Cash purchase question

[DBK]

For anyone that maybe works at a bank, do you know what the requirements are for buying a big ticket item in cash? I know there are requirements for the seller to report anything over a certain amount. If you are buying an item over that same amount, and you are paying using paper money because that's what the seller wants, are there any requirements on you to notify anyone? The seller has acknowledged via email that if anyone ever asks where the money was paid, they will be told it was paid to him in cash, so it seems unlikely that's he's up to anything suspicious...

 

[munsterz28]

the governemt will want documentation for anthing over 10gs on where the money came from never bought or sold anything for that much cash but i know youll have to be be able to prove the money is clean

 

[4Gas$]

I've made several large payments for items by both cash & check
and I've never had to fill out any forms. The banks, title company,
etc will however.

Banks will send the IRS form on transactions over 50k checks as well.

 

[Swifster]

Car dealers are also required to fill out the form for any purchases with $10K or more in case. It's to combat money laundering of drug money.

 

[DSG SNAKE]

I've made several large payments for items by both cash & check
and I've never had to fill out any forms. The banks, title company,
etc will however.

Banks will send the IRS form on transactions over 50k checks as well.

x2 on this. I've withdrawn and deposited over 10k on single transactions; theres no additional paperwork for you. From what I've been told it's an additional form the banker/teller is required to file for the transaction.

 

[Tin]

Depending on what the amount is, you should notify your bank ahead of time so they can make sure they have the cash on hand.

 

[robvas]

Depending on what the amount is, you should notify your bank ahead of time so they can make sure they have the cash on hand.

They'll have it on hand it's just nice to give them a heads up so you're not sitting around waiting because the person that can get the cash is at lunch or something.

 

[Bateater]

They'll have it on hand it's just nice to give them a heads up so you're not sitting around waiting because the person that can get the cash is at lunch or something.

I tried to pull out 8k cash from a bank and they didn't have it. I would definitely call ahead.

oh yeah I tried to get it from bank of america, not like it was some small mom and pop bank.

 

[mdhmi]

If you are the buyer you don't have to report anything.

 

[Overboost]

The bank may report it if it's above a certain amount. Also, if you're the seller, you'll want to make sure they have it on hand (most do). Depending on when they order cash, they can adjust for it if they know it's coming.

 

[capone]

I tried to pull out 8k cash from a bank and they didn't have it. I would definitely call ahead.

oh yeah I tried to get it from bank of america, not like it was some small mom and pop bank.

I had no idea I had to call ahead. I went on a Friday to National City to pull out $5000.00. The teller had an attitude telling she don't know if they have it. Then told me I should have called ahead.

 

[Scott714]

My bank always tells me to call ahead if it's over 2000. They have weird issues with giving me my cash back....

 

[CMYZ28]

Physical cash on hand is money that can't be used for making the company money aka better interest rates, lower fees etc. for the customers. Always call ahead, any bank should be able to order however much you need in cash, just depends on when their cash is ordered/delivered. Any time cash is deposited/withdrawn OVER 10,000, the bank will fill out a CTR(Currency Transaction Report) which collects basic information about you. Occupation/SS#/etc. and this is sent to the government. The main purpose of the CTR is to find/track money laundering.

 

[Overboost]

Physical cash on hand is money that can't be used for making the company money aka better interest rates, lower fees etc. for the customers. Always call ahead, any bank should be able to order however much you need in cash, just depends on when their cash is ordered/delivered. Any time cash is deposited/withdrawn OVER 10,000, the bank will fill out a CTR(Currency Transaction Report) which collects basic information about you. Occupation/SS#/etc. and this is sent to the government. The main purpose of the CTR is to find/track money laundering.

Yep, that's it.

 

[pferd]

Physical cash on hand is money that can't be used for making the company money aka better interest rates, lower fees etc. for the customers. Always call ahead, any bank should be able to order however much you need in cash, just depends on when their cash is ordered/delivered. Any time cash is deposited/withdrawn OVER 10,000, the bank will fill out a CTR(Currency Transaction Report) which collects basic information about you. Occupation/SS#/etc. and this is sent to the government. The main purpose of the CTR is to find/track money laundering.

I have to fill one of those out when depositing over 10K also (Comerica).

 

[camaromann]

Yep, that's it.

I cashed two checks before that were over 10k. One was $32,000 and the other was $14,000. Not one word was said to me, or any question asked or forms filled out. Only a surprised look from the teller when I handed over each check. Lol

 

[dave89iroc]

I cashed two checks before that were over 10k. One was $32,000 and the other was $14,000. Not one word was said to me, or any question asked or forms filled out. Only a surprised look from the teller when I handed over each check. Lol

checks are different, its cash deposits that are being referred to

 

[Scott714]

I cashed two checks before that were over 10k. One was $32,000 and the other was $14,000. Not one word was said to me, or any question asked or forms filled out. Only a surprised look from the teller when I handed over each check. Lol

Cashed or deposited ? I doubt you cashed them on the spot for those amounts did you ?

 

[robvas]

I had no idea I had to call ahead. I went on a Friday to National City to pull out $5000.00. The teller had an attitude telling she don't know if they have it. Then told me I should have called ahead.

What do they do, call up Brinks and have a truck come over with a bag of cash?

I really doubt they didn't have $5,000. They probably give that much out every 10 minutes at my credit union on Fridays. I've went in and got a a couple thousand out of the bank when either buying or selling a car or bike probably 20 times. Worst case you sit around and wait for 10 minutes.

I also have a friend who's a personal assistant to the owner of a place I used to work with, and she's at the bank every week getting cash out for some stupid reason. Football bets, parties, vacations. They always have it they just have her call ahead of time (that morning or something).

 

[DBK]

Physical cash on hand is money that can't be used for making the company money aka better interest rates, lower fees etc. for the customers. Always call ahead, any bank should be able to order however much you need in cash, just depends on when their cash is ordered/delivered. Any time cash is deposited/withdrawn OVER 10,000, the bank will fill out a CTR(Currency Transaction Report) which collects basic information about you. Occupation/SS#/etc. and this is sent to the government. The main purpose of the CTR is to find/track money laundering.

Thanks. That's what I was looking for. As long as I don't have to do anything, and it's all on the bank and the seller, works for me.

It seems strange to think there's hoops to jump through just to get your own money out of your own account, but I get it.