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Old 11-26-2013, 02:55 PM   #76
max384
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Quote:
Originally Posted by Garp View Post
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.
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.

Quote:
Originally Posted by TheDrifter View Post
Outlier events. Not the norm.

Then again, maybe I don't know what I'm talking about, as I've never been searched while carrying cash.
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.
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Old 11-26-2013, 04:35 PM   #77
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Originally Posted by max384 View Post
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.
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.
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Old 11-26-2013, 05:04 PM   #78
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Originally Posted by disconnected View Post
Wow, this thread really took off!
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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Old 11-26-2013, 05:16 PM   #79
Center-stand
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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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Old 11-26-2013, 05:20 PM   #80
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Old 11-29-2013, 02:43 AM   #81
ChadHahn
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Quote:
Originally Posted by TheDrifter View Post
Guess I wasn't specific enough.

Yes, obviously there is the $10,000/day limit on deposits.
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/2..._fact_stillman

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Old 11-29-2013, 04:08 AM   #82
Center-stand
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Quote:
Originally Posted by ChadHahn View Post
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/2..._fact_stillman

Chad
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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Old 11-29-2013, 10:08 AM   #83
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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_infobas...posit_acct.pdf



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Old 11-29-2013, 10:51 PM   #84
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Quote:
Originally Posted by Barry View Post
FYI... I was just told by a bank that either cashier's check or Bank check is like cash. I more than a little surprised to hear that. They pull the cash from your account and if you lose the check you are out the money.
Nah, you lose a cashier's check, you call them and stop the check, and they issue a new one. Just like if you lost a check you wrote on your own account.

Now, if the check has already cleared, that's different, just like if it was a check you wrote on your own account.
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Old 12-02-2013, 07:51 AM   #85
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Originally Posted by Garp View Post
NOT TRUE.

The check is an obligation of the bank, not the individual. The individual cannot stop payment. The bank can refuse to honor the check, but it has to be pretty extraordinary circumstances, theft, fraud etc.

I've had 3 cashier's checks canceled this year. Lost in mail. Sending bank canceled them, then there was a waiting period, then they issued a new one. Not as easy as stop payment on a personal check, but I'm pretty sure it can be done, as I have had it done.
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Old 12-06-2013, 10:04 AM   #86
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Originally Posted by Center-stand View Post
..

I'm not a paranoid person....

..
Sorry, but on the internet, everyone is paranoid if it suits someone else's argument to call you paranoid.

That said, I agree with you.

For those who suggest cash as safest for the deal (but not for the one carrying it), last time I read through a thread on this topic, someone recounted a tale wherein he sold his wife's car and accepted thousands in cash only to discover later every bill was counterfeit. Years later, the police handed him what was left of the car when it was recovered.

In my opinion, the safest method is to first go to the seller's bank and have your own bank wire the money directly. Of course, with this method, you will not be able to concoct a bill of sale showing a lower selling price to cheat your state's sales tax laws if that is something you do, which I do not. That would be the same with a cashier's check for the full amount.

Even after exchanging the money you are not out of the woods. The bike could be stolen or subject to a lien. Last bike I bought long distance was in the same state but 300+ miles away. After taking the cashier's check, seller and I went straight to DMV and I registered it. (After getting insurance proof faxed to me.)

The seller of that bike was a business man with all kinds of experience with shady people. He had already called my bank to confirm a cashier's check had been written, took a photo of my truck showing the plate and the bike I bought in the back.

He wasn't paranoid; he was experienced. Now, I was paranoid. There was no way I was going to carry cash into his neighborhood, a place I'd never been. It'd be very easy to become victim of a crime that way.
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Old 12-06-2013, 10:19 AM   #87
max384
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Quote:
Originally Posted by Garp View Post
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.
Good point.
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