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Federal Regulation Limiting Cash Deposits

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Question: 
We are being told that there is a new federal regulation which limits cash deposits into consumer accounts by non-signers/owners to $500. Is there such a federal regulation?
Answer: 

Absolutely not! Just try making a large cash deposit to my account at __________ Bank!

Seriously, some banks have adopted a policy of prohibiting certain cash (and, in some cases, other) deposits by individuals who aren't signers on or owners of the account in question. Those banks have a variety of reasons for the policies including concerns about micro-amount money laundering and deposit fraud.

However, none of the policies to my knowledge are prompted by new federal or state laws or regulations.

First published on 07/05/2015

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