quote:

Originally posted by sigmonkey:

quote:

Originally posted by 46and2:
The demonization of the use of cash is the fucking problem.

Pay however you like. Cash is, and better fucking remain, perfectly legal and normal.

Ignore the rest.

Well, only people looking to hide things they're doing wrong, use cash.

We would all be safer and better off, not to mention the enviornment would be healthier, if we stopped using cash.

Complete and utter horse shit, and that's putting it mildly.

quote:

Originally posted by 46and2:

quote:

Originally posted by sigmonkey:

quote:

Originally posted by 46and2:
The demonization of the use of cash is the fucking problem.

Pay however you like. Cash is, and better fucking remain, perfectly legal and normal.

Ignore the rest.

Well, only people looking to hide things they're doing wrong, use cash.

We would all be safer and better off, not to mention the enviornment would be healthier, if we stopped using cash.

Complete and utter horse shit, and that's putting it mildly.

I believe the monkey forgot to to put the jester smiley in his post, or something like that.

quote:

Originally posted by sigmonkey:
Well, only people looking to hide things they're doing wrong, use cash.

We would all be safer and better off, not to mention the enviornment would be healthier, if we stopped using cash.

Right, and we'd all be better off if cash were outlawed and everything had to be done electronically where the banks and Uncle Sugar could keep track of and tax more efficiently. I'm sure that it would never occur to the Fed to go from a ZIRP(1) to a NIRP(2) if everyone's money was stuck in the banking system and they had no option to stick cash under the mattress, in coffee cans in the garden, or ... [/sarcasm mode]

1) ZIRP - Zero Interest Rate Policy.
2) NIRP - Negative Interest Rate Policy.

Some European states have a NIRP and it actually cost you to store money in the bank there.

I try to do everything electronically if I can.

As far as having to see physical cash to "control" one's spending, I guess it's a kin to someone trying to stay on time by moving their clock forward by 15 min...

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Originally posted by JALLEN:
To make sure the paperwork is complete and correct, to make sure it isn't a teller going berserk, to make sure any reporting requirements are recognized and reporting done if necessary. The bank has done a risk management study and decided this is what works for them, howver silly it may seem to an outsider.

Handling cash is risky. There are two kinds of people, dumb ones who lose it, and smart ones who steal it.

I work at a bank and can confirm that this is the correct answer. It is at the bank's discretion, but most junior tellers will have transactions over a certain amount restricted and a head teller may have to type in an override password after checking to make sure that the transaction is legit and all i's have been dotted and all t's crossed. It's very easy for an inexperienced teller to get hit with fraud - it is attempted every single day, and successful more often than you may think.

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Originally posted by kingfish007:
I guess it depends on the bank. I withdraw $1000 in cash twice a month for years and never have a problem. More when I go on vacations and Vegas trips .

As long as you don't hit the regulatory threshold (and $2000/mo is under that threshold), you will never notice anything. If you go over the threshold the teller will, by law, submit a report which will go to the regulators and they may or may not look into it.

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Originally posted by PorterN:
Yet i cashed a $4800 check the other day (not even my bank) and the teller didnt need any approval.

Could have been the head teller or an experienced teller with a high limit or the bank may give all tellers free reign (unlikely, but it could happen).

This message has been edited. Last edited by: BamaJeepster,

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I believe the monkey forgot to to put the jester smiley in his post, or something like that.

Hope you are right. It is stirring up a shitstorm of sorts.

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Originally posted by 12131:

quote:

Originally posted by 46and2:

quote:

Originally posted by sigmonkey:

quote:

Originally posted by 46and2:
The demonization of the use of cash is the fucking problem.

Pay however you like. Cash is, and better fucking remain, perfectly legal and normal.

Ignore the rest.

Well, only people looking to hide things they're doing wrong, use cash.

We would all be safer and better off, not to mention the enviornment would be healthier, if we stopped using cash.

Complete and utter horse shit, and that's putting it mildly.

I believe the monkey forgot to to put the jester smiley in his post, or something like that.

knowing the monkey's style, I would bet good money that his comment is highly sarcastic.

These days banks like Chase limit the amount you can withdraw in a day. I don't like their policies either so in your case you'd have to make 2-3 days withdrawals to get your CC paid.
Or withdraw $1,000 a day and keep the extra in your safe. In the bank it isn't drawing interest anyway.

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Originally posted by BamaJeepster:

As long as you don't hit the regulatory threshold ($2000/mo) is under that threshold, you will never notice anything. If you go over the threshold the teller will, by law, submit a report which will go to the regulators and they may or may not look into it.

Say what? I thought $10000 was the regulatory threshold.

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Originally posted by tatortodd:
Say what? I thought $10000 was the regulatory threshold.

It is for "structuring", but there are probably some other rules that might apply, especially if it is a savings/money market account..

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Originally posted by tatortodd:

quote:

Originally posted by BamaJeepster:

As long as you don't hit the regulatory threshold ($2000/mo) is under that threshold, you will never notice anything. If you go over the threshold the teller will, by law, submit a report which will go to the regulators and they may or may not look into it.

Say what? I thought $10000 was the regulatory threshold.

I think he mislocated the parenthesis. Move the closing parenthesis to the end of threshold.

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Originally posted by Rinehart:
The Coinage Act of 1965 says that United States cash, (excluding foreign gold or silver coins), is legal tender for all debts, public charges, taxes, and dues. That means creditors are legally obligated to accept your crumpled-up ones and fives.

Tell that to the Florida Department of Revenue. Please.

I run a small mom-and-pop business. I have a part-time employee. That means, as an employer, I have to pay unemployment tax.

I was in the Department of Revenue's Orlando office to straighten out a problem with the unemployment tax, caused by a bookkeeping error on my part. Guilty as charged. It was going to cost me $30.12 to straighten it out.

I pulled a twenty, a ten, and a few coins out of my pocket. Nope. "Sorry, we don't accept cash."

Me: Um, it says right here, "Legal for all debts ..."

Them: "Sorry, we are the state government and we don't give a shit."

Me: "But I don't have my checkbook with me."

Them: "You can pay with a credit card. Of course we do charge a 'service fee' if you pay with plastic."

Lots of private businesses don't accept currency.

You can't make them.

When I had a loan servicing business in conjunction with a foreclosure trustee, borrowers would sometimes come in to make payments, or reinstate a default, with currency.

Because of the risks of handlng currency, loss, embezzlement, destruction, etc., I refused to accept currency.

What we did was direct the party to the bank on the first floor of our building to obtain a cashiers check. This eventually evolved to thr payer making the currency deposit direct to our account at the bank, if I could supervise it.

The one time currency was accepted cost me $3,500, the currency that went missing. I never could prove what happened, but a month or so later, the employee who had been involved showed up sporting new ahhh, headlights.

I figured as much. My ire isn't directed at the monkey, anyway, but the concept.

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Originally posted by JALLEN:

quote:

Originally posted by tatortodd:

quote:

Originally posted by BamaJeepster:

As long as you don't hit the regulatory threshold ($2000/mo) is under that threshold, you will never notice anything. If you go over the threshold the teller will, by law, submit a report which will go to the regulators and they may or may not look into it.

Say what? I thought $10000 was the regulatory threshold.

I think he mislocated the parenthesis. Move the closing parenthesis to the end of threshold.

Oops...Yes, of course I was trying to say that 2,000 would not hit the threshold, I can see how my clumsy phrasing butchered that.

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Originally posted by 12131:
What is he supposed to pay the CC balance with? Poker chips?

Bill Pay, electronic transfer, it's free. I pay every bill with this. In the worst case (recipient does not "do" electronic transfer) the bank will cut a check and send it to them.
 

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Bill Pay, electronic transfer, it's free. I pay every bill with this.

I have been doing this recently and note that my account is immediately debited the amount, but the payment is not received for several days. They are taking advantage of the float. Of course that is cheaper for me, but my lawn guy wants payment the next day, so he gets a check in the mail. Mississippi government also does the same crap as VTail mentioned with the service fee on the credit card, and not accepting cash.

Cash is the only thing accepted here for bail money. The police station has a convenient ATM near the booking station.

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Originally posted by 46and2:
I figured as much. My ire isn't directed at the monkey, anyway, but the concept.

Yes. And my sarcasm is directed on the very laws and regulations that often ensnares the innocent while crooks are gonna crook no matter the laws or regulations.

Such silliness does very little to address or affect such crimes of money laundering or whatnot.

But certainly there are no end of experts to tell us how wrong we are...

quote:

Originally posted by sigmonkey:

quote:

Originally posted by 46and2:
I figured as much. My ire isn't directed at the monkey, anyway, but the concept.

Yes. And my sarcasm is directed on the very laws and regulations that often ensnares the innocent while crooks are gonna crook no matter the laws or regulations.

Such silliness does very little to address or affect such crimes of money laundering or whatnot.

But certainly there are no end of experts to tell us how wrong we are...

What really sucks about the irs rule is that it was created in 1970 so it should've been raised to over $63,000 for today. In 1970, $10k was approx 3x the value of a new family car.

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Originally posted by Black92LX:

quote:

Originally posted by Balzé Halzé:
I guess I don't really understand. Are you saying that you pay off your credit every month with cash? For God's sake, why?

It helps me spend less. Plus they charge for a bank transfer.
By physically withdrawing the cash keeps it in better perspective of my spending.
I used to use cash but so many purchases are done with Amazon anymore getting 5% back is nice as well as 1 or 2% depending where the other purchases are made. It is silly to pay cash and not get the cash back. I carry no balance ever so it is silly not to.

Today the withdrawal was $795. It all comes out of the little automatic machine so I am not sure why they need someone to approve it.

I understand if you are actually using cash as a budgetary discipline, like Dave Ramsey suggests with his "envelope system". But if you are buying things on Amazon or elsewhere with a credit card, just pay the card off electronically online. Your bank may charge for a bank transfer, as in a wire transfer, but I can't believe that they charge for online payments.

With online access to your credit card account, you can set it up to pay your bill online. This involves linking a bank account by giving them your bank's routing number, and your account number. Then you can pay your credit card online, and the amount of the payment is debited from your bank account just like any other item presented. It's an ACH debit and I don't believe your bank charges you for that. You don't want to go to your bank and request a transfer of funds.