A husband and wife sold one of their cars for $3000 cash. They wife went to the bank and deposited $1500 into her account and tried to deposit $1500 into her husbands account and they would not allow her to do so. Chase now prohibits depositing cash into somebodys 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 ones 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. foxbusiness/industries/2014/01/14/chase-revamps-cash-deposit-rules-to-ease-money-laundering-risks/ Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks By Matt Egan Published January 14, 2014 FOXBusiness JPMorgan Chase ATM 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.
Posted on: Sun, 22 Jun 2014 18:39:49 +0000
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