metoo

Never paid much attention to the letter I received last week from Chase bank.It stated that I will no longer be able to make payment on my chase credit card at the bank without more identification.

It also stated the reason I received the letter is because I have made payments with cash/money order (sorry can't remember) before.

I have only done this once. Made 1k payment to my Chase credit card with money order.

dickinson

Since you are active in manufactured spending, it probably relates to the money order or some of your other transactions taken together.

guv1976

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I think the letter was sent to anyone who has made a credit-card payment at a Chase branch. I received the same letter, and I've never done MS.

Happy

Did you make payment with cash or check?

Seems like a further step in monitoring cash deposit. Chase has been the only main bank that
1) requires ID for depositing cash into a banking account.
2) Only allows cash deposit to one's own account.
That has been in place since early or mid last year IIRC. I remember that when a banker told us this limitation will become in effect last Spring when we were at the branch doing some business. I immediately told DH that he would need to do his banking instead me doing his. The banker said it was only for cash, check was fine when depositing to other's account.

metoo

Only did this once using 2 Money Orders I bought form Wally for total of 1k to make payment on Chase card.

guv1976

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I think all of my in-branch payments were made by check, but it's possible that if I had a very small bill I paid in cash.

These days, I just do pay-by-phone.

Happy

Why wouldn't you make payment online? You can link several external bank accounts to be payment accounts to pay Chase/Citi/US Bank/Barclays. The only funky bank that would not allow you to do so is BofA if you have a BofA checking account you are reduced to only be able to use the BofA checking to pay BofA cards.

FSG378

I have paid credit card with cash at least 15 times from my local Chase branch last year.

I didn't receive any letter from Chase yet.

Happy

The operative word is "yet".

Every month in the past 3 or 4 months, there is the same lengthy notice on how Chase would treat the discrepancy on deposit slip and actual deposit, on the statements of our business checking accounts. (Starting March Chase would not correct any discrepancy within $10 or below whether it is in their favor or your favor). I have a feeling the personal checking accounts would be the next implementation. Just as the ID needed for cash deposits has been implemented almost a year in my area, only recently I read about others reported similar restrictions in their areas.

FSG378

Okay, unless I am officially rejected by Chase. I will keep paying my 4 chase credit cards by cash as well as BOA and Wells Fargo branches. I need some place to deposit cash.

Happy

BofA and Wells Fargo currently dont have the cash deposit policy as Chase which seems to be the only main bank doing it. Though I am surprised it extends the cash deposit restriction to credit card payment at the branch. My neighbor pays her credit cards of any bank at their branches. I suspect many of her senior friends do the same.

mhdena

That is suspicious as all get out IMO,

Walking into a bank with cash or MOs to pay a CC bill is unusual as most people pay their bills from a checking account, whether from that bank or not.

Simply depositing to an account is less suspicious IMO.

krazykanuck

Chase has had notices in branch for weeks that they will require ID for cash payments to accounts (credit cards, mortgages, etc) starting in March or April. I don't remember.

I have yet to receive a letter and I have made money order payments (never cash) to both my credit card and mortgage.

IMO as long as you're only making payments to your own accounts, I don't really see the impact. It's probably as simple as the teller having to tick a box saying they verified photo ID for the transaction.

Happy

My neighbor pays all her credit cards (Citi, Chase and BofA) all at the branches with cash. She does not do online banking either.

And she is a typical consumer, as normal as anyone could be.

Churnman

I've already been giving the teller my DL or bank debit card for ID when making payments in-branch. Maybe that's why I haven't received a letter. It's a habit that I always give them some sort of ID at banks. I also don't abuse Chase cards and my ink gets real office supply purchases as well as cell/internet recurring charges. I keep Chase happy. I have a great mortgage with them at 3.5%/30yrs I got when the mbs market bottomed out. It was a refi. Yet, they still send me letters to refi "to get a better rate". I don't think they'll beat what I already have.

What we really need is for Congress, and a willing administration, to loosen the noose around institutions. Regulations have swung too far and need to be brought back to reality. I'm thinking that's really what's going on with all the bank shutdowns and limitations. It maybe is message being sent to voters to influence votes to get a new administration that is more pro-market and to get some of Dodd-Frank repealed. Banks aren't allowed to be as competitive like they used to be. Remember when banks would promote convenience check offers of 0% interest + 0% fees for 18 months? Those type offers were limited by Dodd-Frank. Those regulations forced banks to charge fees, so if you do get an offer of 0% for x months they still have to charge you a transaction fee when using a convenience check from your cc. Congress, at that time, acted like it was to help consumers, but it hurt the good consumers who always pay their bills. I'm strictly independent, but I will be voting for my wallet and that means someone willing to get some of the over-regulations fixed, whomever that is. ML fear has gone too far. Chip cards and mobile payments with fingerprint enabled phones (like Apple Pay) will greatly reduce fraud. I hope Apple Pay, banks and retailers will allow gift cards to be loaded to phones so we can use our phones instead of cards for purchases, but retailer will have to fork out money to get those POS readers. That will also limit fraud because thieves can't use your phone without your fingerprint. Sorry for the long read.