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> He is no more required to accept my bag of cash Sometimes, the bank won’t accept your bag of cash. One time I was in a bank branch sorting out some matter,
by skissane 4y ago
> He is no more required to accept my bag of cash
Sometimes, the bank won’t accept your bag of cash.
One time I was in a bank branch sorting out some matter, and I overheard a conversation between the bank staff and another customer. The customer had a bag containing $100K in cash, and wanted to deposit it into their account. The bank staff were on the phone to the bank’s security office, asking for permission to accept it. They said their cash security policy limited how much cash they were allowed to have on premises at any time, accepting this deposit would put them over that limit, so they had to get approval to exceed it before they could do so. You could tell from the tone the staff used, they didn’t appreciate this customer’s behaviour
Another time, my wife went to the bank branch, because her grandfather had sent our son $50 cash for his birthday, and she wanted to put it in his bank account. She stood in line for ages, only to then be told “I’m sorry we can’t accept any more cash deposits, someone just made a big one and now we are at the limit of cash we are allowed to hold in the branch”. My wife objected it was only $50, but the bank staff said “sorry, rules are rules”. I told her in the future, one of us should just transfer the equivalent money into his bank account from our own, and then keep the cash for ourselves
- alkonaut 4y ago> Sometimes, the bank won’t accept your bag of cash Cash limits aside, They at least have legal requirements to know their customers and not blindly accept cash without any idea where it came from. Edit: this isn’t an opinion this is a simple statement of fact.
- skissane 4y agoTrue. Although, from the government’s point of view, surely it would be better for the bank to accept a $100K deposit of dirty money and then immediately freeze it, than refuse the dirty deposit and the customer walks out with it and the government might never see it again I suspect the people who actually try to deposit $100K in cash at a bank are probably not criminals/etc, they are just people with “more money than sense”. People with something to hide will try to avoid drawing attention to their activities, but turning up at a bank branch with that amount of cash attracts a lot of attention. And the criminals who are actually dumb enough to do that kind of thing get caught very quickly