rk911
DuPage County
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mountaintraveler wrote:rk911 wrote:when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)
good luck. i think you're taking on a load of unnecessary risk but I hope this works out for you.
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ktmrfs
Portland, Oregon
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rk911 wrote:mountaintraveler wrote:rk911 wrote:when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)
good luck. i think you're taking on a load of unnecessary risk but I hope this works out for you.
show up at a bank with more than 10K cash to deposit into an account and you will need to provide plenty of identity to deposit the cash. and the deposit will be reported to at the very least the feds. Part of the money laundering problem. doing multiple small transactions won't get around it unless they are well spaced out.
Last time I sold a motorcycle it was for cash, about 5K and even though the bank tellers knew me, and it was under the 10K limit I still had to answer a bunch of questions, have my ID photocopied and sign some documentation to deposit the money into my account.
From the fed's
When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more. So, two related cash deposits of $5,000 or more also have to be reported.
And whomever provides you with the cash will need to go through the same process since withdrawls above 10K also must be reported to the feds. Again it's cumulative withdrawls over a period of time, so breaking them up likely won't get around it.
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Walaby
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OP has stated he's not going to transfer or deposit in his bank.
He wants to meet purchaser at a branch of the PURCHASERS bank, have the bank make the withdrawal and he walks out of the bank with the cash.
Not necessarily how I would do it, but Im not him.
I sold a 66 Fairlane to an out of state purchaser for 7K.
Purchaser sent me a cashiers check and also paid for a transport company to pick the car up. I told purchaser no picking up car until cashiers check cleared my bank. It took three days for bank to release the funds into my account. Once cleared, transport company showed up, all good.
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ktmrfs
Portland, Oregon
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Walaby wrote:OP has stated he's not going to transfer or deposit in his bank.
He wants to meet purchaser at a branch of the PURCHASERS bank, have the bank make the withdrawal and he walks out of the bank with the cash.
Not necessarily how I would do it, but Im not him.
I sold a 66 Fairlane to an out of state purchaser for 7K.
Purchaser sent me a cashiers check and also paid for a transport company to pick the car up. I told purchaser no picking up car until cashiers check cleared my bank. It took three days for bank to release the funds into my account. Once cleared, transport company showed up, all good.
Mike
If the OP cashed the check and gets cash it will still be reported to the feds
And unless the OP is putting the money in a mattress a bank/credit union/brokerage etc. will also be reporting the transaction.
So instead of ONE transaction being reported, two will be reported.
Less headache to use a transfer between accounts
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Walaby
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ktmrfs wrote:Walaby wrote:OP has stated he's not going to transfer or deposit in his bank.
He wants to meet purchaser at a branch of the PURCHASERS bank, have the bank make the withdrawal and he walks out of the bank with the cash.
Not necessarily how I would do it, but Im not him.
I sold a 66 Fairlane to an out of state purchaser for 7K.
Purchaser sent me a cashiers check and also paid for a transport company to pick the car up. I told purchaser no picking up car until cashiers check cleared my bank. It took three days for bank to release the funds into my account. Once cleared, transport company showed up, all good.
Mike
If the OP cashed the check and gets cash it will still be reported to the feds
And unless the OP is putting the money in a mattress a bank/credit union/brokerage etc. will also be reporting the transaction.
So instead of ONE transaction being reported, two will be reported.
Less headache to use a transfer between accounts
Totally agree.
Just saying he's not interested in bank transfer.
Mike
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Grit dog
Black Diamond, WA
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OP if you’re limiting yourself to no wires, no cash, and no cashiers check received, then I’m on the fence aboot who’s shady.
And some of you need to get a different bank. Now I’ve never pulled out more than like $35k in cash nor have I deposited more than that but the only issue with withdrawing that much cash is making sure they have it on hand. Over $10-15k and sometimes I’ve had to hit up multiple branches if on short notice.
And the whole questioning thing about large deposits? Yes seems the teller always has to get a mgr for that (large wd as well) and they generally seem to ask what it’s for (in a curios non assuming sort of way). Sometimes I’ll tell ‘em in generic terms sometimes I’ll tell ‘em it’s nunya.
As far as being skeptical aboot counterfeit money? Lol. If your spidey sense can pick up a shady buyer, you ought to know the smell and feel and security measures included in a Benjamin Franklin….
Sometimes I’ve had sellers say they’re ok with me bringing a cashiers check. But generally buy and sell with stacks of green. (The one lady who brought me $20k in a grocery bag, including 20s 10s 5s and I think some 1s! I insisted on counting it and gave her back over $1000….lol)
But based on your significantly limited acceptable forms of transaction, left them at their bank. Get the cashiers check from them, verify funds in their account that the check was written on (the bank will doo it with the account holders permission) and walk out with the check and go cash it at your bank….or theirs if they have the scratch on hand.
PS OP, if you think somehow depositing the $ into your account will somehow be construed as income (the only reservation I can think of) it won’t.
This is just a weird set of limitations that wouldn’t even require a question if but not for being wiggy about it.
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stripit
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If you walk into most banks and try to get anywhere near that amount of cash they are probably going to tell you they don't have it. Has to be ordered and that is on their next delivery, in most places once a week. Been there done that. Tried to pay for a Class C with almost 40 grand cash out of my account. Hit 4 different branches as each one would only give me about 4 or 5 grand. Ended up giving the seller about 24 grand in cash and a bank check for the balance. This was the same bank he used, and after he called to verify I was telling the truth he was OK with this transaction. Best of luck to you
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JRscooby
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mountaintraveler wrote:rk911 wrote:when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)
I think I would start to look real close at any deal where the seller did not want to deal with bank. A seller can be pretty shady too.
The fact is the safest and fastest, when dealing with that much money is wire transfer.
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RetiredRealtorRick
Gulf Shores, AL
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I'm real curious why "it's just wires are not acceptable in this case" --- clearly wiring funds is the easiest and safest way to handle such a transaction. Obviously there's some key information we're not being provided here.
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nickthehunter
Midwest
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RetiredRealtorRick wrote:…Obviously there's some key information we're not being provided here. Maybe he’s selling all his possessions and taking all his money in cash and moving somewhere where he feels the economy is more to his liking. Not sure why his reasoning is important to anyone answering his query. Maybe he doesn’t want his wife to know. Maybe He knows something he doesn’t care to share.
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