OT..A "Cashless Society???

[torker]

Well I've heard rumours...that if you deposit large sums of cash in the bank that they want to investigate you.
i thought it was BS.
It's not.
I sent the ol' lady to town yesterday to plunk down $6500 on my CC so i could pay for my ironworker.
HOLY Smoke... they grilled her... made her fill out papers.
WTF!!!
I've been saving up money for a couple months for that.
Sold a lot of my personal toys... my partially restored 75 Camaro..a couple of my old motorcycles... my Lincoln plasma cutter... so I could finance a new machine.
You work hard... give up your toys... try to better yourself and the a$$holes treat you like a criminal.
I am officially pissed.
I could have walked in there and paid on that CC with another CC and nobody would have said a thing.
but Nooo... you don't want to pay with cash...
Jerks!
Russ

[DR]

.............

I sent the ol' lady to town yesterday to plunk down $6500 on my CC so i could pay for my ironworker.
HOLY Smoke... they grilled her... made her fill out papers.
WTF!!!
...........................

Who grilled her?

What kind of papers?


I don't fully understand the situation. The $6500 was to pay off a previous CC balance? And it was cash? If so, it does sound a bit strange doesn't it? I bet if she had sent a check for $6500 it wouldn't have raised any eyebrows. But, here's somebody with a fairly high CC balance paying cash......of course they're suspicious.

[loose nut]

It's BIG BROTHER look for druggies and terrorists trying to launder money by making largish deposits in many banks to make it legal money and screwing the little unimportant people like us while they do it. Ain't the future look'in bright!

[torker]

The teller at the bank.. she even had to go get a supervisor.
No... i don't have a high CC balance.... I put the cash on the card to pay for the ironworker.... that way the CC never gets high.
That's how i buy a lot of stuff.... I pay cash as I go... always.
So what do you mean... "Of Course" they'd be suspicious?? Am i missing something here?
Guess I'm still in the dark ages. I bought my Rodeck racing motor... got a loan from the bank at the time...$16,000... took it out in cash cuz the guy wanted cash... a farmer from Manitoba...a truck/tractor puller.

[Evan]

There are limits on the amount of cash that may be processed in and out of accounts beyond which additional information is required. These are prescribed by the federal government and are in place to prevent money laundering by drug dealers and other similar criminal activity. They have been in place for many years and IIRC are part of international agreements to regulate cash exchanges for the purpose of criminal activity including tax evasion. Similar limits apply in nearly all countries to the amount of cash that may be carried across a border.

[Bob Ford]

All governments would like a cashless barter less society. NO TAX would go unpaid! Big brother would have much better control over it’s subjects.

Bob

[dp]

I had that problem when I bought my Harley. Wanted to write a check for it and pay it off. They couldn't accept it, couldn't accept cash, either. I had to go to the bank and have them issue a counter check for $18,000 and some change. It's a nutty attempt to keep honest people honest and repress a black market economy.

[Timewarp]

Yes Torker, they think that you are a drug dealer! I had the same issue - wanted to put 12 grand on the credit card for a steel order. I had been paid for a boat - 16 grand in twenties! I asked the teller what the max deposit was without the red tape, then made multiple deposits. Can't remember all the details, this was 6 years ago.
Also at the time I had no bank account. I didn't have a lot of money and it seemed like the interest they were giving me was not paying for the monthly banking fees. I could not see the advantage to lending my money to the bank, in principle or in practice.
Pablo

[Evan]

They couldn't accept it, couldn't accept cash, either.

There is a law in the US (if it hasn't been repealed) that if payment in cash (legal tender) is refused for a purchase then the payment is deemed to have been made anyway.

[bob ward]

cash handling fee

A few months ago when I went to make a $6000 cash deposit at the bank, the teller whispered to me "I shouldn't be telling you this, but split that into 2 deposits otherwise I have to charge you a cash handling fee".

A cash handling fee?!?!?! At the bank?!?!?!

FFS!

[Evan]

Coinage Act of 1965
Section 31 U.S.C. 5103

Legal tender

"United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

[Dawai]

Same here..

Same here.. my lil motorcycle parts business..

I went to the bank.. had about six thousand in pocket, was thinking gee I'll get beat to death by a local cop with my tattoos and my purple harley. They done thought that once before I was a drug dealer.. THE bozo's here thought so about me too.. Seems Russ defended me as hard as he did the GURL..

OKAY, retail sales, cash register in wallet, about 15% is profit of total gross intake.. so it looks like a lot more than it is. WIFEY? she thinks, he ain't broke, he has a thousand in his pocket.. but alas, I done spent the 15%.. kinda blonde economics.. I know I still got money in the bank cause I got checks left..
It's floating credit money, not profit. When will everyone start using plastic cards instead of cash, I have to ride to town to deposit cash. That costs me time and gas-money.

Less than 10k in cash? nobody asks me a thing at the bank.. more than.. tax papers..

[pcarpenter]

My wife works at a local large credit union. I could tell you stories...not about specific people...she is very professional in that regard--but about people trying things.

People do come in trying to deposit a check and then turn around and spend it in some more discrete way like paying off a balance that is due to get them out of trouble...only to find that the check is bad or that the money came from some ill gotten gain. The bigger the sudden winfall, the more likely its bad. In a credit union, if poeple cost the other members enough money, they become former members. I don't know what banks have to do to get rid of the unscrupulous scumb.

In any case, large transactions that involve funds coming in and then going immediately back out in some form...even a payment on a credit card--end up immediately suspect, because of idiots. If they didn't challenge you (and all the others who are trying to bilk the bank so to speak), you would end up paying for it. You might not know about it except in higher fees, but you might consider it more palatable than being challenged to prove your transaction was legitimate and that you didn't just fence a bunch of stolen goods to pay off your credit card.

Paul

[Dawai]

Ohh yeah..

printing your own "barter cash" has made people rich.. Freemen in Montana was the last "Lesson" on "not to do that"... not heard a word since about it or the freemen's court case.. The local people tried to cash the self printed barter-checks they had, they were no good at the bank.

It started in New York state where a guy with a assembly company hired people to work, paid them in script to spend in his retail store.. it didn't interrupt their food stamps or unemployment.. not illegal.. but not exactly legal either.. He went around teaching people how to barter.. I'd like enough money to retire too..

One pair, also involved in organized Tax evasion, they were found with a mattress laying on them burning when the entry team got into the building to arrest them. Shot in the head. Obvious suicides? one was the local sheriff other was the "extremist". New laws closed the loopholes that allowed them to "not pay taxes" in America.. It used to be voluntary.. not now. They just didn't advertise you didn't have to.

Anyways.. it used to be coal miners who got paid in script to spend at the company store.. my grampa was a coal miner..

[retusaf99]

My wife owns a travel agency, and I do the books for her. We recently had a group of 90 or so instructors/students from the local college, going to China.

We got a check for in excess of $130,000 for their travel, which we deposit and I write a check for something slightly less to pay for the travel, etc., that we researched and provided. (A portion of the rest goes to new tools... )

We called Bank of America to explain the situation, cuz we're a small business, not Donald Trump. I think that helped. No glitches.

Still, adding five zeroes on a check is a bit unnerving....

Doug