Donate SIGN UP
Home > Business & Finance > banking cash deposits

banking cash deposits

Avatar Image
tigerjeaux | 20:29 Tue 20th Mar 2007 | Business & Finance
2 Answers
Why do banks need personal employee information such as ss#, driver licence #, home address etc. when that employee makes a cash deposit for the corporate business that he or she works for? Also what is the minimum cash deposit that this information is required? Does each bank have it's own limit? Does this violate privacy for the employee?
prev Tesco Flow diagram
  
next Direct Debits
Gravatar

Answers

1 to 2 of 2rss feed

Best Answer

No best answer has yet been selected by tigerjeaux. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
Avatar Image dzug
They don't - not in the UK anyway.
22:59 Tue 20th Mar 2007
Avatar Image johnny37
Ive never heard of this but I wonder what is the size of the deposits? Banks are required by law to ensure that any deposits, cash or otherwise are come by legally to prevent money laundering. They are committing a criminal offence themselves if they do not. (dont ask me to quote Acts Of Parliament!) Obviously there are individual 'floor limits' otherwise the system would be unworkable. They probably would not worry too much if the business has traded legally and had its account with the bank fo a long time
13:28 Wed 21st Mar 2007

1 to 2 of 2rss feed

Do you know the answer?

banking cash deposits

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.