JPMorgan Chase & Co. has ended its practice of allowing people to make cash deposits into the accounts of other customers.
Why the change?
“The policy change combats misuse of accounts, including money laundering,” spokesman Jeff Lyttle said. Lyttle said no one particular event led to the move, which took effect on March 3, but it was part of a comprehensive review of bank policies aimed at keeping customers’ accounts safe.
“It’s not the smiling face they don’t trust,” McBride said. “It’s the fistful of cash they don’t trust.” He said he wouldn’t be surprised to see other banks, especially the big banks, implement similar policies. “This is the world we live in, where financial institutions take protections to make sure they can validate where money is going into the account and take steps to protect against money laundering,” he said.
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