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Chase Stops Cash Deposits Into Accounts That Aren’t Your Own

Thursday, March 6, 2014 - 5:13 PMChase Manhattan Bank - Details
“When making a cash deposit, please be ready to show a valid ID and deposit only into accounts that list your name,” states a letter received recently by a JPMorgan Chase bank customer.   A new policy move by Chase — America’s largest bank by assets — will change the way customers can make cash deposits. Not only will Chase customers have to show their ID, but they will also have to be a signer on the account in which they hope to make a deposit.

http://www.mybanktracker.com/news...s-accounts
5
ShorebreakShorebreak2,683 posts since
Apr 6, 2010
Rep Points: 14,545
1. Thursday, March 6, 2014 - 5:17 PM
Just write a check to that person and deposit it in their account or mail in the deposit and save the gas.
6
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
2. Thursday, March 13, 2014 - 10:46 AM
My cousin told me yesterday that Chase would not sell him a $50 gift card for his granddaughter's birthday that is today. 

All the stores in town are out of a toy she wanted and it was too late to order it. 
1
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
3. Thursday, March 13, 2014 - 11:24 AM
I called two of my local Chase banks and spoke to the manager of the one I use.  He said Chase has discontinued selling the gift cards over 2 years ago due to all  the different restrictions on them in different states.  It has nothing to do with their new cash policy. In fact, it is odd that your cousin's bank is still selling them because they are not supposed to from what I was told.  I hope he was able to get his gift card at some local store where they are sold in many choices.
1
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
4. Thursday, March 13, 2014 - 11:41 AM
I don't know what policy Chase has only was shocked that they did not sell cash cards. I don't think they are a good idea anyway and would never pay to give one. Banks and stores make a lot of money on the money that is not spent on them. I din't know if they were selling them or not only was told that he could not buy one. He is not getting a gift card now and was deciding whether to give her a check or cash. I give checks never cash, never cards. I give my children and grandchildren the cash cards I receive from rebates. 
1
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
5. Thursday, March 13, 2014 - 2:08 PM
The more that restrictions are put upon us  ie cash deposits, gift cards the more people will gravitate away from using these methods and utilize a different approach to accomplish the same thing.
2
FARFAR108 posts since
Feb 26, 2013
Rep Points: 386
6. Thursday, March 13, 2014 - 2:23 PM
FAR:  From what I learned from my local Chase manager, it was not the restrictions per sea that caused the cancellation of selling gift cards, it was because each locality had their own different types of restrictions and that was what caused the problem with keeping up with all the different restrictions.  Frankly, I don't understand why a bank as big as Chase could not have come up with a certain set of restrictions for "all" their banks to follow but I don't make the decisions for Chase.  They probably were not making enough off of selling the cards so it wasn't worth it for them to do it, imo.  I didn't even know they sold Gift Cards.  I never use them anyway.  I prefer giving cash or maybe a personal check for a gift.
1
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
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