Gonna be hard flying under the radar now

[FormerTeller]

Stopped by Chase today, to get a rare President's Day coin fix. While waiting my turn, I heard the teller tell the drive through customer that starting in March they'd have to show id to deposit money!

I figured I couldn't have heard her correctly, so I asked her about it. Turns out that all Chase banks - and presumably soon all banks everywhere - are going to require a photo id to either deposit or withdraw cash. I didn't ask her, but I suspect this will apply to people exchanging cash for coins or vice-versa. What she said was that this is being done in an effort to combat money laundering. Not only do they have to id the customer, but they have to enter the id in their computers - again, for each and every transaction. She was really b*tching up a storm, as it will mean a LOT of extra work for them.



For those of us who fly under the radar while coin roll hunting, this may throw a huge monkey wrench into the works. If nothing else, it will raise a lot more red flags for anyone who analyzes accounts, and may completely halt non-account holders from buying coin.

Sorry to be the bearer of bad news.

 

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[Joe777Cool]

deleted to protect the innocent. not going to get drawn into hateful political discussions.

 

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[SilverForBrains]

Of course not. Demanding ID to vote is racists. Dontcha know?

it's a demographic political strategy, that's pretty undeniable

 

[Treasure finder]

Interesting, there is a Bank here that has opened accounts without social security # for undocumented aliens and after 6 months they get a
$500 limit credit card. Open an account there and bring in all your coins!
Rich

 

[mr.landpirate]

You have to be an undocumented CRH

 

[Iamrussell]

You have to be an undocumented CRH

Lol

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[theekman]

Government and bankers have been in bed together for a long time. We paid for these scumbag bankers to keep their jobs. Now im sure the government is asking for the banks to scratch their back now.

Lol we should make a run on chase to show other banks not to follow suit.

 

[jr98119]

All of the above opinions are true, but I just went to my bank (big regional which does not have this policy) and told the vault teller that I heard that **** Bank is going to require ID for someone to deposit cash, even into their own account. She told me "we know you, so we won't ask you." but added that the banks are taking this step because fraudsters will deposit small amounts of money into an account just to get the account number on their receipt, and will then misappropriate the funds in that account. This might explain why you need id even to deposit cash "into my wife's account." Who knows!

FWIW, I only deposit coins in coin lok bags and I obsessively keep all the tear off strips, so that if I'm ever questioned by "them" I can trot out my shopping bag of coin lok receipt strips and prove that i just deposited halves.