Bank of America + Driver's License

IOBA · ‎01-07-2016

There doesn't seem to be a perfect place to post this, so, why not here?

I went to Bank of America today to deposit cash into a relative's account. The teller accepted my money, put it in the drawer, and then demanded my driver's license. I told the teller that I was uncomfortable with this. The teller said it was mandatory for depositing any cash, even if it is just a penny. The manager was called over and carefully explained that BA's new policy is to record all of of the information of a person's DL for any cash deposit. An acceptable alternative to my DL would be my BA debit card swiped.

Same purpose - to record all of my personal information tied to either my DL or my BA account and LINK IT to the account I was depositing cash into.

Why? It's so that BA has more people to "contact" in the event they decide to "pursue collections" or to "reach" a hard to reach customer.

Ah, no. No thank you. Please give me back my money.

I have had phone calls at 2 and 3 AM from BA trying to find/to reach/to collect funds from someone who else whom I had been "linked to" in BA's system. I was not on the account, I did not have access to that person's account - yet somehow, BA decided I knew the person and repeatedly contacted me trying to reach the other person. This was years ago. I don't want to be linked to someone else's account, directly or indirectly.

** on another note, if I had a bank account with BA, I could initiate a web transfer (all of my personal info would still be linked to the other person's account though.)

** on another note, if I had the other's persons debit card, I could do an ATM deposit. I do not have their debit card and I am not on their account.

It's probably just me, but I don't want to be linked to someone else's account that I have no access to, especially for data collection or collections in general.

Would you care?

elim · ‎01-07-2016

If there was some fraud/money laundering, this would clear the name of the account holder. Good policy.

Hokies2379 · ‎01-07-2016

@elim wrote:
If there was some fraud/money laundering, this would clear the name of the account holder. Good policy.

This is exactly the reason behind it. People really over think things. But it is simply for the protection of everyone involved.

Hokies2379 · ‎01-07-2016

@IOBA wrote:

I have had phone calls at 2 and 3 AM from BA trying to find/to reach/to collect funds from someone who else whom I had been "linked to" in BA's system.

I'm probably going to get dinged for this, but I'm going to tell you that

A. This is simply not true.

B. If, by some crazy unheard of, no way in hell chance, you were really getting calls in the middle of the night from any bank, you'd be on the winning end of a lawsuit, because it is illegal. Try again.

myjourney · ‎01-09-2016

Something may have changed in the laws because there was a message on my Chase statement today .....See below

Important News

Starting March 2016, when making a cash payment on your business or consumer accounts, be ready to show ID. For consumer accounts only: Make cash payments on accounts that list your name or where you have authorization on file with Chase. Contact us to discuss other payment options.

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Anonymous · ‎01-10-2016

the world is a different place today as it was in the 1950's just like the 1950's was a different place in that moment, than it was in the 1920's.

Chase actually started requiring IDs for cash deposits into any personal accounts way before limiting the ability to do so altogether for personal accounts--business is a bit tricker since you have merchant deposits for lines such as restaurants, retail clothing/accessories stores, etc.

On one hand, I have no worry since I don't do anything shady and for the most part, if you're straight and narrow it really doesn't affect you. Plus when you think about the cashless society we're moving towards these days--venmo, square cash, paypal, etc--why would I need to deposit cash into someone's account? And for those that really really need to for whatever reason, you can STILL take a cash advance off your bank's debit card (which should not charge you) and simply transfer it into that person's account electronically. 1) it's safer since you don't carry any physical cash that can be lost/stolen 2) better for your hands and 3) it allows the banks to be in compliance with federal regulations in place that is out to catch terrorism/moneylaundering/criminalorganizations.

On the flip side, when is it too far? What if the powers or allowance to do shiet like this (big brother type of dealio) is given to someone who will abuse it, or prone to being turned into a power hungry money grubbing hog?

It's so funny that Chase was one of the first banks to do so (like quickdeposit) and lots of folks were complaining about this, and true to the word--other banks are following.

Callandra · ‎01-10-2016

@elim wrote:
If there was some fraud/money laundering, this would clear the name of the account holder. Good policy.

To me it makes sense to ask for ID if you are depositing funds into someone else's bank account in cash.

Of course there are other times that asking for ID doesn't make sense (you know, returning an item which you have the receipt for).

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lg8302ch · ‎01-10-2016

In some countries you even need to provide proof where the money is coming from and this is for money laundring purpose ... no proof of the source of the money and it will not be accepted for deposit not even with an ID. After a certain amount the documentation will be kept in a file and not only shown to the clerk. In my opinon it is time the US does get a bit more strict on this as well.

IOBA · ‎01-16-2016

Hokies2379 - no, no ding, but a better explanation.

The person who they were trying to reach last known to live on the east coast.

I was temporarily living in Hawaii. With the time difference, yes, the calls were coming in at 2 and 3 am.

Money laundering - that makes sense. Would someone make small deposits of less than $100 for money laundering?

I don't have a debit card for BA and could not electronically transfer funds to the account since there was no money in my bank account and all I had was cash. My bank does not have local branches, so I could not go in and deposit the cash into my account to transfer to the other person's account.

Anonymous · ‎04-03-2016

@IOBA wrote:
@Hokies2379 - no, no ding, but a better explanation.

The person who they were trying to reach last known to live on the east coast.

I was temporarily living in Hawaii. With the time difference, yes, the calls were coming in at 2 and 3 am.

Money laundering - that makes sense. Would someone make small deposits of less than $100 for money laundering?

I don't have a debit card for BA and could not electronically transfer funds to the account since there was no money in my bank account and all I had was cash. My bank does not have local branches, so I could not go in and deposit the cash into my account to transfer to the other person's account.

Its always wise to have a local bank...especially with all the new laws affecting banking. Making random cash deposits is absolutely becoming a thing of the past