I was wondering if anyone has encountered what is going to be the new rules for "any" bank cash deposits as of March 1, 2014? I just returned from my local Chase Bank to deposit a small amount of cash for my daughter into her checking account since she knows I go several times a week doing my own banking. It saves her a trip to the bank and they have always deposited the money without a problem. Today I was told that they received a letter from the Federal Government stating they can no longer accept cash deposits "of any amount" from anyone except the person who owns the account as of March 1, 2014. They claim it is due to trying to catch people who are money laundering . I told the teller when I deposit for my daughter it is usually only one or two hundred dollars in cash and it is usually for Christmas or her birthday presents. I thought money laundering was for thousands of dollars of cash. So in the future if she or anyone wants to get someone else to deposit cash in their account, it can no longer be done after 3/1/14 even if it is her own money. They will have to go to the bank themselves and deposit the cash.
The Chase rep said all banks may not be doing this as fast as Chase is but Chase must be very compliant with all Federal laws. Could it be because they are in so much trouble that the government is keeping a closer eye on what is going on at Chase Banks? This is a very innocent thing I was doing as a favor to my daughter and I really resent being now treated like a "money launderer" because others may be abusing the banking system. Just wondered if anyone else has been informed about this new "rule" to be enacted soon. Thanks.