Grit dog
Black Diamond, WA
Senior Member
Joined: 05/06/2013
View Profile
 Offline
|
Gots to say this thread is in the lead for dumbest/most entertaining thread of the month. Which says something because there’s been some gooders lately!
Edit nvm, forgot abou t the Where do you put your trash can thread!
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold
|
rk911
DuPage County
Senior Member
Joined: 05/30/2004
View Profile
Good Sam RV Club Member
Offline
|
https://money.usnews.com/banking/article........s,fraudulent%20may%20be%20held%20longer.
https://www.investopedia.com/personal-fi........ied-check-vs-cashiers-check-which-safer/
https://wallethub.com/edu/cashiers-check-scams/16192
Rich
Ham Radio, Sport Pilot, Retired 9-1-1 Call Center Administrator
_________________________________
2016 Itasca Suncruiser 38Q
'46 Willys CJ2A
'23 Jeep Wrangler JL
'10 Jeep Liberty KK
& MaggieThe Wonder Beagle
|
ktmrfs
Portland, Oregon
Senior Member
Joined: 06/22/2005
View Profile
Offline
|
valhalla360 wrote:ktmrfs wrote: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.
Not just cash transactions, any deposit of $10k or more or per the terminology...structured deposits (ie: putting in 2 - $5k deposits gets reported.
So long as you have the paperwork showing the sales transaction and it's all legitimate and presuming you haven't been involved in tax fraud, drug sales or other red flag transactions...not a big deal that they report it to the feds.
My past experience is that a check >10K that I deposited to my account was as easy and the same as smaller checks. It may get reported but didn't require anything on my end, not even verifying my identity.
Now larger cash deposits (<10K but still large)to my account the bank or credit union required that I show a valid picture ID and they wanted me to sign the deposit slip in front of them. Even though the teller(s) knew me.
Now what I did find interesting a few years ago. I sold a motorcycle for a friend of mines wife. He had passed away and she asked me to sell the bike. Which I did, and had cash in hand. Went to the bank for their account to deposit the money into their account. I'd done that with checks for them and my folks account. NOPE bank would NOT accept ANY cash deposit for an account I was not on. No amount no matter how small. So I went to my bank, put it in my account then wrote a check and went back to the other bank and made the deposit with a check. no problem. My bank also said they cannot accept any cash deposits to accounts that one is not on. checks yes, cash no.
2011 Keystone Outback 295RE
2004 14' bikehauler with full living quarters
2015.5 Denali 4x4 CC/SB Duramax/Allison
2004.5 Silverado 4x4 CC/SB Duramax/Allison passed on to our Son!
|
JRscooby
Indepmo
Senior Member
Joined: 06/10/2019
View Profile
Offline
|
valhalla360 wrote:JRscooby wrote:
Years back I sold a trailer. The buyer had a cashiers check. Went to my bank, had them verify the check was good by calling bank where buyer got loan. Deposited check, had bank notaries stamp signature. At same time, same buyer bought another trailer from friend, same deal.
As turns out, I was lucky. I was selling because did not need the trailer. Friend was selling because needed money. Couple weeks later, he had checks bouncing, and I got notice of balance reduction.
Turns out buyer had used a good copy machine, cashed the real checks. Friend called sheriff of buyer's home county, was told civil matter, friend would have to sue.
And when you talk of cashing check, that has risks. There is chance you will meet bad actors. Some will take cash illegally, others take cash, make you pay lawyer to get it back. (Look at CAF laws)
So, you/he didn't confirm that the money couldn't be clawed back.
Both friend and I trusted the bank we had dealt with for years would of been certain when they contacted buyer's bank the Cashiers checks where good. There excuse was the other bank didn't know the check had been copied until it got back to bank. Of course, bank will take no responsibility if will cost them.
My friend sued, but I don't know how he came out in court. I do know he lost a truck behind the deal.
I went another way, got my trailer back, and sold again as several years newer.
|
chiefneon
Livingston, TX
Senior Member
Joined: 12/03/2001
View Profile
Good Sam RV Club Member
Offline
|
Howdy!
I would be very concerned about walking out of a bank or credit union with a large sum of money or even a cashier check. There is a large trend of what is called “Jugging” where persons are followed away from a bank and robbed at Gun point. Our last RV purchase from Camping World would not except a wire transfer. They would only except a cashiers check. I went to my police credit union to get the cashiers check which was a very large amount. When the credit union employee handed me the check she asked me if I was armed. I stated yes. She then advised be very careful because that is the same as cash. Just a word to the wise when dealing with large some of cash or cashiers checks.
“Happy Trails”
Chiefneon
|
|
|
valhalla360
No paticular place.
Senior Member
Joined: 08/19/2009
View Profile
Good Sam RV Club Member
|
ktmrfs wrote:valhalla360 wrote:ktmrfs wrote: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.
Not just cash transactions, any deposit of $10k or more or per the terminology...structured deposits (ie: putting in 2 - $5k deposits gets reported.
So long as you have the paperwork showing the sales transaction and it's all legitimate and presuming you haven't been involved in tax fraud, drug sales or other red flag transactions...not a big deal that they report it to the feds.
My past experience is that a check >10K that I deposited to my account was as easy and the same as smaller checks. It may get reported but didn't require anything on my end, not even verifying my identity.
Now larger cash deposits (<10K but still large)to my account the bank or credit union required that I show a valid picture ID and they wanted me to sign the deposit slip in front of them. Even though the teller(s) knew me.
Now what I did find interesting a few years ago. I sold a motorcycle for a friend of mines wife. He had passed away and she asked me to sell the bike. Which I did, and had cash in hand. Went to the bank for their account to deposit the money into their account. I'd done that with checks for them and my folks account. NOPE bank would NOT accept ANY cash deposit for an account I was not on. No amount no matter how small. So I went to my bank, put it in my account then wrote a check and went back to the other bank and made the deposit with a check. no problem. My bank also said they cannot accept any cash deposits to accounts that one is not on. checks yes, cash no.
Both get reported. A check creates a paper trail. With cash, they probably wanted extra confirmation that their was no conflict regarding the amount.
As far as depositing cash for someone else, that's something the feds likely want to track. Of course 45yr ago my dad had a side business with video games at laundromat, restaurants, etc... the result was hundreds in quarters. So my dad sends me with a 30lb bag of quarters to deposit and bank didn't want to accept them because I wasn't on the account.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV
|
free radical
Canada
Senior Member
Joined: 02/07/2008
View Profile
Offline
|
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)
Theres something called civic forfeiture when police can take your money claiming its from ilegal activity.
And you will have to sue the state to get it back
It hapened to many people.
See Lehto law chanel
Something to consider.
|
wapiticountry
Mountain West
Senior Member
Joined: 10/02/2011
View Profile
Good Sam RV Club Member
Offline
|
Like previously posted, most bank branches aren’t going to have $45,000 in cash. And if they did, they aren’t going to cash a cashiers check for that high an amount for a non customer, even if it’s their own cashiers check. About the only way to have this style transaction go smooth and safe would be to tell the buyer to meet at his bank where he can have it arranged the cash is available and he withdraws that amount from his account and gives it to you on the spot. Hopefully you have an extremely desirable rig priced too good to be true because your need to not involve a bank is going to run off 99 out of a hundred potential buyers.
|
ktmrfs
Portland, Oregon
Senior Member
Joined: 06/22/2005
View Profile
Offline
|
wapiticountry wrote:Like previously posted, most bank branches aren’t going to have $45,000 in cash. And if they did, they aren’t going to cash a cashiers check for that high an amount for a non customer, even if it’s their own cashiers check. About the only way to have this style transaction go smooth and safe would be to tell the buyer to meet at his bank where he can have it arranged the cash is available and he withdraws that amount from his account and gives it to you on the spot. Hopefully you have an extremely desirable rig priced too good to be true because your need to not involve a bank is going to run off 99 out of a hundred potential buyers.
some banks will even limit the amount of cash you can withdraw from your account in a given day. And the amount is WAY less than 45K. some institutions also limit the amount of money you can transfer in a given transaction or given day. Not a limit on check transactions but limit on account to account transfers.
My credit union has a $10K/day limit on ACH transactions (total not each) same with my Bank. Only my brokerage account has a higher limit on ACH transactions. And a much lower amount on how much I can take from the ATM machine in a day. I suspect the 10K ACH limit by banks/CU may be part of the Fed reporting thing.
|
LouLawrence
Traveling the US fulltime since 2000.
Senior Member
Joined: 03/16/2021
View Profile
|
Bought a used Prevost a few years back. Transferred over $100,000 from my brokerage to checking. A week or so later went to the bank and got a cashiers check made out to the seller(dealer). If someone wanted to rob me they would have gotten a worthless check since it was made out to the seller already. None of these transactions created any kind of IRS/Government related intervention. It's just business as usual for the bank, the consumer and the dealer.
Those that choose to deal in cash only for very large transactions are going to find it difficult trying to make it a smooth and easy transaction.
|
|
|
|
