Might be looking for a new bank

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  • spencer rifle

    Grandmaster
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    66   0   0
    Apr 15, 2011
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    Scrounging brass
    Ever since Fifth Third decided to get political about the 2nd Amendment, I have been considering moving on. Now they won't let me deposit a check into my own minor son's account. I'm not sure I want to do business with a bank that won't let people put money INTO an account. My question is "If someone wants to give me money, why won't you let them?"

    So I may have reached the point that I will be willing to do all the work it will take to go somewhere else. What 2nd Amendment-friendly bank should I consider? We're old fashioned - we'd like an actual branch or two in our area (Fort Wayne), since we go into the bank in person sometimes.
     

    doubleeagle4

    Plinker
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    0   0   0
    Jan 3, 2019
    27
    3
    East Central
    Ever since Fifth Third decided to get political about the 2nd Amendment, I have been considering moving on. Now they won't let me deposit a check into my own minor son's account. I'm not sure I want to do business with a bank that won't let people put money INTO an account. My question is "If someone wants to give me money, why won't you let them?"

    So I may have reached the point that I will be willing to do all the work it will take to go somewhere else. What 2nd Amendment-friendly bank should I consider? We're old fashioned - we'd like an actual branch or two in our area (Fort Wayne), since we go into the bank in person sometimes.

    I have worked in banking for quite some time. I have a couple questions... Are you an owner or co-owner of your son's account? If not, did you have his account number to provide to them?

    The reason I ask is because a lot of banks are taking measures to help protect people's account information. For example, someone could go into the bank and ask to put money into your account. The bank teller looks up the account information, and then possibly give them a receipt with your account number on it. Or, they will help the person fill out the deposit slip with the account number. In other words, people are getting account information that they shouldn't have access to.

    Right or wrong, it makes sense in a way. A former bank I worked at had this same policy. We would just tell them to call and get the account number and fill out a deposit slip. It's crazy to think that a person could steal account info just by doing a deposit, but it happens all of the time.

    Honestly if I were you, I'd look at local credit unions in your area. They are member owned and you don't have to deal with big corporate banks like Fifth/Third. Credit Unions usually only have a few branches and you have access to speak with the upper management if you run into a situation like you just did.
     

    T.Lex

    Grandmaster
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    15   0   0
    Mar 30, 2011
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    Huh?

    We have accounts at a Credit Union and regional bank and both allow us to deposit into our kids' accounts.

    ETA:
    Just read the simul-post above mine. That makes sense, to protect the account information. I always know the account number, so maybe that's why it isn't a big deal.

    Come to think of it, I don't think they print the receipt with the current balance on it when we do that.
     

    WebSnyper

    Maximum Effort
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    56   0   0
    Jul 3, 2010
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    127.0.0.1
    Honestly if I were you, I'd look at local credit unions in your area. They are member owned and you don't have to deal with big corporate banks like Fifth/Third. Credit Unions usually only have a few branches and you have access to speak with the upper management if you run into a situation like you just did.

    A second for credit unions. Look at the credit unions in your area that offer the services you like and need.
     

    Cameramonkey

    www.thechosen.tv
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    35   0   0
    May 12, 2013
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    Camby area
    The no depositing into others' accounts is a money laundering protection thing, possibly a relatively new banking law. (post 9/11) But if your account is setup correctly (your name on the account somewhere) you should be able to deposit it.

    They also wont let you pay cash for a cashiers check if you have an account there. At least that is PNC's policy, not sure about whether that one is a law. I had cash set aside from 1099 work and was going to use it to pay my taxes. Nope. Had to deposit the cash and then they would draw the funds from that account to use for the cashiers check.
     

    doubleeagle4

    Plinker
    Rating - 0%
    0   0   0
    Jan 3, 2019
    27
    3
    East Central
    The no depositing into others' accounts is a money laundering protection thing, possibly a relatively new banking law. (post 9/11) But if your account is setup correctly (your name on the account somewhere) you should be able to deposit it.

    They also wont let you pay cash for a cashiers check if you have an account there. At least that is PNC's policy, not sure about whether that one is a law. I had cash set aside from 1099 work and was going to use it to pay my taxes. Nope. Had to deposit the cash and then they would draw the funds from that account to use for the cashiers check.

    Very true on the money laundering thing as well. I know some banks have a limit to how much cash a non account owner can deposit into an account.

    I've never heard of the cash for cashiers check policy. However, if you pay more than $3000 in cash for a monetary item, it has to be reported. A lot of money launderers use cashiers check as a way to hide cash flow. I'm guessing they are having you deposit it first so that they have a record of where the money came and went. Probably makes sense to them, depending on how their system is setup.
     

    Trigger Time

    Air guitar master
    Rating - 98.6%
    204   3   0
    Aug 26, 2011
    40,112
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    SOUTH of Zombie city
    I tried to put cash into a friends account and the bank wasn't going to let me because of identity fraud something blah blah blah. Wanted me to transfer from my account to theirs. Well duh banker, i dont want my wife to see what im buying thats why im giving CASH to my buddy :):
    Criminals ruin it for everyone. Cant even pay cash for a vehicle without having to fill out tax forms or letting them run your credit for identity verification. And you already have to fill out IRS forms when you take out like 10k cash from your own bank account.
    Stupid
     

    42769vette

    Grandmaster
    Industry Partner
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    52   0   0
    Oct 6, 2008
    15,222
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    south of richmond in
    I'm kinda curious if you've tried that.... :D

    Actually I have. A buddies car broke down out of town. I went in, deposited money in his account, he fixed his car, got home, and paid me back. It was last summer, so its not impossible things have changed in the last 6 months, but its doubtful.
     

    T.Lex

    Grandmaster
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    15   0   0
    Mar 30, 2011
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    Actually I have. A buddies car broke down out of town. I went in, deposited money in his account, he fixed his car, got home, and paid me back. It was last summer, so its not impossible things have changed in the last 6 months, but its doubtful.

    hahaha

    No - the part about taking OUT of anyone's account. :D
     
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