No No Cash (by WMH [NC]) Feb 16, 2018 2:44 PM|
No No Cash (by gevans [SC]) Feb 16, 2018 3:10 PM
No No Cash (by Roy [AL]) Feb 16, 2018 3:27 PM
No No Cash (by NE [PA]) Feb 16, 2018 3:32 PM
No No Cash (by Ken [NY]) Feb 16, 2018 3:32 PM
No No Cash (by Kyle [IN]) Feb 16, 2018 4:04 PM
No No Cash (by NE [PA]) Feb 16, 2018 4:26 PM
No No Cash (by GKARL [PA]) Feb 16, 2018 5:04 PM
No No Cash (by Ken [NY]) Feb 16, 2018 5:08 PM
No No Cash (by DJ [VA]) Feb 16, 2018 5:16 PM
No No Cash (by Vee [OH]) Feb 16, 2018 7:39 PM
No No Cash (by AllyM [NJ]) Feb 16, 2018 7:45 PM
No No Cash (by NE [PA]) Feb 16, 2018 7:46 PM
No No Cash (by RR78 [VA]) Feb 16, 2018 8:03 PM
No No Cash (by Otis [IL]) Feb 16, 2018 8:15 PM
No No Cash (by BRAD 20,000 [IN]) Feb 16, 2018 8:24 PM
No No Cash (by Glo [OH]) Feb 16, 2018 9:46 PM
No No Cash (by Don [PA]) Feb 16, 2018 9:57 PM
No No Cash (by Steve [MA]) Feb 17, 2018 3:43 AM
No No Cash (by Smokowna [MD]) Feb 17, 2018 3:51 AM
No No Cash (by nhsailmaker [NH]) Feb 17, 2018 4:14 AM
No No Cash (by cjl [NY]) Feb 17, 2018 6:23 AM
No No Cash (by WMH [NC]) Feb 17, 2018 6:26 AM
No No Cash (by Busy [WI]) Feb 17, 2018 7:09 AM
No No Cash (by Busy [WI]) Feb 17, 2018 7:11 AM
No No Cash (by WMH [NC]) Feb 17, 2018 7:51 AM
No No Cash (by James [TX]) Feb 17, 2018 7:57 AM
No No Cash (by Alex [GA]) Feb 17, 2018 8:21 AM
No No Cash (by Jeffrey [VA]) Feb 17, 2018 9:26 AM
No No Cash (by #22 [MO]) Feb 17, 2018 9:37 AM
No No Cash (by Hollis [MA]) Feb 17, 2018 10:13 AM
No No Cash (by WMH [NC]) Feb 17, 2018 10:57 AM
No No Cash (by Wilma [PA]) Feb 17, 2018 11:21 AM
No No Cash (by NCINVESTOR [NC]) Feb 17, 2018 12:16 PM
No No Cash (by WMH [NC]) Feb 17, 2018 12:18 PM
No No Cash (by Smokowna [MD]) Feb 17, 2018 3:53 PM
No No Cash (by moby [IN]) Feb 17, 2018 6:04 PM
No No Cash (by GH [NC]) Feb 17, 2018 9:18 PM
No No Cash (by GKARL [PA]) Feb 18, 2018 1:22 AM
No No Cash (by Chris [CT]) Feb 18, 2018 1:43 PM
No No Cash (by Blue [IL]) Feb 19, 2018 11:22 AM
No No Cash (by Ray-N-Pa [PA]) Feb 21, 2018 6:18 PM
No No Cash (by WMH [NC]) Posted on: Feb 16, 2018 2:44 PM
So WF is starting to implement the No Cash Deposits thing, where if you try to deposit cash without proper credentials you will be denied.
Tenant informed me of this today, they said it's going to happen shortly. His bank does not play well with my bank via E transfers either.
So I called WF and they said if person had proper deposit slip, they will accept cash.
Fine, I will buy a book of of deposit tickets and give each tenant 12 at lease signing and done.
No No Cash (by gevans [SC]) Posted on: Feb 16, 2018 3:10 PM
Hope this does not become a "thing". Several of my tenants deposit cash.
I guess I'll have to go the deposit slip route too. --98.122.x.xx
No No Cash (by Roy [AL]) Posted on: Feb 16, 2018 3:27 PM
I have always given my new tenants deposits slips,..sometimes they use them and sometimes they don't. --68.63.xxx.xxx
No No Cash (by NE [PA]) Posted on: Feb 16, 2018 3:32 PM
Why can't they just get the deposit slips on their own? --50.107.xxx.xxx
No No Cash (by Ken [NY]) Posted on: Feb 16, 2018 3:32 PM
This is rediculous occasionally a tenant will want to make a deposit and I give them company name and account number and I assume they just fill out a blank deposit slip at the bank what is any different about this or a tenant bringing cash to an office and an employee going to the bank to make the deposit? --66.87.xxx.xxx
No No Cash (by Kyle [IN]) Posted on: Feb 16, 2018 4:04 PM
Chase will not accept my cash payments without my photo ID matching the name on my account. --73.102.xxx.xx
No No Cash (by NE [PA]) Posted on: Feb 16, 2018 4:26 PM
I went to Wachovia about 10 years ago to cash a check drawn on their bank. They wanted to fingerprint me! When I asked them why, they said because I didn't have an account there. I said I don't think so and left and the lady looked at me like I was the insane one. --50.107.xxx.xxx
No No Cash (by GKARL [PA]) Posted on: Feb 16, 2018 5:04 PM
They want to eliminate cash. --172.56.xx.xx
No No Cash (by Ken [NY]) Posted on: Feb 16, 2018 5:08 PM
Ne Keybank does that still and they charge $5 to cash a check they asked if I wanted to open an account and I said no I don't want anyone cashing one of my checks to be treated like that --66.87.xxx.xxx
No No Cash (by DJ [VA]) Posted on: Feb 16, 2018 5:16 PM
WOW! I sure do LOVE my credit union! --68.105.xxx.xxx
No No Cash (by Vee [OH]) Posted on: Feb 16, 2018 7:39 PM
Key is one lousy bank - I just told them today I was going to put up the new sign that made the name correction -Fee Bank-, a lady there laughing thru the whole thing said, we will never ever have a grace of any kind, when your card hits over there at the store you will have a fee and if you came here and were inline and your daughter swipes the card you have a fee, until you have the funds cleared here you will have a fee. Thought to self, time to migrate this company off my maps. PNC did this about 10years ago when they took over the oldest bank in the state, which I had used since having a newspaper route as a teenager. --76.188.xxx.xx
No No Cash (by AllyM [NJ]) Posted on: Feb 16, 2018 7:45 PM
I went to a large bank ten years ago to cash a tenant's check and they outright refused. This month, I made a cash rent deposit on the first and BofA wanted my driver's license or to see a debit card. I don't have a debit card. I wonder if the nice teller was going to deposit it then use my debit card number later through one of her friends. She has an awful lot of tattoos. --73.33.xxx.xxx
No No Cash (by NE [PA]) Posted on: Feb 16, 2018 7:46 PM
Oh Ally. --50.107.xxx.xxx
No No Cash (by RR78 [VA]) Posted on: Feb 16, 2018 8:03 PM
I just order mine from Deluxe.
We get the larger business size slips and have them printed with our name and bank info.
Then add an extra line
"Property Address ______________________________________"
I feel they are cheap enough and makes it easy to pull it up online and see a copy of the slip and confirm who it is from.
No No Cash (by Otis [IL]) Posted on: Feb 16, 2018 8:15 PM
Serious question here. Have you ever been pulled into legal action by a tenant from all the assumptions you make?
I have my upper arms and chest covered in tattoos, weigh 300 lbs with a shaved head and beard. I look like I just walked out of a local bikers club. But you know what I am a very well respected single father and business man in my community. So seeing you automatically think a bank teller is going to hack your account because she has tattoos just makes me laugh. --45.18.xxx.xxx
No No Cash (by BRAD 20,000 [IN]) Posted on: Feb 16, 2018 8:24 PM
Is this to thwart drug dealers? I heard terrorists but I find it hard to believe a terrorist is laundering $500 a month on the first.
Maybe due to counterfeiting?
No No Cash (by Glo [OH]) Posted on: Feb 16, 2018 9:46 PM
For now, Huntington Bank in Ohio has free bank account.
Plus if you sign up for the free grace period you have 24 hours to correct an error of over withdrawal without penalty. They can even text you to warn you if you do so you can transfer funds or rush over there --173.90.x.xx
No No Cash (by Don [PA]) Posted on: Feb 16, 2018 9:57 PM
I don't see how banks can charge me a fee to cash a check drawn on their bank. Their customer directed them to give me the funds, they can charge him whatever they like for the service but what right do they have to demand payment from me? I am starting a new policy: if a tenant pays with a check from a bank that charges to cash it, the charge gets added to the rental amount. --73.141.xxx.xxx
No No Cash (by Steve [MA]) Posted on: Feb 17, 2018 3:43 AM
A few years ago we had to show an ID when making cash deposits of $10,000.00 or more then it was dropped to $7,000.00 & now it's $3,000.00 or more. According to the bank which we have done business with for more than 50 years, the Feds are really cracking down on anyone who deposits large amounts of cash.
Over the last month we deposited over $25,000.00 in cash into one of our rental accounts. The deposits varied from $1,500.00 to $2,900.00. Most of this was from new move ins for which we only take a bank check or cash. I no longer will take a personal check or a money order for move in funds. Once had tenant has actually taken proper possession, I prefer to have either electronic transfers or checks for their rent. Over the years we have done this many times at this same bank. Yesterday we got a call from the bank wanting to know the source of all this cash. My DW explained that it was rents & move in funds. I wonder if I'll soon get a visit from the Feds looking for either my high speed printer or my grow room. (g)
No No Cash (by Smokowna [MD]) Posted on: Feb 17, 2018 3:51 AM
BB&T is not a good bank. But they are growing which does not surprise me.
PredatorNC is a bank whom I don't care for. However PNC has always done what they say they will.
I think all these banks are playing catch-up to Internet banking. The future is bright. --74.96.xxx.xxx
No No Cash (by nhsailmaker [NH]) Posted on: Feb 17, 2018 4:14 AM
BLAME goes to a 100% partisan DEMOCRAT vote on the Dodd Frank / Consumer Financial Protection Bureau - It was a dispicable Democrat Senator from MA Elizabeth Liawatha Warren concoction. Beware that the former head of CFPB is running for Ohio Governor - The CFPB new HQ in DC has the highest per sq ft ($416) rehab that exceeded new construction by over $100 a sq ft. Guess what ....... the Govt does not even own the building !!!!!!!!! --24.34.xx.xxx
No No Cash (by cjl [NY]) Posted on: Feb 17, 2018 6:23 AM
Uggh ... this is crazy where they (the Banks) think this is "easier".
A few years ago I would deposit into one of my clients accounts for them - the bank kept asking me for my license. I said "why". They said "so we can identify you are who you are". I said "well, I'm not on the account and all I'm doing is making a deposit into it ... you have the account number and the name...". The said "well, you said "HI" when I said "hello Sam" ... What?! Who cares? Just deposit into the account!!
NOW - this one bank that I won't name but (starts with a "C" and ends with "itizens") apparently will not even USE deposit slips. They want you to just TELL them what the account number is OR use your ATM card to make deposits/ conduct any transactions.
So I'm not so sure that the tenants having your account number/name/info is going to help in the future. The Banks are not understanding that just making a deposit into an account (without drawing any money out of it) is something that "anyone" NOT linked to the account should be able to do. They don't even want you at the bank/branch anymore ... they just want you to deal with the ATM machine (at best).
No more cash - I don't think that's going to work very well but that's how the banks most likely do want it to go - then they get the merchants to pay all of the fees. Need or want a soda that only costs $1.50? Well, now it's going to cost you $1.95 (plus the tax) because the merchant is going to add on the fee the Bank charges to YOUR charge.
Just like they do at some gas stations... cash is one price ... credit is another.
No No Cash (by WMH [NC]) Posted on: Feb 17, 2018 6:26 AM
It was some BS excuse about fraud and money laundering. I'm sure the TELLER believed the excuse but my paranoia kicked in and I start thinking about cryptocurrencies and cash becoming worthless LOL!! --50.82.xxx.xx
No No Cash (by Busy [WI]) Posted on: Feb 17, 2018 7:09 AM
Dodd Frank, Patriot Act . Two pieces of legislation that were garbage from the start, and need to go! And legume 'they' are at it, RRRP can go too. Three pieces of legislation that just create more government, less EFFECTIVENESS. --172.56.xx.xxx
No No Cash (by Busy [WI]) Posted on: Feb 17, 2018 7:11 AM
Legume? No idea what my phone was thinking. While 'they' are at it. --172.56.xx.xxx
No No Cash (by WMH [NC]) Posted on: Feb 17, 2018 7:51 AM
RR78, Wells Fargo charges a FEE to look at deposits online if you have a biz account. When all deposits went to my personal account, I could look at them for free. When we opened the LLC accounts, now I can't. It's $3 per month per account, I think, charged to all accounts if I look at even ONE deposit.
So having personalized deposit slips doesn't help me. I have to stick with CENTS identifiers. --50.82.xxx.xx
No No Cash (by James [TX]) Posted on: Feb 17, 2018 7:57 AM
According to an article on "bankrate" it only applies to personal accounts. Let's hope so. --47.185.xxx.xxx
No No Cash (by Alex [GA]) Posted on: Feb 17, 2018 8:21 AM
I used to have my tenants deposit rent into BoA. But they stopped accepting cash. Tenant was told only account holder can deposit cash into the account. Now, I have an extra trip to go to bank and collecting rent becomes an added step. --73.106.xxx.x
No No Cash (by Jeffrey [VA]) Posted on: Feb 17, 2018 9:26 AM
Alex, my understanding is that if you have a "business" account with BoA, they are still able to accept cash deposits/payments from your residents. --72.214.xx.x
No No Cash (by #22 [MO]) Posted on: Feb 17, 2018 9:37 AM
Find a regional bank. Big banks are dump fee mongerers who are unfriendly to landlords wanting to borrow money. As banks get bigger, so does their stupidity. --173.25.xx.xxx
No No Cash (by Hollis [MA]) Posted on: Feb 17, 2018 10:13 AM
TD bank wanted to charge me for cashing a check drawn on their bank,.I asked to see their manager and who smiled and smugly said "its policy" like thats a legal term which really just means we set a rule for our purposes and if you don't like it,.. tough,..
I let her know that we will have a sign that will say we will honor all checks from banks except from TD bank, and will send notice to ALL tenants even if they don't have an account with them saying same.
The look on her face was priceless as I turned and left.
No No Cash (by WMH [NC]) Posted on: Feb 17, 2018 10:57 AM
James/TX, just the opposite. I can look at deposits on my personal account (like those are any mystery!) but not on my LLC biz accounts, not without paying the fee. Wells Fargo. --50.82.xxx.xx
No No Cash (by Wilma [PA]) Posted on: Feb 17, 2018 11:21 AM
@DJ(VA) - I love my credit union, too. But I have dealings with a second credit union, and I'm not impressed. Both are regional to me. Bottom line - check out people's experiences with CUs before joining one. --71.175.xxx.xxx
No No Cash (by NCINVESTOR [NC]) Posted on: Feb 17, 2018 12:16 PM
After seeing similar posts like this here I mentioned it to a friend of mine with WF. According to her they were instituting that since the Fed's are requiring banks to do a lot of paperwork for cash and "unknown" depositors and it is costing them a lot of money for compliance. Per her, it will soon be SOP for all banks and CU's.
Time to switch to electronic billing.
No No Cash (by WMH [NC]) Posted on: Feb 17, 2018 12:18 PM
I have a friend who is a Compliance Officer with a community bank, and that's what she told me too, NC Investor. She said it is not that you have to prove someone guilty, you have to prove they are innocent. --50.82.xxx.xx
No No Cash (by Smokowna [MD]) Posted on: Feb 17, 2018 3:53 PM
If I had to pay to view my deposit slips, I would be out of the game.
I believe I'll open a new account in another bank.
I have some Teni who can't use VENMO, they are unbanked. I may turn to Walmart for help if another local bank doesn't fit the build.
For us as Landlords, we need this to be a very simple process. Not one that needs special attention or used the resources of an employee each go round. Seamless, it must be seamless.
(* From what I read above, it looks like government regulation has brought this on as an answer to crime. Not good not good. Why can't the people who oversee the stop lights run the banks?)
No No Cash (by moby [IN]) Posted on: Feb 17, 2018 6:04 PM
Due to Jeff Sessions vs legal pot ? --68.60.xxx.xx
No No Cash (by GH [NC]) Posted on: Feb 17, 2018 9:18 PM
W F treats its customers and depositors like criminals. They bought out Wachovia which was caught & fined for laundering drug money. Just google it and read the full story.
I refuse to deal with any of the too big to JAIL banks. --99.150.xxx.xxx
No No Cash (by GKARL [PA]) Posted on: Feb 18, 2018 1:22 AM
GH, I agree with you completely which is why I switched to a credit union a few years back. The only money laundering that took place on a large scale was between the Mexican drug cartels and banks like HSBC and Wachovia. The folks they need to monitor escape sruntiny while the little guy is presumed to be the criminal. This is basically a war on cash. They wish to eliminate cash as much as possible. --207.172.xx.xxx
No No Cash (by Chris [CT]) Posted on: Feb 18, 2018 1:43 PM
Its the feds they are trying to crack down on cash for the usual reasons ie drugs, terrorists, tax evasion.
No No Cash (by Blue [IL]) Posted on: Feb 19, 2018 11:22 AM
Ran into this the first time last month w US Bank.
T went to the US Bank closest to her work to make a cash deposit using the deposit slips I had given her.
They told her she needed to be on the account. Texted me the issue and then went to the local bank. They let her deposit.
Called my banker the next day. YEP new anti money laundering thang. Any cash deposit over $500 (well, all my rents but one are over $500).
Banker said Ts MAY have to fill out a piece of paper but only ONE TIME.
WHY DO YOU CARE who puts money in your bank??? OMG so stupid. --96.35.xxx.xxx
No No Cash (by Ray-N-Pa [PA]) Posted on: Feb 21, 2018 6:18 PM
I wonder what would happen if your account would bounce just after they didn't accept a cash deposit?
If they don't accept legal tender, it would be tough to charge a bounced check fee - especially one paid in CASH.
I am thinking out loud. I had someone who was a Royal pain and they had bounced a check so I required them to use a money order or cashiers check to get caught up and the judge said I had too accept the second personal check --24.101.xxx.xxx