New One For Me (by Kim [TX]) Dec 6, 2017 12:50 PM|
New One For Me (by plenty [MO]) Dec 6, 2017 12:53 PM
New One For Me (by Kim [TX]) Dec 6, 2017 12:59 PM
New One For Me (by David [MI]) Dec 6, 2017 1:06 PM
New One For Me (by RR78 [VA]) Dec 6, 2017 1:12 PM
New One For Me (by Homer [TX]) Dec 6, 2017 1:16 PM
New One For Me (by razorback_tim [AR]) Dec 6, 2017 2:19 PM
New One For Me (by AllyM [NJ]) Dec 6, 2017 3:35 PM
New One For Me (by MJ [OH]) Dec 6, 2017 3:48 PM
New One For Me (by melinda [MD]) Dec 6, 2017 4:38 PM
New One For Me (by Robin [WI]) Dec 6, 2017 5:48 PM
New One For Me (by BRAD 20,000 [IN]) Dec 6, 2017 10:39 PM
New One For Me (by Robert J [CA]) Dec 7, 2017 1:05 AM
New One For Me (by Doogie [KS]) Dec 7, 2017 5:15 AM
New One For Me (by Kyle [IN]) Dec 7, 2017 8:07 AM
New One For Me (by Jane [CA]) Dec 7, 2017 1:52 PM
New One For Me (by DJ [VA]) Dec 7, 2017 8:33 PM
New One For Me (by TSO [GA]) Dec 8, 2017 12:11 AM
New One For Me (by Ray-N-Pa [PA]) Dec 10, 2017 10:02 AM
New One For Me (by geebos [SC]) Dec 10, 2017 11:50 AM
New One For Me (by Kim [TX]) Posted on: Dec 6, 2017 12:50 PM
My resident property manager in NJ was told by the bank yesterday that she can no longer make cash deposits into the property account because it isn't in her name. She can bring checks or money orders, but no cash! By the way, we aren't talking about a bazillion dollars in cash, we are talking about around $2,500 per month!
New One For Me (by plenty [MO]) Posted on: Dec 6, 2017 12:53 PM
Well stop along the way and get a money order. I haven't heard of this. What Bank? Is she putting cash in the night deposit box? --66.87.xx.xx
New One For Me (by Kim [TX]) Posted on: Dec 6, 2017 12:59 PM
She makes some cash deposits during banking hours at Bank of America. The same branch for 30 years. Uses our deposit slips. The tenants can get the money orders, not me. But I'd rather switch banks! Craziness. --23.30.xx.xxx
New One For Me (by David [MI]) Posted on: Dec 6, 2017 1:06 PM
has been this way with chase for a while --12.156.xxx.xx
New One For Me (by RR78 [VA]) Posted on: Dec 6, 2017 1:12 PM
Drive past the window and stop at the night deposit box.
I used to do this for years to save time anyway. --172.74.xxx.xxx
New One For Me (by Homer [TX]) Posted on: Dec 6, 2017 1:16 PM
Chase has been doing that for a few years. Big brother wants us to be a cashless society. --75.141.xxx.xxx
New One For Me (by razorback_tim [AR]) Posted on: Dec 6, 2017 2:19 PM
If you want to continue accepting cash it sounds like itís time to change banks. --166.137.xxx.xx
New One For Me (by AllyM [NJ]) Posted on: Dec 6, 2017 3:35 PM
Probably has something to do with money laundering or counterfeiting. --73.33.xxx.xxx
New One For Me (by MJ [OH]) Posted on: Dec 6, 2017 3:48 PM
Miss Ally is correct, the banks are trying to do whatever they can to stop money laundering. The gov't is pushing them to put things in place to curb the laundering, unfortunately a few bad apples hurt everyone. --174.105.xxx.xxx
New One For Me (by melinda [MD]) Posted on: Dec 6, 2017 4:38 PM
One of the worst banks--BOA. WE used to make property management deposits for some of our out of the country military families . Glad we no longer do. --24.233.xxx.xx
New One For Me (by Robin [WI]) Posted on: Dec 6, 2017 5:48 PM
Uh-oh. After the eRentPayment debacle, most of my tenants are depositing cash at a branch of my bank. I guess I better start researching an alternative just in case.... --204.210.xxx.xxx
New One For Me (by BRAD 20,000 [IN]) Posted on: Dec 6, 2017 10:39 PM
Unfortunate but becoming more common.
Consider changing banks.
Consider simply having the res get a money order.
NO PERSONAL CHECKS!!!
New One For Me (by Robert J [CA]) Posted on: Dec 7, 2017 1:05 AM
A local large bank was after my business. So I gave them a try. I wanted several ATM cards. One for me with full access and one for my manger so she can make the rental deposits without waiting in the teller lines. Also after hours.
So a few months later they changed their policy. No ATM cards issued to non account holders. Second no ATM cards with limited access, for deposit only.
So I then asked for a key to the night deposit box. I was told this was for their good clients only and not for a person in the apartment rental business.
I asked what was the amount needed to be elevated from just a customer to a VIP. They told me I had to have $50,000 minimum balance between related accounts. I told them it was nice of them to persuade me to open a business account and offer special ATM deposits for my manager. Since I now have to make the deposits myself, I guess I will close this account that has had a $200,000 balance for the last few months -- rents deposited from my building.
The bank the realized I was a "VIP" and deserved the special treatment of a simple ATM deposit card and not a ATM card with "DEBIT" features.
The person at that branch chased me for years to get my business knowing that back in 2006 I had 1.7M in a business account and left them for the same thing, bait then switch. Common for banks..... I already moved other monies from that bank due to their reversal of options. --47.156.xx.xx
New One For Me (by Doogie [KS]) Posted on: Dec 7, 2017 5:15 AM
A couple of my tenants have reported this being an issue that they can't deposit into my account. So, I fear this is coming for me too. My bank is taking out all the drive thrus and installing ATM machines in their place. So, they already have to go inside. Not sure what the next step will be. The banks advertise "Free Checking", but then make it hell to actually be free. --98.175.xxx.xxx
New One For Me (by Kyle [IN]) Posted on: Dec 7, 2017 8:07 AM
Chase will not take cash unless I show ID with my name matching my account name.
Is your account in your business name or personal? I used to work for a small company that had me do some of their bank runs, I usually was just depositing checks, but sometimes cash and never had any issues. Maybe a different account setup would allow the deposits?
Locally, there is a chain of check cashing places that offer free money orders, you may have something similar in your area and could either have your tenants get money orders there for your manager or have your manager get a money order for the bank. --73.102.xxx.xx
New One For Me (by Jane [CA]) Posted on: Dec 7, 2017 1:52 PM
I make the deposits for my boss and Chase told me I can't make the deposit because my name is not on the account. I was depositing checks only. --71.132.xxx.xx
New One For Me (by DJ [VA]) Posted on: Dec 7, 2017 8:33 PM
WOW! This is crazy - I sure do LOVE my credit union! --50.242.xx.xxx
New One For Me (by TSO [GA]) Posted on: Dec 8, 2017 12:11 AM
The cash rule is mainly for personal accounts only. I bank with Chase and have a business account. Tenants are able to deposit cash with no problem. Businesses will often have multiple employees making deposits depending on who worked that day,etc. So it would be very difficult to put restrictions on a business account. Get a business account as opposed to personal and that should solve most issues. --73.7.xx.xx
New One For Me (by Ray-N-Pa [PA]) Posted on: Dec 10, 2017 10:02 AM
I was thinking the same thing TSO.
Who exactly owns chase? There isn't a single owner since it is a public company. So as long as your name is on an operating agreement that empowers you perform specific actions - you should be able to perform those specific actions.
My guess is if the bank isn't aware of who is empowered to do what, they are going to give you a harder time. --24.101.xxx.xxx
New One For Me (by geebos [SC]) Posted on: Dec 10, 2017 11:50 AM
Tenants have been depositing cash in my LLCís checking account for the past year. On Dec 4 they started turning away cash deposits from tenants. Left me in a temporary bind while i went next door and opened an account at another bank. Iíll be back in normal business next month with deposit slips sent to all tenants. Itís a shame some banks wonít work with cash anymore. Small local banks do seem to like cash though. --24.148.xxx.x