Banks requiring Photo ID for cash

[Stephen1]

What is the name of your state? WA
Can anyone explain why banks require photo ID when a person makes a deposit that includes cash? I’m aware of the federal requirement for identifying anyone who deposits cash (loosely defined) in an amount greater than $10,000. I’m referring to needing photo ID when the deposit includes only $1 cash.

 

[adjusterjack]

If the person at the bank couldn't, or wouldn't, answer that question for you what makes you think anybody here will be able to answer it?

 

[Litigator22]

What is the name of your state? WA
Can anyone explain why banks require photo ID when a person makes a deposit that includes cash? I’m aware of the federal requirement for identifying anyone who deposits cash (loosely defined) in an amount greater than $10,000. I’m referring to needing photo ID when the deposit includes only $1 cash.

Do you suppose that the purpose of these inconvenient regulatory policies - like this and creating an account - might have something to do with curtailing a means of concealing assets as in "money laundering"?

 

[bcr229]

I deposit cash all the time and I'm not asked for ID.

 

[quincy]

My bank knows me but asks for ID every time I make a transaction at the bank. They check the name on my license with the name on my account.

Although other banks may have different policies for in-person transactions, the fact that my bank checks each time actually pleases me.

 

[AlmostThere]

If you don't like your bank's security practices, find another bank. If you don't like submitting ID, don't use the ATM, which of course requires you to submit your ATM card and know the pin, and many take pictures during the transaction.

 

[FlyingRon]

The really weird one was I was checked into an Atlantic City casino-hotel for a conference. All I had were twenties so I wanted to break it into fives for tipping the bellmen, etc... There was a line at the front desk so I went to the casino cashier (no line) to make change. They insisted I remove my mask for the transaction.

 

[AlmostThere]

The really weird one was I was checked into an Atlantic City casino-hotel for a conference. All I had were twenties so I wanted to break it into fives for tipping the bellmen, etc... There was a line at the front desk so I went to the casino cashier (no line) to make change. They insisted I remove my mask for the transaction.

They probably have a security camera..

 

[zddoodah]

Can anyone explain why banks require photo ID when a person makes a deposit that includes cash?

I've never had to produce a photo ID when depositing cash. Perhaps it's unique to your bank, in which case the best way to get an answer to this question is to ask someone at the bank.

 

[Zigner]

I’m aware of the federal requirement for identifying anyone who deposits cash (loosely defined) ...

Actually, cash is very specifically defined, insofar as the "federal requirement" that you reference is concerned.

 

[STEPHAN]

My bank charges non-customers making a deposit. So if I go to a branch that does not know me, they check my ID to see if it is my account (or one where I am an authorized signer).

 

[adjusterjack]

This might not happen in my lifetime but I can foresee a day when cash is abolished and all monetary transactions are done electronically. The chip in your card may be replaced by a chip implanted in your wrist or hand. If you buy something at a store the chip gets scanned and your account is debited. A transaction between people could be done by putting both chips in close proximity and perhaps just speaking the amount and which direction it goes. One would still have an account number to use online.

 

[STEPHAN]

Sweden has practically abolished all cash. You can only get €20 from an ATM.

 

[Stephen1]

My bank charges non-customers making a deposit. So if I go to a branch that does not know me, they check my ID to see if it is my account (or one where I am an authorized signer).

What would a non-customer be making a deposit into? Do you mean that if someone tries to deposit cash into my account, and that person doesn't have an account with my bank, that the bank charges (either the depositor or me) a fee? Or do you mean if someone wants to cash a check at a bank at which they do not have an account?

 

[Stephen1]

Actually, cash is very specifically defined, insofar as the "federal requirement" that you reference is concerned.

My reference to 'cash' being loosely defined was an attempt to take a swipe at how the definition has changed from solely coins and currency to now include cashier’s checks (sometimes called a treasurer’s check or bank check), bank drafts, traveler’s checks, or money orders. When someone says deposits of cash I believe that most people think of only currency and coins not those other paper products.