Chase Bank now has a policy that you can not make deposits to accounts not your own.

[closeupready]

I went to the Chase branch near me, and wanted to make a small cash deposit to a friend's account. The teller today declined to take the deposit because, of all things, it's not my own checking account. LOL

Suffice it to say, I am so glad I no longer bank there. This is simply the latest example of why they completely turn me off as a consumer. Citibank isn't terrific either, but you don't get a hard sell every time you enter their lobby, and they have a much friendlier manner.

[TexasTowelie]

1. Concerns about money laundering or tax avoidance maybe?

I could see some concerns along those lines if you are making a cash deposit. Did you ask whether you could deposit a check written from your account into your friend's account?

[closeupready]

8. This is what they claim they are concerned about.

It's ironic that US banks can take deposits from all kinds of unsavory foreign characters, but not from Joe Schmoe depositing $100 into Frank Johnson's checking account.

[Sanity Claws]

2. What about commercial accounts?

I'm thinking of a solo practice attorney, accountant, etc. who has the business in his own name. Would they really prevent an employee from making a deposit, cash or check, to the attorney's/ accountant's account?
Sheee.... Small and solo practitioners do that every day.

[avebury]

3. Generally on commercial accounts, forms are on

file indicating who is authorized to act on the behalf of the entity.

[Sanity Claws]

5. But some people are authorized to make deposits only

and have no authority to write checks.
The signature cards on account generally only refer to who is authorized to sign checks, not make deposits.

[avebury]

6. All the time I worked in the Commercial Loan Office

of a major bank, we knew who was authorized to do what on our commercial accounts.

[RedCloud]

4. Try yourlocal sperm bank.

But while you get high interest on every deposit, there are stiff penalties for early withdrawals.

[leftyohiolib]

7. what about a community bank or credit union?

[closeupready]

9. I think Chase is the first big bank to do this.

Some bank regulators are predicting that other banks will follow suit. Thus it seems likely that this will eventually spread even to community banks and credit unions.

[OriginalGeek]

10. We liked Washington Mutual

then Chase bought them and we have been steadily getting more and more annoyed. Once we get a few things in order and off the books we are going somewhere else. GBCW! (Good Bye Chase World). It's not us, it's you. (Already started by diverting some money to a local credit union but not quite ready to switch full time).

It's not uncommon for my wife to deposit money into our son's account during the day simply because she can get to the bank when he can't. It comes in handy a lot. Making shit more inconvenient for us is not good customer service.