Chase Changes Deposit Policies to Combat Money Laundering
Need to make a cash deposit into another person’s Chase account? If so, you may have to get a little creative. Beginning in February, Chase put a stop to depositing cash into someone else’s account. Now, only the account holder or an authorized signer on the account can make a cash deposit.
Why the sudden change? Because Chase wants to “combat money laundering.” Since cash deposits cannot be traced to their depositing party, individuals and businesses alike can dump money into other people’s accounts and then gain access through the actual account holders. They remain anonymous while still being able to use the money through the other party.
Despite this change, there are still ways to make deposits into other people’s accounts. Chase QuickPay allows you to use a smart phone to deposit money into someone’s account as long as you download the free application to your phone. You also have the option of writing a check to the person and having him or her deposit the money through the check. As a last resort, you can give the other person the cash and have him or her deposit it into the account.
Chase’s decision may seem slightly inconvenient, but it is meant to act as a form of protection. This just means that Chase customers must make adjustments to their depositing habits to abide by the new rules.