I did indeed call Chase Business Customer Service before I posted my response above. What I posted is what they told me, so... I just called Chase Business Customer Service a second time about this. This time the representative who answered initially told me what you posted, Jack, so I pressed the issue. I told the representative that what she'd just told me was inconsistent with what the other Chase representative had told me just a couple of days ago. I also emphasized the importance of this, because I need to be sure my tenants who make their rent payments via in-person, cash deposits into my Chase business account will not be turned away so long as they are able to show a photo id. At that point, the Chase rep put me on hold, so she could double-check with a supervisor. When she returned, she confirmed that what the other Chase rep had told me was accurate. My tenants will be able to make in-person rent payments via cash deposits into my Chase business account in March and for the foreseeable future.
I took the step of further confirming Chase's new policy when I visited a local branch to speak with a business banker during lunch today.
As I clarified in my last post, with personal Chase accounts, only signers on the account will be able to make deposits beginning in March.
So... the moral to the story is every Real Estate Investor should treat their Real Estate Business like a business and use business bank accounts for their business transactions.
This is a good topic, Jack. Thanks for creating it.
Robin
