BAKERSFIELD, Calif. - Beginning in March, Chase Bank customers will need to show identification when making cash deposits. The bank will require customers to be listed on the actual account of the cash transaction.
“We are making this policy change for cash deposits only to combat misuse of accounts, including money laundering," a Chase spokesperson said in a statement to 23ABC.
"I'm thinking about other people [sic] who probably don't have the documents or license to deposit the money," Fernando Berrato, a Chase Bank customer, told 23ABC. "I think it's a problem."
Customers will still be permitted to make deposits in accounts outside of their name by check.
"There's got to be a balance between trying to make customers happy and enacting policies to make sure money laundering doesn't happen," said Garro Ellis, financial advisor and co-founder of Moneywise Guys Wealth Management. Ellis said he'd been surprised if other banks don't implement similar policies.
"I have two daughters out of state in college," he said. "If I have to sign onto their account — I'll do it."
J.P. Morgan - the company which owns Chase - recently paid out more than $2 billion dollars in a settlement related to federal money laundering investigation.
The policy change is set to roll out nationwide on March 3.
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