Change for a $20 requires ID!!

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Pretzel lover
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Change for a $20 requires ID!!

Post by Pretzel lover » Sun Oct 08, 2017 11:03 am

First time I ran into this rule at local bank....is it new?

Can I get a $10 and two $5's for this $20? No, not without proper ID

Wow, part of the know if your customer is laundering money

rotorhead
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Re: Change for a $20 requires ID!!

Post by rotorhead » Sun Oct 08, 2017 11:06 am

Lots of counterfeit $20's & $50's out there.

I have been customer at my bank for over 20 years, and know everyone there. Every transaction requires I show ID. Just the way it is in modern America.

Ruger
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Re: Change for a $20 requires ID!!

Post by Ruger » Sun Oct 08, 2017 11:13 am

My understanding is that the $20 is the one most often counterfeited, so I guess they are being overly cautious.

Cheyenne
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Re: Change for a $20 requires ID!!

Post by Cheyenne » Sun Oct 08, 2017 11:17 am

You should have asked for ID from the teller and then run a background check in him/her.

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dm200
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Re: Change for a $20 requires ID!!

Post by dm200 » Sun Oct 08, 2017 11:19 am

Pretzel lover wrote:
Sun Oct 08, 2017 11:03 am
First time I ran into this rule at local bank....is it new?

Can I get a $10 and two $5's for this $20? No, not without proper ID

Wow, part of the know if your customer is laundering money
My guess is that this bank was cited for laxity in some aspect of Money laundering, or similar regulatory requirements - and this is part of what they need to do to get out of the regulatory penalty box.

They also may have a policy of only dealing with customers.

dbltrbl
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Re: Change for a $20 requires ID!!

Post by dbltrbl » Sun Oct 08, 2017 11:23 am

It was their way of saying get lost. If they give you easily, next time you go in again and you are not their customer. This way they keep you out without kicking you out. :D

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CABob
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Re: Change for a $20 requires ID!!

Post by CABob » Sun Oct 08, 2017 11:29 am

I am surprised. I have done similar transactions and have not been asked for ID. It was a bank at which I had an account but I don't think the teller knew that.
Bob

DSInvestor
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Re: Change for a $20 requires ID!!

Post by DSInvestor » Sun Oct 08, 2017 11:36 am

I have seen inconsistent behavior at different branches. One branch always asks for ID or debit card PIN for any transaction, even changing a $20 for quarters. The other branch next town over does not ask for ID or debit card PIN.
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sawhorse
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Re: Change for a $20 requires ID!!

Post by sawhorse » Sun Oct 08, 2017 12:08 pm

dbltrbl wrote:
Sun Oct 08, 2017 11:23 am
It was their way of saying get lost. If they give you easily, next time you go in again and you are not their customer. This way they keep you out without kicking you out. :D
That's what I'm thinking too.

likegarden
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Re: Change for a $20 requires ID!!

Post by likegarden » Sun Oct 08, 2017 12:20 pm

It will get easier as you get older. I am in the 70s and can pass $50s without ID.

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HueyLD
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Re: Change for a $20 requires ID!!

Post by HueyLD » Sun Oct 08, 2017 12:30 pm

Last time I tried to pay for something with a $100 bill, the cashier had to ask for a manager to inspect and approve the transaction. And of course they asked for my photo ID.

It is what it is. I have no problem with their prudent practice.

123
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Re: Change for a $20 requires ID!!

Post by 123 » Sun Oct 08, 2017 12:45 pm

But do they know how to tell if the ID is fake?
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David Jay
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Re: Change for a $20 requires ID!!

Post by David Jay » Sun Oct 08, 2017 1:39 pm

Ruger wrote:
Sun Oct 08, 2017 11:13 am
My understanding is that the $20 is the one most often counterfeited, so I guess they are being overly cautious.
Did you hear the one about the innumerate artiste?

He created an absolutely perfect counterfeit of the ... wait for it ... one dollar bill.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

Longdog
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Re: Change for a $20 requires ID!!

Post by Longdog » Sun Oct 08, 2017 1:53 pm

Just yesterday I went to local Wells Fargo to get some cash. When they handed me the stack of twenties, I asked to see their ID. It’s only fair, especially given their recent transgressions.
Steve

michaeljc70
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Re: Change for a $20 requires ID!!

Post by michaeljc70 » Sun Oct 08, 2017 2:08 pm

I'm not sure how an ID protects against a counterfeit bill. Certainly they don't take a photocopy of your ID and staple it to the bill. They have markers and usually scanners to detect fake bills at banks.

Could it be they only want to make change for customers and/or make it more difficult for non-customers to request change?

mouses
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Re: Change for a $20 requires ID!!

Post by mouses » Sun Oct 08, 2017 2:28 pm

I cashed someone's Bank of America check at a B of A branch years ago, and they required my fingerprints. My mental reflexes weren't fast enough to say F you, unfortunately.

letsgobobby
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Re: Change for a $20 requires ID!!

Post by letsgobobby » Sun Oct 08, 2017 2:29 pm

Pretzel lover wrote:
Sun Oct 08, 2017 11:03 am
First time I ran into this rule at local bank....is it new?

Can I get a $10 and two $5's for this $20? No, not without proper ID

Wow, part of the know if your customer is laundering money
This story would be more interesting if you had just withdrawn $20 from your account, then asked to change that into a $10 and two $5's.

runner3081
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Re: Change for a $20 requires ID!!

Post by runner3081 » Sun Oct 08, 2017 2:59 pm

About 1 or so years ago, Chase Bank started asking for ID with any cash deposit. I believe that it was a federal requirement?

I wonder if they should be asking for ID anytime money is handed to the bank?

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dm200
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Re: Change for a $20 requires ID!!

Post by dm200 » Sun Oct 08, 2017 3:48 pm

runner3081 wrote:
Sun Oct 08, 2017 2:59 pm
About 1 or so years ago, Chase Bank started asking for ID with any cash deposit. I believe that it was a federal requirement?
I wonder if they should be asking for ID anytime money is handed to the bank?
I doubt it is a general federal requirement. It might be:

a. What Chase determines is necessary to meet "federal requirements"
b. A step required by regulator(s) because of things Chare was or was not doing
c. An abundance of "caution" for many reasons
d. something else

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GerryL
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Re: Change for a $20 requires ID!!

Post by GerryL » Sun Oct 08, 2017 3:59 pm

letsgobobby wrote:
Sun Oct 08, 2017 2:29 pm
Pretzel lover wrote:
Sun Oct 08, 2017 11:03 am
First time I ran into this rule at local bank....is it new?

Can I get a $10 and two $5's for this $20? No, not without proper ID

Wow, part of the know if your customer is laundering money
This story would be more interesting if you had just withdrawn $20 from your account, then asked to change that into a $10 and two $5's.
In June I was heading to Peru where, I had been warned, you can only exchange currency that is in almost pristine condition. I stopped at a credit union that shares ATMs with my credit union and asked the teller if I could get some cash, and explained I needed good-looking twenties. She directed me to the ATM and told me to come back inside if I needed to exchange any of the bills I got from the machine. I did that, but she really had no way of knowing that the wrinkled or damaged bills I was exchanging came from their ATM. I don't recall being asked for ID.

bob60014
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Re: Change for a $20 requires ID!!

Post by bob60014 » Sun Oct 08, 2017 4:31 pm

Along the same lines, I'm 60 + and look it. Went to Target and picked up some items along with a bottle of wine. The clerk, 60+ herself asked for my ID. Bless you I said, it's been awhile!! She said no, we have to scan it in the system. Stunned, I asked why and of course I got the usual, Corporate says we have to. OK I understand if I looked anywhere near 21, but I dont. I grumbled a bit and said, no way, thanks, there is no reason for you to do so, and I left without purchasing the wine and everything else. Their policy, their loss! Hhhrrrrrmmmppppphhhh! I feel better now. :)

runner3081
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Re: Change for a $20 requires ID!!

Post by runner3081 » Sun Oct 08, 2017 4:35 pm

dm200 wrote:
Sun Oct 08, 2017 3:48 pm
runner3081 wrote:
Sun Oct 08, 2017 2:59 pm
About 1 or so years ago, Chase Bank started asking for ID with any cash deposit. I believe that it was a federal requirement?
I wonder if they should be asking for ID anytime money is handed to the bank?
I doubt it is a general federal requirement. It might be:

a. What Chase determines is necessary to meet "federal requirements"
b. A step required by regulator(s) because of things Chare was or was not doing
c. An abundance of "caution" for many reasons
d. something else
You are right... Chase policy:

“When making a cash deposit, please be ready to show a valid ID and deposit only into accounts that list your name,” states a letter received recently by a JPMorgan Chase bank customer.

A new policy move by Chase..."

https://www.huffingtonpost.com/mybanktr ... 68830.html

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Re: Change for a $20 requires ID!!

Post by LadyGeek » Sun Oct 08, 2017 4:53 pm

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