my ID. I suspect it was intentional but either way it just proved my point about being a very unsecure method.
    4. My business account is setup under our corporation. It shouldn’t have any link to me as an individual and especially not an employee/manger I might have make a daily deposit. I certainly won’t be adding them to the account to be able to make a deposit.
    5. WTF? I don’t need an ID to make a night deposit
    6. Its not that they just want to see an ID but they actually input it into their system along with the transaction, thus linking forever and associating another person to the business account making it even more easily “tampered” with.
    7. Hackers have the upper hand and bank systems are not as secure as they would have us believe.

    I think this is all just a way for the banks to say to the regulators, “See, we really care about the problem of money laundering,” to avoid further penalties and fines for the corruption and association with Madolf and some of the drug cartels they have been involved with in the past and to keep them from investigating further.

  • Erik Fritz

    What about wire transfers as an additional option? I know you get hit with fairly hefty fees both coming and going (approximately $10-35 on each side of the transfer, depending on your bank), but it’s worked for me in the past when I’ve needed money available immediately.

  • MS. J

    Chase makes no sense at all. It is a US bank and gives people US currency, but you are refusing to accept US currency! Does that make any sense? I will be closing my account if they don’t change this policy quickly. I had to pay my rent today and my dad who is 75 years old with no bank account and no email was turned away after he tried to put cash into my account. Now I cant pay my rent…THANKS CHASE!!!!! NOW I MAY BE EVICTED!

    • fred

      Chase bank was actually penalized by the legislator because they have been involved in laundering money for many criminals and organized crime groups. It’s not a decision that they made on their own and wish they did not have to go with it. But they know that they are guilty as hell. Thankfully for them for this kind of crime you don’t go to jail. You just pay a fine. You get a little hurdle thrown into your business and you keep on going. It’s good to be on the “right” side of the law and the privileged few:)

  • rich_b

    Why the need to get around the chase policy? They can be forced to drop their policy if everyone made multiple cash deposits. Instead of making 1 $200.00 deposit and being forced to provide id, make 20 separate $10.00 deposits forcing the teller to record each and every deposit. When the lines are extended outside the bank Jamie might just change his mind!

  • Unfair

    8 Ways to Sidestep? Really? The way I read it, the article is just telling you to be a customer. Join Chase and follow their policy. That doesn’t sound like sidestepping anything.

    • Mozzare11a

      I disagree. They don’t care if you become a Chase customer or not, so long as you spend time reading their article.

      It’s clickbait of the worst kind — the kind that not merely tempts, but just flat-out lies to readers. “Hey you, person trying urgently to solve a specific problem! Here’s 8 solutions!” Except that, none of the solutions solve the real issue. If a real solution existed, neither you nor I would have made it to this page, reading what amounts to a falsely advertised dead-end.

      And such is the state of so-called marketing today. Straight-up deceit is perfectly okay now, so long as you succeed in pulling-in eyeballs and ad views, and use words like “conversions” and KPI-this or KPI-that, instead of calling it “lying to people in order to get them to do what we want”.

      Sites like this make the Internet suck.

  • Barbuckle

    I have another side step suggestion. Close your Chase bank account and open one at a bank that doesn’t have ridiculous rules!

    • http://www.mybanktracker.com/ ClaireMBT

      Hey Barbuckle, is that what you did? If so, did you go with an online bank? Thanks for sharing.

      • Barbuckle

        No, I did not have a Chase bank account, but I did close one at regions because they charged people I wrote checks to in order for them to cash a check written on my account. It is ridiculous. My bank doesn’t do any of this crazy stuff.

  • byebyechase

    easier to ditch chase, don’t do business with idiots, without cash they are out of business, teach them a lesson.

  • BA

    I’m looking forward to finding out how many Chase customers close their accounts, leave and take their money to a competitor bank. Ha Ha… Chase, foolish bank.

    • http://www.mybanktracker.com Simon Zhen

      That is one statistic that we’ll never know — as much as I would love to — because Chase doesn’t share such information. My guess is that even if many Chase customers closed their accounts because of this policy, it wouldn’t do much to affect Chase’s bottom line.

  • atmmachinehackes@gmail.com

    There is a new easy way to make cool cash.Email: atmmachinehackes Its

    all about the BLANK ATM CARD. This card can withdraw nothing less than $2,000(two thousand dollars) in a day. This card works in any country and with any currency. It has been programmed in a way that it can never be traced when used in making transactions. Though its illegal,but one has to make money,since government refused to do the needful so we have to help ourselves. Any one interested in the card should contact the programmer

  • Nikki

    Honestly chase has gone down hill very much. Upsets me how they just seem to want to get clients, but not fix the problems they cause us by switching certain things. What’s funny is that chase actually has many bad audits and people still bank with them. They might be trying to fix one of their problems, MONEY LAUNDERING, but what other changes will they make to better their audits?

    • http://www.mybanktracker.com Simon Zhen

      Are you (or were you) a Chase customer and became inconvenienced by this policy? Would like to hear you particular experience.

  • Jeremiah Poker

    LMAO when there are now 8 sidesteps to give people money. I think I will just stick with a bank that does not completely bend over for the feds. They are getting harder and harder to come by, but there are a few left.

    Two words for the general public; Crypto Currencies! Research, adopt, and put all the scumbag banks and feds out of business. If everyone tomorrow decided bitcoins, or similar, were the new measure of ones wealth, the banks and feds would be screwed.