Bank of America policy: Only customers can deposit cash into someone s account. Could not deposit $100 into a friends account. WHY?

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  • Anonymous
    9 months ago
    Favourite answer

    That's part of the terrorism and drug act. there's too many people on the street out there that deposits $100 into somebody's account for a bag of cocaine or heroin. So that they can avoid having a cash transaction on the street. That can be witnessed by the police.

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  • 9 months ago

    Because you are not a customer of the bank.

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  • Anonymous
    9 months ago

    I just got my loan from creditincome@yahoo.com

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  • 9 months ago

    something to do with (the fear of) money laundering, or funding terrorists. Chase has the same policy.

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  • car253
    Lv 7
    9 months ago

    They will not allow anyone to make a deposit without an ID.

    • RICK
      Lv 7
      9 months agoReport

      BS I make deposits into my sons account all the time
      NEVER have I been asked for ID

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  • 9 months ago

    Fraud prevention. Just get Venmo like everyone else. Way easier.

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  • Anonymous
    9 months ago

    Because you are not a customer and there could be fraud.

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  • Anonymous
    9 months ago

    I've never had a problem depositing a check into someone else's account. When it's a check, they know where the money came from. Cash is untraceable

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  • 9 months ago

    It might be fraud prevention.

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  • 9 months ago

    The policy is only the owner of an account can deposit into that account.

    The reason is related to preventing fraud.

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