Why you can't deposit cash into someone else's account at the bank \ stacker news ~bitcoin

pull down to refresh

Why you can't deposit cash into someone else's account at the bank www.rnz.co.nz/news/business/564212/why-you-can-t-deposit-cash-into-someone-else-s-account-at-the-bank

157 sats \ 10 comments \ @k00b 16 Jun bitcoin

This a change of policy at a New Zealand bank. Do American banks allow this? I'm tempted to try and see.

Newland said moving away from cash meant everything could be tracked much more easily.

New Zealand Banking Association chief executive Roger Beaumont said banks were required to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act (AML), which could make accepting deposits difficult.

"The law aims to stop people trying to disguise the origin of criminal profits, such as drug trafficking or fraud," he said. "Under the law, there are rules about verifying the source of the funds, and the identity of the person paying and the recipient.

view all related items

111 sats \ 3 replies \ @Signal312 16 Jun

I talked to a guy at a btc meetup years ago, he was an interesting character.

He told me that he used to have a business, buying bitcoin for people. He had a bank account at a large bank with ATMs everywhere in the US. The customer would deposit money into his account at an ATM. Then he would send the customer bitcoin.

Of course, that stopped working after a while, as regulation picked up.

What he was doing when I talked to him was...he had two jobs. Two full-time, regular IT jobs, that he worked at the same time. Apparently that was quite a thing during the early covid era. He told me one of the keys was to have 2 separate computers, one for each job. And don't try for high level jobs - medium level jobs.

I remember there was a WSJ article on it, but couldn't find that easily. But here's an article from Fortune magazine on this phenomenon: https://www.forbes.com/sites/jackkelly/2021/08/15/the-remote-trend-of-working-two-jobs-at-the-same-time-without-both-companies-knowing/

10 sats \ 2 replies \ @nichro 16 Jun

Bet you could also dual boot instead of buying a second computer. Maybe even a VM would've worked.

Why didn't I think of that in 2020

0 sats \ 1 reply \ @Signal312 16 Jun

Yeah, it was a real thing, I remember reading articles about it.

I think having 2 separate machines is probably a good idea in this situation. I'd even put different colors on them. Physical separation of devices is really useful, I find it also helps me with digital distraction (like, I use a separate, really old laptop for random web surfing).

0 sats \ 0 replies \ @WeAreAllSatoshi 16 Jun

Color-coding them is a good idea. I worked with a person that was spontaneously fired because while WFH, they used their work laptop instead of their personal laptop for... personal activities. I'm guessing their laptops were similar in vendor/model/form-factor and they easily got them mixed up.

67 sats \ 3 replies \ @WeAreAllSatoshi 16 Jun

I’m pretty sure you can’t just make deposits into anyone’s account. That’s also why you can’t just transfer from one account to another without your name being on both. It’s very annoying

83 sats \ 1 reply \ @nichro 16 Jun

Went into a branch for the first time in like a decade recently.

20ish yo kid nearby trying to withdraw 1000$ at the teller. Got asked what it's for. Kid mentioned car repair and saw him show something on his phone, maybe a receipt or proof of appointment. Not sure if teller asked for all that or if he was just being proactive.

Either way, very annoying indeed

35 sats \ 0 replies \ @WeAreAllSatoshi 16 Jun

I think the tellers pressure you into disclosing details even if it's not required. It's my money, none of your business what I do with it.

0 sats \ 0 replies \ @WeAreAllSatoshi 16 Jun

I’ve dealt with this with my family. I’ve told them Bitcoin fixes it haha

50 sats \ 0 replies \ @stack_harder 16 Jun

once we have a crital mass of people that just accept btc and sats, a lot of this will be mitigated i think.

banks have made us so 'safe' that you can't even take your own money out without having to submit to interrogation.

Luckily in Bulgaria it's still the wild west in that regard and they dont ask many questions

50 sats \ 0 replies \ @TheBTCManual 16 Jun

Damn! Time to start couriering cash mates

I can confirm you can still do a cash deposit at an ATM to another persons bank account in South Africa, both personal and business. Or just send it to their phone number with a pin and they can draw the cash at an ATM, loads of people use it, having a cash strong economy has its perks even if said cash is trash