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Chase Bank - limits cash deposits


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I sent some money via Western Union to a realative to be deposted into my Chase account to avoid an overdraft fee that will be forthcoming as a result of an auto-pay bill -- all due to my accidentally using the wrong debit card down here.


No way Jose! Not allowed anymore.


Chase now prohibits depositing cash into somebody's account which you do not control.


No more helping family members folks, it is against the law!


This has nothing to do with money laundering. It has to do with the exorbitant fees the banks will make forcing you to have to wire money instead of depositing cash into a loved one's account. See:Bank Fees Generate $40B Profit, Threaten Consumers


Comparing Bank Wire Transfer Fees: At the 10 largest U.S. banks, the average cost of an outgoing domestic wire transfer is $26.40 while the average outgoing foreign wire transfer fee is $45.50... at Chase $30. The average costs of incoming domestic and foreign wire transfers were $14.70 and $17.50, respectively, at Chase, $15.
So in order for you to to give your kid $50, Chase will collect fees of $30 from you and $15 from your kid for a total of $45 in fees.


This is institutional money extortion, not money laundering.






Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks


Published January 14, 2014





  • chaseATM.jpg

    Reuters




In a bid to close potential money laundering loopholes, JPMorgan Chase (JPM) tells FOX Business it is set to roll out a new policy that requires customers who want to make a cash deposit to show identification and be listed on the actual account.


It is believed that the New York-based financial giant would be the first big bank to enact such a change.


JPMorgan, the largest U.S. bank by assets, has been in the crosshairs of heavy regulatory scrutiny in the past year, highlighted by a $2 billion settlement last week over lax standards related to the Madoff Ponzi scheme.


Chase tellers are expected to begin asking customers for ID when making cash deposits on February 1, but the policy is not expected to be strictly enforced until March 3, Chase told FOX Business.


“We are making this policy change for cash deposits only to combat misuse of accounts, including money laundering," a Chase spokesperson said.




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And why is this happening? - well, a simple answer, Dodd-Frank written and passed by two members of congress both now retired (in luxury I might add). They decided to crack down on banks and limit some fees etc. Of course "limiting" a bank is like pushing down on jello with your thumb, it just squirts out a new direction. And so in DC's infinite wisdom (and bone headed stupidity) they limited some things and banks simply increased or restructured others to make up the profits. Again, TU DC for all your help.

Life is a learning experience of action-reaction lessons. As a kid you learn to not stick your hand in fire or the reaction will be predictable, and an infinite number more. So, why is it that the elected officials in gov don't seem to have the capacity to think anything thru and see what is going to happen when they do something? - take a look at the tragic thing happening at the border, an obvious reaction that anyone could have predicted.

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They accepted a cash deposit for me last week, $400

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We are with Chase and what we do with a family member we opened a joint account then all we have to do is transfer money on the computer from one account to the other.It is instant and cost nothing.the papers to open the account can be sent for you to sign.

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And why is this happening? - well, a simple answer, Dodd-Frank written and passed by two members of congress both now retired (in luxury I might add). They decided to crack down on banks and limit some fees etc. Of course "limiting" a bank is like pushing down on jello with your thumb, it just squirts out a new direction. And so in DC's infinite wisdom (and bone headed stupidity) they limited some things and banks simply increased or restructured others to make up the profits. Again, TU DC for all your help.

Life is a learning experience of action-reaction lessons. As a kid you learn to not stick your hand in fire or the reaction will be predictable, and an infinite number more. So, why is it that the elected officials in gov don't seem to have the capacity to think anything thru and see what is going to happen when they do something? - take a look at the tragic thing happening at the border, an obvious reaction that anyone could have predicted.

So, essentially you are saying that the people who run the banks are greedy pigs and that trying to regulate their ripoffs is like playing "Whack-a-mole"? Well, you are probably right, but that is no reason to refrain from whacking the mole, every chance we get.

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We move money around using the bill paying methods which are part of online banking at our credit union direct to folks accounts at other banks in the US. No fees. It works like you were paying your electric bill online the money just ends up in another account in another bank. Not all systems can do this but many can. Folks get rid of those big banks and join a big federal credit union if you can. Everything is better at a big federal credit union than any large bank. Yes you will have to do some research. I use First Tech Federal Credit union but other CU exist in other parts of US. To bring money down here we just write a US bank/CU check and deposit it in our Bancomer account. Checks larger than $5000 get a better rate at Bancomer and it clears in a little less than a week or so. Fast and secure enough for me. I avoid international wire transfers as they are targeted by US in my opinion.

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Square Cash deposits the money to a US debit card immediately. Without providing more details it is limited to $250 a week and is free.

With XE you can deposit money in a foreign account without a charge but a deposit in Mexico can take longer than normal due to the Mexican banks.

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In Canada all the major banks allow instant cash transfers to any account, and to pay almost any bill. I can send to a family member or a friend that the bank has never heard of, and for a dollar, the cash is in their account in 15 minutes flat. I've never understood why U.S. banks don't offer this simple, effective service. But, of course, money-grabbing does seem to answer that question.

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In Canada all the major banks allow instant cash transfers to any account, and to pay almost any bill. I can send to a family member or a friend that the bank has never heard of, and for a dollar, the cash is in their account in 15 minutes flat. I've never understood why U.S. banks don't offer this simple, effective service. But, of course, money-grabbing does seem to answer that question.

When our forefathers were writing our constitution, the US Civil War was on. They decided on a different division of powers at least partly in hopes of avoiding a similar fate in Canada. So, in many instances, our federal and provincial jurisdictions are the exact opposite of the US. Sometimes they got it right IMHO, and in others not so much so. By and large, the Canadian banking system is as strong as it is because of this decision, anyway.

In the US, banks are chartered and regulated by the states. In Canada, they are under federal jurisdiction. This means that, rather than having a patchwork of smaller banks and regulations, we have a very small number of large banks that are able to serve the entire country. The small number meant that they were able to work together to set up a single, central clearing system for cheques and, now, for debit cards (Interac).

It definitely makes things generally simpler (but more expensive) for consumers, due to the lack of real competition.

It also meant that Canadian banks became monolithic and totally risk-averse, as anyone who has ever tried to start or operate a small business in Canada can tell you.

Bob

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We move money around using the bill paying methods which are part of online banking at our credit union direct to folks accounts at other banks in the US. No fees. It works like you were paying your electric bill online the money just ends up in another account in another bank. Not all systems can do this but many can. Folks get rid of those big banks and join a big federal credit union if you can. Everything is better at a big federal credit union than any large bank. Yes you will have to do some research. I use First Tech Federal Credit union but other CU exist in other parts of US. To bring money down here we just write a US bank/CU check and deposit it in our Bancomer account. Checks larger than $5000 get a better rate at Bancomer and it clears in a little less than a week or so. Fast and secure enough for me. I avoid international wire transfers as they are targeted by US in my opinion.

Targeted in what way?? While Int'l wire transfers are expensive I feel they are very safe.

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The Mexican tax authority tracks all international transfers over $1,000US and there are information sharing agreements between the US and Mexico.

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"In the US, banks are chartered and regulated by the states. In Canada, they are under federal jurisdiction."

Not a big issue concerning the OP topic, but check the facts. While many U.S. banks are State-chartered, almost 1,200 banks in the U.S. are Federally-chartered, and that group includes virtually all of the majors. As for regulatory oversight, there are various agencies at both State and Federal level.

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The Mexican tax authority tracks all international transfers over $1,000US and there are information sharing agreements between the US and Mexico.

Tracking doesn't bother me; lcscats said they were 'targeted' and I thought he meant by hackers, etc. I assume that even domestic large wire transfers are monitored by IRS as well.

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Years ago when my mother sent money to family in Mexico, she rolled the currency up in a religous magazine and sent it by the mail. Sometimes, it took a long time to get there, but it always arrived. No body is interested in someone else's faith.

I suspect we will be seeing a lot more of this type of thing. Now days, she probably would end up in the federal penetentiary.

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