Is this a war on cash or a war on privacy? Or both?

[plowhog]

Went to the bank recently (Wells Fargo.) Presented a completed deposit slip with my business name and account number. I was depositing cash receipts from that same business.

I heard: "Sir, I need to see your ID." What? My ID? To give you CASH?

I have deposited cash for many years. My business is very small so it is always under $10,000 per deposit. (I know going over $10k in cash triggers more regulations.) Apparently the new policy at Wells Fargo is that anyone depositing *any* amount of cash must now show ID. The teller said she wasn't sure but it might be a new federal regulation. I'm tempted to go in next time to deposit .01 cents and see if they enforce the policy.

I'm not sure what to make of this other than ... I don't like it! It's either a war on cash, war on privacy, or both????

 

[4570Man]

If anyone wants to deposit money in my account than don’t stop them. It seems like a stupid idea.

 

[/pine]

Nothing to do with (regulated) banks...but...
Yesterday I was in both a Tractor_Supply and a Harbor Freight store...both times when checking out I was asked for my phone #...what exactly were they going to do with my phone #?? I for sure don't want either of them calling me for any reason...so they must use it to get other information...from who do they get information they can use ??

When they asked my reply was "NO, I don't have a phone"...!

 

[kf4uda]

Found this:

Wells Fargo to require ID for cash deposits and... : dashpay

If you search around a little, you find that they are not alone. Several banks are doing it. Something about money laundering somehow with bitcoin.

 

[Howling]

Earlier this year my daughter needs some money. I went to local BofA branch with cash to deposit in her account. Had her account number and the details but they would not accept it from me. They put in policy last year that only the account holder can deposit cash in to an account.

 

[nbking]

When they ask for my phone number I give them the Hollywood # 555-1234. They still input it, but with a smile.

 

[thepumpguysc]

2 stories.. When a pretty young girl at the register asks for my phone #, I say.. I think your cute too, but my wife wont let me date.. sorry..
A banking story>. the wife got a 10K check from Walmart.. she wanted to deposit it into MY account for a roof repair we needed..
We BOTH went inside the bank & they WOULD NOT accept the check because she wasn't on MY account..
I was LIVID.!!! Then they had the audacity to start asking her ALL SORTS of PERSONAL questions.. I LIT INTO THEM.. They said, that "maybe" she was under "duress".. WHAT??.. Then the "woman" said.. & I swear.. Well what would happen if you took her money & ran off?? I just about punched her in the face.!!! I screamed>> Well that would be none of YOUR G.D. BUSINESS, now would it?? OH, I was MAD.!!
We never did get the check deposited in my little bank.. She just went into town & deposited into her big bank.. & SHE'LL write the check for the roof repair..

 

[oosik]

Would George Orwell please step out here from behind the curtain - GEEZE. I bank at a small regional bank - everybody at the branch here in my home town knows me. As of yet - I've not been asked from any ID when I deposit or withdraw money. Every once in a while I will give my son money in the form of cash or a check. To my knowledge, he has never had a problem depositing it in his bank.

Some times I'm asked to show my drivers license for ID when I make a purchase with my MasterCard. I have no problems with that request.

I've never been asked for MY phone number ( too old, too ugly ) nor my SS # - - I would simply answer - NO.


So........ you want to deposit cash into your account at your bank - they want ID - you show them your drivers license, with that ugly picture - are you telling me that the teller has a sufficiently sophisticated mind that she can visually scan your DL photo and know that she is NOT to accept cash from YOU?????

I wonder - exactly what are they looking for when they ask and receive a photo ID??? God help the individual who has no photo ID.

 

[Jstpssng]

Nothing to do with (regulated) banks...but...
Yesterday I was in both a Tractor_Supply and a Harbor Freight store...both times when checking out I was asked for my phone #...what exactly were they going to do with my phone #?? I for sure don't want either of them calling me for any reason...so they must use it to get other information...from who do they get information they can use ??

When they asked my reply was "NO, I don't have a phone"...!

It's a unique number to get you into their system, that way they can track what you purchase. Nothing new, grocery stores do it all of the time by offering deals if you have their "Rewards Card." If you shop elsewhere though you will notice that they jack the prices up before offering you that "special discount."
TS used to ask for your zip code, and the clerks never believed me when I told them that I didn't have one.

I have never been asked for ID, but am in my bank and CU often enough that they know me, in the former they often have my account up by the time that I get to the counter.

 

[Turbys_1700]

I deposited a large check for my mother last week from part of an estate settlement. The deposit slip was signed and had no issues. Small town bank. I can't see why a check in this instance would not be an issue.