Cash no longer king at one major bank

Cash no longer king at one major bank

PORTLAND, Ore. -- Cash is king, right? Not at one major bank, and some customers are very unhappy about it. 

Chase Bank says it has changed its policy. Customers must show ID when they deposit cash into their own accounts at the teller, and they can no longer deposit cash into someone else's account.

Some parents say they deposit cash into their children's accounts when they are away at college.

"They should take cash. Cash is supposed to be the currency of this country," said Chase customer Jason Hoyt, who lives in Wilsonville.

Chase says it is trying to fight "misuse of funds," including money laundering.

A Chase spokesperson told KATU by email that people who want to deposit cash into someone else's account must change the cash into a cashier's check or money order, both of which cost money. People also have the options to using a personal check, become a signer on the account, do a wire transfer, or sign up for Chase QuickPay, an email-based service. The other party would have to sign up for QuickPay as well.

Employees of small businesses could deposit cash into small business accounts if they show ID, the spokesperson said.

Hoyt said he supports fighting crime and creating records of transactions, but he thinks customers should be able to bring cash to the bank and not have to pay for a cashier's check or order.

"If they really want a paper trail, instead of charging people to get a money order, why don't they just check for ID?" asked Hoyt.

"I think it's just another way for the banks to make money," he added. "I strongly believe they will lose customers over this."