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Almost all banks in the states are reluctant to deal with cash. That's why they are closing thousands of accounts every day in the name of de-risking. Many bank
by raincom 3y ago
Almost all banks in the states are reluctant to deal with cash. That's why they are closing thousands of accounts every day in the name of de-risking. Many banks and credit unions just restrict how much money can you deposit per month. A local credit union opens business checking only if you agree to "no cash deposits". Chase restricts the max cash deposit per month to $4k for business checking.
100% AML compliance can be achieved, as regulators are pushing Banks to NOT accept cash/money orders/any untraceable monetary instruments. As this happens, Banks will debank you for reputational risk: maybe, you don't like vaccines or politicians that major news papers recommend you to support, etc. This is the path we are heading to.