You are CORRECT.
Let me offer a variation on that.
I went to my bank of many, many years. It's been bought and sold 4 different times. Currently its a US Bank.
a week ago I stopped in the lobby and went to the teller window to DEPOSIT $900 dollars CASH into my personal checking account. I had a personal DEPOSIT SLIP already filled out. It had my name and account number on it.
The teller who was new to me immediately asked me for some form of ID.
When I asked for what reason he needed to see my ID his response was that the law mandated that I had to prove it was me because it might be an attempt at LAUNDERING money.
Keep in mind I was putting only $900 dollars into a small personal checking account I've maintained for 25 years and the bank and Federal Government was up my a$$.
We're moving toward MORE and MORE CONTROL and invasiveness.
Keep your eys and ears open.
I have a US Bank Account also. I just made a $700 all cash deposit to my account, and no one asked to see my ID at all. However, I live in a small town, so people tend to be more relaxed about stuff. I didn’t know the teller either.
Under the Federal Guidelines policy for detecting money laundering, banks are supposed to “know their customer”, so why do they have to ask for an ID? Also under that guideline, the teller here should have had some questions for me, because it is highly unusual for me to make cash deposits of any kind.
Ever notice the more the Government explains it’s policies, the more contradictory they become?
I look upon Washington DC as one big out of control Blob, coming to envelope us with their so called help, just like the Blob covered a diner. Bad things will be coming more and more frequently from Uncle Sam JMHO.