ILLMAS Posted February 18, 2014 Report Share Posted February 18, 2014 I rent an office space from a CPA firm and we both have an account with the same bank, yesterday one of their employee took my deposit and was told next time they were not going to accept a cash deposit without an ID, they need to check if the person making the deposit (cash only) is on the account. Has anyone else had this problem already? http://www.foxbusiness.com/industries/2014/01/14/chase-revamps-cash-deposit-rules-to-ease-money-laundering-risks/ Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 18, 2014 Report Share Posted February 18, 2014 Change banks. Make it known to the branch manager that you are and why you are. Too many banks that will appreciate your business. 2 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 18, 2014 Report Share Posted February 18, 2014 its the way all banks are going, chase and citi are doing the same. ummmm why put cash in the bank Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 18, 2014 Author Report Share Posted February 18, 2014 its the way all banks are going, chase and citi are doing the same. ummmm why put cash in the bank Money under the mattress Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 18, 2014 Report Share Posted February 18, 2014 I think this has to do with new directions given to the banks in now doing banking with legal marijuana businesses. The cash will be traced by I'd to curb drug trafficking and money laundering. That's what my bank claims. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 19, 2014 Report Share Posted February 19, 2014 I've been asked by my credit union for ID for years whenever I make a deposit. Now I just use the ATM. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 19, 2014 Report Share Posted February 19, 2014 I use a small local hometown bank. I have NEVER been asked for ID when making a deposit. Big banks have forgotten who is the customer. When my kids were still in college, we would regularly make deposits into their checking account. I suppose those banks asking ID would not allow such? Monster size banks, monster size attitude, customer service non-existent. It is why we left the big bank 8 years ago. 2 Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted February 19, 2014 Report Share Posted February 19, 2014 my bank just informed me that as of 3/18 I have to keep a $25,000 balance to avoid a newly imposed $35 a month service charge for an account which for over 15 years has been free. My assistant was given the task of finding us a new bank; we go Sturday to interview the new, local, bank to open a new account there, 5 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 19, 2014 Report Share Posted February 19, 2014 my bank just informed me that as of 3/18 I have to keep a $25,000 balance to avoid a newly imposed $35 a month service charge for an account which for over 15 years has been free. My assistant was given the task of finding us a new bank; we go Sturday to interview the new, local, bank to open a new account there, Move every cent of business from them. They have obviously forgotten who pays who's paycheck and have no clue about customer service or loyalty. It is the exact same disease that is permeating the big banks everywhere. Look local, consider credit unions. We have had much luck there. 2 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 19, 2014 Report Share Posted February 19, 2014 We moved my husband's business two years ago to the Credit Union where I have mine. Fees, fees, fees for everything. In his car business, we have known for years about money laundering. Anytime we receive a cash payment of $5000 or more for a vehicle, we have to fill out paperwork. Same goes when we deposit between $5000 and $10000 at the CU. Is as huge a thing as Identity Theft and there is also the issue of forgery which is becoming more and more common. And we are actually rural and bucolic. What is it like in the big cities? As for cash, in the few instances when anyone pays me cash, I record it as income but don't deposit it. That is my spending money for the year, if it lasts that long. In the safe, though, not under the mattress. Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 19, 2014 Report Share Posted February 19, 2014 <snip> As for cash, in the few instances when anyone pays me case, I record it as income but don't deposit it. That is my spending money for the year, if it lasts that long. In the safe, though, not under the mattress. Some of the memory foam mattresses are so heavy that your cash could be considered safer there -- no thief could get to it! 3 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 19, 2014 Report Share Posted February 19, 2014 Some of the memory foam mattresses are so heavy that your cash could be considered safer there -- no thief could get to it! Lots of people use the freezer for the fire factor. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 19, 2014 Author Report Share Posted February 19, 2014 Samsclub has this fire-proof safe for $40, I was going to buy one but when I tried picking up the box I changed my mind, the $40 is not worth luging this heavy item. 1 Quote Link to comment Share on other sites More sharing options...
Bob Hoffman Posted February 19, 2014 Report Share Posted February 19, 2014 Move every cent of business from them. They have obviously forgotten who pays who's paycheck and have no clue about customer service or loyalty. It is the exact same disease that is permeating the big banks everywhere. Look local, consider credit unions. We have had much luck there. Totally agree with Jack. Seems like they (CU) have a different focus than the banks do. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 19, 2014 Report Share Posted February 19, 2014 As I said, my CU has required an ID to deposit. I hadn't thought about the laundering aspect, but I'm sure it's the pot dispensary issue here. The first time I asked the teller, "so I'm supposed to complain if someone wants to put money INTO my account?". I understand withdrawals. Now I do my banking at all odd hours, it's the ATM for me. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 19, 2014 Report Share Posted February 19, 2014 It's a pain, for sure. If you don't deposit the cash you collect, you are leaving yourself vulnerable in an audit, but if you do, you can't send it to the bank with someone you trust, who's going there anyway. The ATM after hours has it's own dangers. Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 19, 2014 Report Share Posted February 19, 2014 Seems like it ought to be the other way around. If I'm handing cash over to a teller I don't know, expecting it to be placed in my bank account, I should be the one with the right to ask the TELLER for some ID. Interesting conversation about the banks and credit unions. I was going to move my business accounts over to my credit union long ago, but credit unions can't have business accounts in NC. It's possible to circumvent that, but then there's the risk that the NCSUIF coverage might not be valid because the account is being operated under false pretenses. 1 Quote Link to comment Share on other sites More sharing options...
easytax Posted February 19, 2014 Report Share Posted February 19, 2014 Seems like it ought to be the other way around. If I'm handing cash over to a teller I don't know, expecting it to be placed in my bank account, I should be the one with the right to ask the TELLER for some ID. Interesting conversation about the banks and credit unions. I was going to move my business accounts over to my credit union long ago, but credit unions can't have business accounts in NC. It's possible to circumvent that, but then there's the risk that the NCSUIF coverage might not be valid because the account is being operated under false pretenses. You might want to check your credit union again ---- some different laws changed in past few years (yes, each state can be different). PA had no business accounts at one point --- then it was OK for some CU who had changed "charter" wording and eventually all CU's allowed some business accounts. Maybe you will luck out and NC changed/adjusted their rules --- also, maybe it was just that one CU's charter that did not allow business accounts. Food for thought. Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 19, 2014 Report Share Posted February 19, 2014 Thanks. I'll check on it, because I'm sure not happy with some aspects of Big Bank (enter name here). Quote Link to comment Share on other sites More sharing options...
Kea Posted February 19, 2014 Report Share Posted February 19, 2014 I switched to a credit union years ago and never looked back. They ask me for ID for deposits only if I want to see my balance on the deposit slip. I don't have a problem with that. I almost had to change a few years ago when they held a vote to change the insurance from (federal) NCUA to a private insurance company. The vote passed but then they changed their mind when reviewing costs. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 19, 2014 Report Share Posted February 19, 2014 A few years ago, our CU would take sole proprietors but not Partnerships. Now it is open to all business. So, things do change. We get no fees, we get interest (minimal) on our checking accts. We get excellent service and when you walk in, they usually know who you are. Quote Link to comment Share on other sites More sharing options...
taxxcpa Posted February 20, 2014 Report Share Posted February 20, 2014 Very few people pay me in cash. I never deposit it since I can always use it when buying something. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 20, 2014 Report Share Posted February 20, 2014 It's a pain, for sure. If you don't deposit the cash you collect, you are leaving yourself vulnerable in an audit, but if you do, you can't send it to the bank with someone you trust, who's going there anyway. The ATM after hours has it's own dangers. I am not sure I agree about the "audit" comment. as far as I am concerned, I report income based on business records and assuming they are accurate, there is no reason to have to deposit all income. Retail stores routinely take $ out of the register for window washers for example or needing cleaning supplies etc. As long as the income is reported then that's fine, in fact its more suspicious when a business tells me all their income in on their bank statements. In the situation o/p the person is a tax professional who bills out and probably has quicken or quickbooks to keep track of income so a P&L report is more accurate than bank accounts. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 20, 2014 Report Share Posted February 20, 2014 I am not sure I agree about the "audit" comment. as far as I am concerned, I report income based on business records and assuming they are accurate, there is no reason to have to deposit all income. Retail stores routinely take $ out of the register for window washers for example or needing cleaning supplies etc. As long as the income is reported then that's fine, in fact its more suspicious when a business tells me all their income in on their bank statements. In the situation o/p the person is a tax professional who bills out and probably has quicken or quickbooks to keep track of income so a P&L report is more accurate than bank accounts. As long as the amounts deposited in your accounts are less than or equal to the income stated on the returns under audit, you will be ok. The very first check an auditor makes is to check those numbers from bank account deposits and the tax returns. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 20, 2014 Report Share Posted February 20, 2014 I do the same thing depending on whether I need cash or need $$ in the bank to pay bills. And now that my ATM is 'no envelopes', the condition of the cash since the ATM spits out bills it doesn't like :( Quote Link to comment Share on other sites More sharing options...
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