Posted on 03/24/2015 5:34:35 AM PDT by HomerBohn
They don’t care about checks or xfers. It’s green cash they hate (and which the KYC Know Your Customer / Suspicious Activity laws apply to)
All you need if 500,000 people on a daily basis at 9AM...walk in and ask for $5,001 in cash. Walk around for six hours, then insert the $5,001 in cash back into the bank account. It’d take a month for the Feds to wise up that they were wasting six million reports a week on this banking report deal.
I've carried as much as $15K in cash without any problem. I also 'carry' so no-one is going to steal it from me. ;)
I pay most of my bills in cash, not that there are that many with a paid off house and no mortgage payment.
Different strokes for different folks, and circumstances.
There ain't no ONE right way.
/johnny
OUT-OF-CONTROL executive branch ALERT!
At today’s fractional interest rates you’re much further ahead to just stuff it in your mattress.
Call the cops? ... LOL ...
If my bank here in Tulsa called the Tulsa Police Department and said, “We’ve got a customer here who just withdrew $5,000 from his bank account! Come quickly!” ... the cops here would be laughing their heads off, rolling on the floor! ... :-) ...
That sounds extremely inconvenient.
I mean even my grandparents wrote personal checks for most bills way back in the stone age, but now they got electronic bill-pay that's much easier to use than that.
Another drawback of using cash is getting change back.
Better yet my credit card banks pay me for using them for purchases , 1 to 3 % back depending on the specials.
Cash wont do that.
It seems to be an announcement of a new policy. Wait.
Cops: “Sir, why did you draw $5000 out of the bank?”
Me: “None of your damn business.”
Depends on your circumstances. I pay most of my bills annually, and I pay some quarterly, including water. Depends on circumstances and what works best. I don't pay anything on a monthly basis.
I can always use the change for cash purchases. If I have to worry and fight over 1-3% of a $180 quarterly water bill, I'm doing something wrong in my world...
One size doesn't fit all, thank goodness the market sees that.
Of course, you are correct that some can't manage even with modern tools, but they can learn or pay the price.
/johnny
Name the bank.
Did everyone miss the two critical words from the article?
They would be “transactions” (plural) and “aggregate”.
So they aren’t just talking about single transactions of $5001 or more. They’re talking about MULTIPLE transactions TOTALLING $5001 or more.
Over what time period is left unsaid. So, say you have a business (such as a sole proprietorship) that requires cash transactions of >$5000 per month. You go to the bank once a week and withdraw $1000 for the cashbox. There’ll be months where you hit that $5000 threshold, and if this rule is in effect with a monthly aggregation your bank calls the cops and you may get a visit.
Worry and fight?
Electronic payments are in some ways easier than posting some of the stuff I do here, in some cases I give my CC over the phone then of course pay the bill monthly electronically (easier than posting a thread here) , and my reward for this simplicity? cash back?
I dont think I have a single bill that gets paid annually by me,
The war on drugs may be the original rationale, but the big impact is that it lets the IRS know when people run up against the gift-tax theshold.
There is a very little these days that you actually NEED cash for but it should be the right of the person to use cash if they desire. A person should be able to say NO to even using a bank.
If the government can make it 5K they can just as easily make the number 1K if they desire or even $500. I believe it is yet another freedom they are taking away.
I have an elderly relative that lives in an area where you have to have cash to pay for a taxi cab. It is a pain in the butt to deal with..I would like the government to MAKE them take a debit card. HA!
Stop doing business with government banks. Problem solved!
I personally pay all my bills with money orders. Yes, it is a little more work and running around, but, I have a complete paper trail without notice to the government what I spend my money on or who I give it to. This is another way for the government to track which candidate you give money to, or weapons you purchase, etc.
I do not do any business with any government bank.
I can't speak on a telephone today, but I understand what you are saying about what tools you use, and how easy you find them.
I just don't mess with 3% of $180. Probably not even to bend over and pick it up in a parking lot. It's tiny money, in some eyes.
/johnny
I withdrew 5k last June to go on a trip to Vegas. The teller asked me if I was buying a car. I said I was going to Vegas. She told me good luck.
My impression then was she was just making conversation. But since I go to Vegas about once a year, and carry cash with me, I’ll be on the lookout for more in-depth questioning of my need for the cash.
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