How to pay for a used bike

I think this is a reflection of the new world of local banks. In my area, they have built dozens of new bank branch offices in the last 5 years. My local TCF bank shares a building with a $10 haircut place! These low-buck bank offices are staffed by college kids and operate at a very low level of service. They don't have large stacks of $100 bills in a giant steel vault anymore. More like a cardboard box full of $20s in a stock room with a Home Depot coded door handle lock.

At least that's my theory.

I chose them because they were open on the weekends!

Of course.

Banks don't open branches to provide banking services. That idea died years ago. They are there to sell you stuff. Investments, insurance, preferably stuff that isn't FDIC insured. Banking is just how they get you in the door.

When I did fly and ride couple of years ago I also didn't want to tag 10k in cash with me. So me and the seller met in a bank where I had a cashiers checks cut while he watched. So he could be sure that the check was the real deal.

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Just FYI if you travel by plane with large amounts of cash, you will be questioned. If it is not declared and then discovered by either the body scan, pat down or luggage scan they take it as being suspicious. The problem then becomes, those around now knowing that you are carrying cash.

If you happen to be traveling to or from a known destination for prescription med traffickers, it can be an unpleasant experience.

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I have never been asked to "declare" cash during screening. As to the odds that any one of the people around you is an opportunistic mugger just waiting for a victim, well if you go through life that paranoid, then I guess it's just one more thing to worry about.

Honestly I'm far more concerned about what they're going to think when they x-ray my helmet and Gerbings heated gear.

I'm all for reasonable precautions, but the levels of outright paranoia some people seem to live with are amazing.

Way too much paranoia involved with some folks here. If you actually get questioned by an over zealous TSA/COP or whatever (which I think is pretty unlikely since there is no requirement to declare how much cash you have on your person traveling within the US), simple answer is "I am buying a motorcycle (for fly-n-ride you would likely have your gear with you, kind of hard to dispute.) When I sell a bike, I want cash, not a check, not a cashier's check and not a money order or even a wire. Want to take the bike for a spin? Great, just hand over cash in the amount of the asking price and you can take it for a nice ride. If it comes back looking any different than when you left, I will sign over the title and keep the cash and you can keep the bike. If I am buying a bike, I will defer to the seller's wish, but will not make any kind of transfer without knowing that they have an actual title (or other supporting documentation in the event it is a much older bike). I have never had someone turn down cash when offered as a payment method yet.

Can you please point to the statute that requires declaring how much cash you are carrying within the borders of the US? If there is a law please let us know. Firearms need to be declared, cash, not so much.

There is no such statute that exists... However, that won't stop a jack-booted thug with a badge from hassling you, possibly even confiscating your cash. This does unfortunately happen. Google it.

I googled "jack booted thugs confiscating cash". Lots of NRA/Ted Nugent Chest thumping and assorted paranoia/propaganda, but not a lot of actual information.

Oh well. Everyone has different tolerance for risk and a different idea of what risk actually is, so there is that.

Wow, this thread really took off!

No doubt. Leave out the "jack booted thugs" portion and your search will provide better results. Using slang when searching for credible news sources generally yields poor results.

They may not be common events, but they're also not a rarity.

I've never been searched ever, whether carrying cash or not, so I don't have any personal experience with this. I just know this does happen unfortunately.

Thanks. I guess the sarcasm was lost. When you use throw away hyperbole like "Jack booted thugs" whatever point you were trying to make just gets lost, however valid it may have been.

They'll still be here arguing the correct way to pay for a bike long after you've bought, ridden and sold the bike you're thinking of buying.

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I'm not suggesting there is a statute saying you must declare cash, or that you will be asked to declare, What I am saying is, cash shows up on the scanning equipment. If not by the shape and bulk, by the strips embedded in the bills. If you have a large amount it is likely you will be questioned.

A friend was remodeling a home in Florida and had about ten grand in a carry-on bag. He was separated from his companion and both interrogated and embarrassed by the security personnel for about twenty minutes. His cash was seen as it passed through the scanner.

If I was going to travel with a large amount of cash I would inquire before hand about how to avoid the discovery and subsequent questioning that takes place.

I have been taken aside twice for a second check for explosives, once in my shoes and once in a bag. People right around me knew what I was being checked for. I don't like that kind of attention. Money might be worse.

I'm not a paranoid person, but I don't trust every stranger I meet in an airport to respect my property. I would not want those strangers around me knowing I was traveling with several thousand in cash.

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It's not just a $10,000 a day limit; if you make numerous deposits of $10,000 or less over a period of days you will be looked into.

I recently bought a Jeep for $4,000. I talked to the guy for about 10 minutes and told him I'd come to his house. I went to the bank, got cash, put the envelope in the glove box and headed to his house. After I agreed to buy it, I went to the car, got the envelope and paid him. Living on the edge.

Also, here is an article about a town in Texas making money by confiscating money from people driving through.
http://www.newyorker.com/reporting/2013/08/12/130812fa_fact_stillman

Chad

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There is no daily limit on bank deposits.

Federal law requires notification of "cash" deposits, and withdraws, over a certain amount, I think that amount is $10,000. My bank requires that I sign paperwork if I deposit or withdraw $5000 or more in cash. I have also been presented with paper work when presenting cash for bank certified checks in amounts over $5000. My understanding is, those amounts from $5,000 to $9,999 are not reported to the Feds, but the paperwork is held at the bank for future reference if needed in an investigation of illegal activity such as money laundering or tax evasion.

I know several people who have cash businesses, like pawn shops or bars that have many days a year with deposits over $10,000.

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There is no law, but that doesn't mean that if somebody makes numerous large deposits that they won't be looked into. If you own a cash business you probably won't even know that the IRS investigated you, but if you don't have any reason to be making lots of large deposits don't be surprised if they think you are a drug dealer.

There is a lot of money for law enforcement in civil asset forfeiture and if they can get your money or property they will do so.

This is from a government money laundering pdf:

Numerous deposits under $10,000 in a short period of time. A customer makes numerous deposits under $10,000 in an account in short periods of time, thereby avoiding the requirement to file a Currency Transaction Report. This includes deposits made at an automatic teller machine.

http://www.ffiec.gov/bsa_aml_infobase/documents/red_flags/deposit_acct.pdf



Chad