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Message
TD Bank sent notice they will require id for cash deposits to our business account
Posted on 9/1/23 at 10:26 pm
Posted on 9/1/23 at 10:26 pm
I don't care outside of why? It is a business account clearly taxes paid / report.
What is the risk on cash deposit?
What is the risk on cash deposit?
18
Posted on 9/1/23 at 10:33 pm to thelawnwranglers
quote:branches at all sonics
TD Bank
Posted on 9/1/23 at 10:33 pm to thelawnwranglers
No ID to vote tho
Posted on 9/1/23 at 10:37 pm to thelawnwranglers
quote:They claim it is watching for dope deals.
What is the risk on cash deposit?
Seems like just one more way to keep a record of our bidness.
Posted on 9/2/23 at 12:03 am to thelawnwranglers
Chase requires ID for cash deposits to business accounts.
Posted on 9/2/23 at 1:33 am to thelawnwranglers
They’ve been in a shitstorm, probably regulatory/enforcement related.
Posted on 9/2/23 at 6:53 am to thelawnwranglers
It’s a Canadian bank. So glad their attempted acquisition of First Horizon imploded. I would never bank with a Canadian bank.
Posted on 9/2/23 at 6:59 am to thelawnwranglers
Wait??!!?? I thought asking for IDs was racist…
Posted on 9/2/23 at 7:18 am to thelawnwranglers
If some random person wants to put money IN my account, I want my bank to let them.
Posted on 9/2/23 at 7:40 am to thelawnwranglers
On all deposits or just above a certain amount?
Posted on 9/2/23 at 7:59 am to thelawnwranglers
Capital One requires ID and also charges a fee at the end of the month for “excessive cash deposit”on commercial acct.
Posted on 9/2/23 at 8:03 am to thelawnwranglers
quote:
TD Bank
Home of the 3.50% fixed-rate mortgage.
Posted on 9/2/23 at 8:55 am to thelawnwranglers
Capital One has been doing that for years
Posted on 9/2/23 at 9:41 am to thelawnwranglers
Probably an AML requirement that they are meeting.
Large cash transactions are subject to reporting. The idea is to track/intercept criminal activity, primarily drug proceeds.
Large cash transactions are subject to reporting. The idea is to track/intercept criminal activity, primarily drug proceeds.
Posted on 9/2/23 at 3:35 pm to thelawnwranglers
quote:
It is a business account clearly taxes paid / report.
businesses skip on taxes all the time. Posted on 9/2/23 at 4:17 pm to thelawnwranglers
quote:
What is the risk on cash deposit?
Cash is the riskiest transaction for a bank from a financial crimes compliance perspective.
Posted on 9/2/23 at 4:30 pm to thelawnwranglers
Probably suspicious activity reports and wanting to track individuals depositing cash across multiple accounts.
Checking ID would be the only way for them to track by individual instead of owner or beneficiaries.
Checking ID would be the only way for them to track by individual instead of owner or beneficiaries.
Posted on 9/2/23 at 9:33 pm to thelawnwranglers
quote:
require id for cash deposits
Makes no sense.
Posted on 9/3/23 at 9:22 am to thelawnwranglers
My bank does the same. I went in to deposit cash into my daughter’s account. At the time I was an officer at that bank and I ask why I needed an ID at the bank m. They said it was to prevent laundering.
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