Banking and Cash Vent...

[ultrarunner]

Seems there is a war on cash and it finally hit home for me.

For decades I have managed residential rentals... some units have been low income and others premier property... an eclectic mix.

One 4 bedroom home is rented by 5 students... good kids... one couple and 3 singles...

Each month the rent is a mix of cash and check(s) never an issue.

I was at the bank making my regular deposit and teller asked about the family and summer plans... etc... all small talk.

When it came to the cash deposit I was told no government ID no deposit??? I thought it was a joke as the niece and the tellers kid go to the same school, same class we see each other at school events.

I said is this new? She said there is a sign posted in the lobby... I said where... up in the corner facing the wall there is a sign saying "ID may be required" to which I said OK... but I have banked here since age 16... Mom did the ribbon cutting on the new branch opening... etc... branch manager said I have Best Customer Status and calls me at home with promotions...

I provide my License and left it at that.

Twenty minutes later a tenant stops by to pay to avoid being late... $800 cash and $700 check... I go right to the bank and now I am questioned as to why I am making 2 cash deposits on the same day???

The manager comes over... 3 weeks ago same manager calls me at home in the evening for 20 minutes to let me know special banking programs additions for their Best customers and if there is anything she can do to just ask.

Anyway, she said they treat everyone the same without exception... no matter if I walk in off the street or have banked with them for decades... I say this is a sad state of affairs because business is about relationships and I get a lecture on it would be unfair to treat people differently and that banking is heavily regulated.

I then make the point the airlines are heavily regulated and yet offer their best customers VIP lounges, express ticketing, by-pass ques and can apply for preferential security treatment... she said banking is not flying.

Then I simply said I would like to know what Federal Reg requires my Government ID?

She did not know and said she could not provide that information... I later investigate and learn Banks must "Know" their customers... nothing about requiring Government ID from the Feds... so ID at deposit is bank policy.

Up until that day... my only complaint on the customer surveys is the low .0015 interest they pay on checking.

Cash is becoming persona non grata here... the same with shopping too.

At the Hospital we often accept large cash payments... in fact we are not allowed to process credit cards for anesthesia payments... cash, check or money order for anesthesia... maybe we will have to deny medical treatment because the patient only has cash?

A lot of the Millennial tenants have asked to use PayPal and other forms of e-payment which I do not offer.

I left saying the events of the day have caused me to re-evaluate my banking relationship.

The next day I moved all but the minimums to the credit union which pays interest 40 times higher...

Mentioned my experience to my brothers and one did the same with his very substantial business account to a smaller regional Business Bank and we will see... so far his new bank has already invited him and his family to a night out where the bank reserved the Zoo for a private party in appreciation for their patronage.

 

[fried1765]

Seems there is a war on cash and it finally hit home for me.

For decades I have managed residential rentals... some units have been low income and others premier property... an eclectic mix.

One 4 bedroom home is rented by 5 students... good kids... one couple and 3 singles...

Each month the rent is a mix of cash and check(s) never an issue.

I was at the bank making my regular deposit and teller asked about the family and summer plans... etc... all small talk.

When it came to the cash deposit I was told no government ID no deposit??? I thought it was a joke as the niece and the tellers kid go to the same school, same class we see each other at school events.

I said is this new? She said there is a sign posted in the lobby... I said where... up in the corner facing the wall there is a sign saying "ID may be required" to which I said OK... but I have banked here since age 16... Mom did the ribbon cutting on the new branch opening... etc... branch manager said I have Best Customer Status and calls me at home with promotions...

I provide my License and left it at that.

Twenty minutes later a tenant stops by to pay to avoid being late... $800 cash and $700 check... I go right to the bank and now I am questioned as to why I am making 2 cash deposits on the same day???

The manager comes over... 3 weeks ago same manager calls me at home in the evening for 20 minutes to let me know special banking programs additions for their Best customers and if there is anything she can do to just ask.

Anyway, she said they treat everyone the same without exception... no matter if I walk in off the street or have banked with them for decades... I say this is a sad state of affairs because business is about relationships and I get a lecture on it would be unfair to treat people differently and that banking is heavily regulated.

I then make the point the airlines are heavily regulated and yet offer their best customers VIP lounges, express ticketing, by-pass ques and can apply for preferential security treatment... she said banking is not flying.

Then I simply said I would like to know what Federal Reg requires my Government ID?

She did not know and said she could not provide that information... I later investigate and learn Banks must "Know" their customers... nothing about requiring Government ID from the Feds... so ID at deposit is bank policy.

Up until that day... my only complaint on the customer surveys is the low .0015 interest they pay on checking.

Cash is becoming persona non grata here... the same with shopping too.

At the Hospital we often accept large cash payments... in fact we are not allowed to process credit cards for anesthesia payments... cash, check or money order for anesthesia... maybe we will have to deny medical treatment because the patient only has cash?

A lot of the Millennial tenants have asked to use PayPal and other forms of e-payment which I do not offer.

I left saying the events of the day have caused me to re-evaluate my banking relationship.

The next day I moved all but the minimums to the credit union which pays interest 40 times higher...

Mentioned my experience to my brothers and one did the same with his very substantial business account to a smaller regional Business Bank and we will see... so far his new bank has already invited him and his family to a night out where the bank reserved the Zoo for a private party in appreciation for their patronage.

An unfortunate sign of the times/world we live in.
I HATE it all!
Likely the very worst of all there,.... in the land of fruits & nuts.

 

[bunyip]

About a year ago I needed some cash, considerably more than avaiable from an ATM.
Went tto a branch and was met with looks of absolute horror, we don't carry cash, only electronic banking, had to travel 60km to a branch that did.
Rarely do I set foot in a bank but this left me bewildered after all I was of the opinion that this was a primary function of a bank.

 

[RNeumann]

Big bank vs local credit union.... seems about par for the course. I haven’t been in to to a bank in a few years. Everything I need can be done online.
For some, this is a matter of principle, for others a matter of style. The saying goes- In matters of style, swim with the current. In matters of principle, stand like a rock.
Some would say the Internet, cell phones or a smart phone is something they won’t do. But look at some of us. We need to jump on the Internet “just to vent.”
Good luck, I hope the credit union serves you well.

 

[5030]

Must be a Kalifornia thing but then Kalifornia is basically screwey anyway. Never had that happen here and I deal with a credit union, not a commercial bank and I to own and manage numerous rentals and get my rent in checks and cash. Actually I prefer cash. No paper trail for the Fed. Not that I'm dishonest, I prefer that grey area concerning declared income.

 

[fishheadbob]

There is a war on money laundering and unstated, undeclared income going on. Blame the I.R.S., the D.E.A., and the Patriot act for it. If you make $10,000 in cash deposits in a month, or if it appears that you are timing things to get around the "month" concept, the bank must file a "suspicious activity report" with the I.R.S. on a timely basis. Whether you're running a deli, selling pizzas, or anything else which generates a lot of cash, the govt. wants to make sure they're getting their cut of it.
A long time ago F. Lee Bailey said that if you are walking around with more than $500 in cash, you are probably doing something illegal. Inflate $500 to today''s money and you kind of get the idea.
You ought to see the craziness that happens in a bank when a customer wants to wire a couple of thousand back to "old country" relatives; especially if they're in the Middle East.
edit: this was in a credit union; we weren't exempt from the requirements.

 

[orezok]

I bank in CA and I can deposit any amount of cash directly into the ATM without even a deposit slip. I don't even have to go inside. The only way they "know" me is to look at the ATM's video. I suppose that if I tried to deposit $10K there might be a problem.

 

[TnAndy]

So simply stop depositing it. Stick it in a home safe, use it for expenses on the rentals, property taxes, or any dadgum thing else you like....it's your money. Unless one is in a large cash business, I can't see the need to even use a bank for deposits. Become your own bank. The less business I do with banks, the more I like it.

 

[4570Man]

So simply stop depositing it. Stick it in a home safe, use it for expenses on the rentals, property taxes, or any dadgum thing else you like....it's your money. Unless one is in a large cash business, I can't see the need to even use a bank for deposits. Become your own bank. The less business I do with banks, the more I like it.

That’s exactly what I would do but since he said he managed them I assume it’s not his money.

 

[atsah]

The less business I do with banks, the more I like it.

Same here.. A while ago my mother decided that she wanted to close an account and give me a sizable amount of money, I told her I don't want a check, she went in and closed the account and requested cash, they gave it to her and escorted to her car.. Makes no sense to me to be paying taxes on the same money five friggin times and getting harassed at a stupid bank..