@thumber1, I use my smartphone to do my CC browsing and posting. I think the main reason why I have stopped using computer at home is because my back is no longer good enough for me to sit after work. I sit in front of the computers quite a long time every workday. I want to be away from that dreadful computer screen and mouse/keyboard (and the “sitting” position) as much as I can after work.
We even do not use any ATM cards (not the credit cards) from any of our banks. We are really outdated. But at least we use the credit cards.
Often times, the bank teller would ask for our bank card. We told him/her that we did not use it (I believe we even did not call the number to enable these cards.)
It would seem that instead of fretting about showing a picture ID, you should just do what 99% of people do these days and use an ATM card. You can deposit checks, deposit cash, and withdraw cash. It doesn’t matter if your son banks at the same bank or a different one - you can set up an automatic transfer on whatever schedule you like, or do a one-time transfer if that suits your needs.
You don’t need to go to YOUR bank to get rolls of quarters. You can do that at any bank. Just walk in.
You don’t need to sit at a computer for hours to set this up, so not sure what that has to do wth anything.
Only need to show ID if I’m withdrawing cash. i used to deposit checks/cash into my son’s account at a different bank and never was asked for ID - why would I? S, H and I also all have accounts at the CU and I can transfer money online from all the accounts.
I also now deposit checks using my phone.
We have two banks. At Chase I do not have to show ID no matter what I am doing. At Wells Fargo I always have to show my ID every time.
Do people regularly need to deposit cash in this day?
I very, very rarely have more than like $20 on me. There’s just no reason to ever use cash IME.
But even still, there’s an ATM for that.
I much prefer mobile banking. No need to keep track of receipts from banks and whatnot. Plus, I have a digital record of my deposit (phone deposit).
I get cash someone’s, like when I perform weddings. I sometimes also get cash gifts. I prefer to pay in cash at small restsurants because I feel it helps reduce their admin costs.
I’m rarely asked for my ID, except when I’m asking God the new balance on my acct, after making a deposit.
I am asked for an ID when I deposit into D’s account, tho we are joint account holders. They say if we weren’t joint, for some reason they wouldn’t allow me deposit–no idea why. It makes no sense. Our property manager makes deposits into our accounts all the time. He definitely ISN’T joint on any account with us. It may vary by bank. Ours are local banks, not national.
What’s with the pulling up of some select lines from old posts from several years ago to start a thread about putting money in your kids account? Boggles the mind.
And if you need quarters, you can get them at any store. No need to go into a bank.
Does God answer?
We were discussing this topic recently after a bank teller (whose counter was labeled “associate in training”) had asked us whether a certain account of ours is a “business account.” When I look it up, it is indeed that there could be some changes in some bank’s policy in the past few years and it seems that not everybody is aware of this change. (At least I did not.)
This is another link.
http://m.huffpost.com/us/entry/chase-stops-cash-deposits_b_5568830.html
and this link says the same:
http://www.mybanktracker.com/news/2014/03/06/chase-stops-cash-deposits-accounts/
This could explain why the government asked the bank to do this:
The remaining question is whether the deposit of a check is considered the same as the deposit of cash.
A discussion about a somewhat related (but not the same) question at Bogleheads:
https://www.bogleheads.org/forum/viewtopic.php?t=155141
Someone (in the above link) who claimed to work for a bank said this about the endorsement aspect of depositing a check:
“I work for a bank. Yes we take deposits from anyone to any account. Even if the check isn’t endorsed, you can just write “for deposit only” on the back (or the teller will stamp it “for deposit only”). If you aren’t the account holder or can’t provide ID, we wouldn’t give you cash back from the check though, or allow you to make a withdrawal or give you any account info.”
I don’t object to showing my ID when depositing for the business I work for; I just found it puzzling, why would they need my ID for a deposit? As far as I know, my company doesn’t have an ATM card and I wouldn’t have access to it even if we did. And there’s still no way to get change out of an ATM. As long as customers pay with cash, and they do, stores will need change.
Why you need ID for a deposit? Because sometimes after mqking a deposit, people say, “oh wait. I forgot! I need ten bucks in quarters, please.” It is easier to do so when the ID is already confirmed. It is just an SOP.
At BofA, I always have to show my ID no matter what: I can bypass it by swiping my ATM card, but I do not have any. I refuse to carry an ATM card - for my own peace of mind. I do not do business with “cash only” places. If your place does not accept checks, Visa, MC, or Amex… sucks to be you.
Thanks for sharing your experience.
We do not carry any ATM card and do not have it (by choice). But it seems our son has his ATM card.
However, I still do business with cash only places.
I think we are more “old style” in the sense that we still pay cash occasionally. But I think our son may not do so as frequently as we do (if he still does so.) I remember that when he was in college, we kept asking him to take cash to campus (so that he would not need to go to a bank) and almost always he did not use much of the cash we gave him in the school year. This was many years ago but now we “get it” that he prefers to use the card even for small purchases. (We definitely belong to an older generation in this aspect.)
I dont know why some here think this isnt problematic. If your kid banks at Chase but you dont, how can you get them money quickly? If you use some type of electronic transfer (paypal etc,) it takes 3 business days for the transfer to process. As long as you present id, there is no reason a bank shouldnt take a deposit into a valid account, especially if the dollar amount isnt large. If it is a check, they can always put a hold on the check to make sure its valid.
For various reasons, we have one account at Citibank that is in my name only and one that is in both H and my name. Periodically we receive checks - most small, but some large - made out to H. We want them to go into " my" account. These are too many to do via an ATM so I go in.
For smaller checks they will deposit them into my account, but for the ones that are several thousand or more, I have to deposit them in the joint account and then transfer the same amount into “my” account. I have no problem with this because DUH, how do they know I didn’t just take those checks from my spouse and he doesn’t really want me to have them? This just happened last week as I had an $8000 check.
I am totally fine with them requiring ID and the people on the forums Mcat linked to sound like unsophisticated whiners.
All this complaining about showing a picture ID is silly, Mcat. Either come into the 21st century and use ATMs and online banking, or do t complain about the inconvenience.
http://www.sfchronicle.com/business/networth/article/Banks-change-deposit-policies-to-combat-6481441.php. Looks like they may think the cash depositor is not “old style” but may be money laundering, selling drugs or the next Bernie Madoff.
" Do people regularly need to deposit cash in this day?
I very, very rarely have more than like $20 on me. There’s just no reason to ever use cash IME "
Yes, 7 days a week for my business.
We bank at two banks for business and I have my personal accounts at another, that my daughters use too.
Most of the tellers know me , but if they don’t and I am doing a large transaction ( deposit or withdrawal ), I just save them the trouble of asking for my license and send it in . If you deposit $10,000 or higher in cash , by law they have to ask for your license.
It doesn’t bother me to show my ID anytime I am asked , anywhere
On the back of our Visa cards, we have written “see photo ID.” It is rare that someone actually turns the card over and asks for ID, but we thank them when they do. I really do not get all the whining about showing a picture ID - you’d sing a different tune if you were ripped off.
I dont have a problem with a bank requiring id, I do have a problem with a bank not allowing a deposit into an account if your name isnt on it, especially when you do present an id.