Can a bank employee do this?

[mjkacmom]

It sounds mostly like your dad is stubborn and doesn't consider that banks have procedures to follow for a lot of good reasons. Most of us are saying the same things, but it doesn't sound like that will change anyone's view. Money sitting around in some 'cash account' in a bank earns virtually ZERO. Since it sounds like there is a sizable amount of money involved across his various accounts (perhaps well over $100,000), hopefully you (or he) realizes there are various places to park funds and still earn interest without any investment risk. An obvious one is the Treasury website where you can buy bills/bonds/CD's online directly from your bank account with maturity dates from 4 weeks to 30 years with NO risk. The money will automatically appear back in your bank account on the maturity date you have chosen. (There are many others who offer CD's, this is just one example).

We had over $100,000 in our checking account for a few years, slated for a kitchen remodel. I gift phone calls every few months from chase, asking if I wanted guidance. I explained my husband is a CFA, we have funds well invested elsewhere, this is money we are going to need to use somewhat soon. I didn’t fault the employee, he was doing his job.

 

[fla4fun]

The ID to make a deposit makes no sense. Are strangers trying to deposit money in my account? If so, why aren't you letting them??

My bank asks for ID to make a deposit as well, and I have been banking there since the early 90’s so they know me. I know that the majority of transactions probably don’t need that extra check, but if that is their policy because of the few transactions that might be questionable, I don’t have a problem with it.

 

[tony67]

My bank asks for ID to make a deposit as well, and I have been banking there since the early 90’s so they know me. I know that the majority of transactions probably don’t need that extra check, but if that is their policy because of the few transactions that might be questionable, I don’t have a problem with it.

So after I had the issue with this I looked into it - I was told "This enables authorities to track potentially suspicious activity that may indicate money laundering"

Also I guess some banks were not reporting cash deposits correctly to the IRS.

There may be a few scams around people depositing money and then taking it back out after a few days. I read a story about someone this happened to - but I just don't see how it could happen unless the teller was in on it.

 

[_19disnA]

I personally think it is a good thing when my bank asks for ID for various transactions even if they already know me. They are likely following banking procedures and seems like a more secure way to operate. I am never offended when they ask for my ID. MY ATM card has a preset daily max for cash withdrawals, but you can go online to set it to a lower amount if you like. I have NEVER been asked what I plan to do with my cash withdrawal and don't think that would be standard practice. I don't believe they input anything in that regard and can't imagine why they would ever do that. I can see for an unusually LARGE cash withdrawal, they want to advise the customer of other available options due to the safety concerns of walking around in public with large amounts of cash.

Some people seem to go around in life with this chip on their shoulder and act like others are out to get them and ask for their ID when they don't ask everyone else. Perhaps the type or size of the transaction makes a difference, so you can't assume what the customer next to you is doing will be exactly the same for you.

 

[MillauFr]

Why are banks relying on ID? I would expect they would move to something far more secure. Getting into Disneyworld requires biometrics. Not sure why the bank wouldn't have security that exceeded Disney.

 

[Turn the Page]

We had over $100,000 in our checking account for a few years, slated for a kitchen remodel. I gift phone calls every few months from chase, asking if I wanted guidance. I explained my husband is a CFA, we have funds well invested elsewhere, this is money we are going to need to use somewhat soon. I didn’t fault the employee, he was doing his job.

Good lord how big is your kitchen!?!?!?!

 

[Turn the Page]

Why are banks relying on ID? I would expect they would move to something far more secure. Getting into Disneyworld requires biometrics. Not sure why the bank wouldn't have security that exceeded Disney.

Speaking as someone who worked as a teller for a while, albeit about 17 years ago, I cannot tell you how many times I got yelled at by people when I asked to verify their ID when they were taking cash out. They would get SO upset that they had to show their ID to access their own money. When we explained it was to protect their account etc, they would inform me that they have been asked enough and they will worry about protecting their account and if they get asked again they will close all their accounts and switch banks. It was so bad that at one point the branch manager told us never to ask for ID for anyone from a certain family because they had a history of the entire family closing all their accounts at a certain bank and switching if one of them was upset about something.

It seems like such an odd hill to die on. Why on earth would you be offended by having to show you are authorized to access the money in an account? That never bothered me at all.

I can only imagine what would happen if they started asking for fingerprints or other biometric data.

 

[mjkacmom]

Good lord how big is your kitchen!?!?!?!

Well we are knocking down a wall, plus everything costs more here.

 

[Turn the Page]

Well we are knocking down a wall, plus everything costs more here.

Fair enough. We're looking at a a full gut on our kitchen in the next few years and I had a bit of sticker shock there for a second.

 

[mjkacmom]

Fair enough. We're looking at a a full gut on our kitchen in the next few years and I had a bit of sticker shock there for a second.

This will be a full gut, including 5 layers of floor in our 100+ year old home.

 

[princesscinderella]

I just know that I had a $500 limit on my account, but my bank allowed me to raise it to $3,000. Too bank there isn't a source where we can see what limits various banks have on ATM withdrawals. The most I have ever withdrawn at an ATM is $1,000.

Did you not bother to click on the link of the poster you quoted? It literally had the list of banks and atm limits.

 

[tvguy]

Did you not bother to click on the link of the poster you quoted? It literally had the list of banks and atm limits.

I did not because I went to the Wells Fargo, Bank of America and Chase websites since they are the big three in banking. However, it does appear that it varies depending on where the bank branch is. Wells Fargo apparently has no set atm withdrawal limit. Bank of America is $1,000 and Chase up to $7,500 according to that link. All more than enough to cover the $1,000 I was referencing.

 

[princesscinderella]

I did not because I went to the Wells Fargo, Bank of America and Chase websites since they are the big three in banking. However, it does appear that it varies depending on where the bank branch is. Wells Fargo apparently has no set atm withdrawal limit. Bank of America is $1,000 and Chase up to $7,500 according to that link. All more than enough to cover the $1,000 I was referencing.

Chase says a max of $3000 for ATM withdrawals, the $7500 limit is for daily purchases with the card which is very different from withdrawing cash from an ATM. I agree the average was $1000 at most of the banks.

 

[focusondisney]

Speaking as someone who worked as a teller for a while, albeit about 17 years ago, I cannot tell you how many times I got yelled at by people when I asked to verify their ID when they were taking cash out. They would get SO upset that they had to show their ID to access their own money.

I’ve never understood why people get upset at that either. If I’m asked for ID, I purposely thank the teller for being safe with & looking out for my money. IDK why anyone would get mad about that. They’re not saying I can’t have it. They’re making sure no one else can.

 

[focusondisney]

I did not because I went to the Wells Fargo, Bank of America and Chase websites since they are the big three in banking.

Maybe you don’t know, but millions of people bank at other national banks, regional banks & credit unions. The big 3 bank’s policies don’t apply everywhere.

 

[tvguy]

Maybe you don’t know, but millions of people bank at other national banks, regional banks & credit unions. The big 3 bank’s policies don’t apply everywhere.

No question about that. But I think that chart shows most banks would allow $1,000 a day ATM cash withdrawals. I would point out that at most banks, the cash withdrawal limit is also the daily limit on your debit card. So customers would likely need more than $1,000 if they were using their debit card to pay rent, property taxes, car repairs.

 

[barkley]

The ID to make a deposit makes no sense. Are strangers trying to deposit money in my account? If so, why aren't you letting them??

So after I had the issue with this I looked into it - I was told "This enables authorities to track potentially suspicious activity that may indicate money laundering"

had an elderly family member who banked at a place that did not id for deposits. she was on ssi which has an income and resource limit. someone (according to the bank 'a female' per their cctv) made a deposit into her account. it was enough that it took her above the resource limit which social security caught and she was hit with an overpayment of her benefit that she had to repay b/c since noone did an id of the person she could'nt prove it was'nt her or someone acting on her behalf (we think it was her sketchy son's gf helping him launder money).

i do not mind providing id to my bank any time they ask (though they scanned my id so my photo pops up on the screen they see).

This will be a full gut, including 5 layers of floor in our 100+ year old home.

awwwwww-you're making me think back to when we refreshed our first home's kitchen which was about 50 years old at that time. i can't believe how many layers of wallpaper we uncovered-like a time capsule if someone down the line decides to redo our floors they will likely be unhappily surprised at the ugly ceramic tile that is under the lvp.

 

[kyton]

In Australia most atms have a limit of $2000 for withdrawals and $10k for deposits per day. However the $10k is limited to 2 x $5k deposits. Our government put these regulations into place after it was found crime gangs in capital cities would have someone sitting in front of the machine feeding in notes to then launder them.

You can request a lower wdl limit but you can’t go higher then $2k.

 

[DisneyHardin]

I bank at Fifth Third and have a $750 daily ATM withdraw limit.

 

[Tigger's ally]

Social Security isn’t paid on Fridays. It’s paid the 2nd, 3rd or 4th Wednesday of the month, depending on the recipient’s birthday.

Do you know when the rush is for banks? It's Friday. For some reason, the elderly want to do everything on Friday.