tag:blogger.com,1999:blog-6244999628674918029.post980324635107935448..comments2024-03-29T04:54:50.435-05:00Comments on Bayou Renaissance Man: Withdrawing "too much" of your own cash???Peterhttp://www.blogger.com/profile/10595089829300831372noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-6244999628674918029.post-55235481675359842012022-07-04T16:22:07.951-05:002022-07-04T16:22:07.951-05:00Every pay period i pull 4 to 600 dollars from chec...Every pay period i pull 4 to 600 dollars from checking via the atm.<br /><br />That seldom gets spent.<br /><br />When all you have is 100 dollar bills, or ounces of gold, everything will cost a minimum of $100 or an oz of gold. 20s and 50s are good.<br /><br />Currency should be kept in a fire resistant place.<br /><br /><br />markshere2https://www.blogger.com/profile/16168054097485759501noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-9701649981431806882022-07-03T18:32:19.993-05:002022-07-03T18:32:19.993-05:00Barter economy coming to a town near you probably ...Barter economy coming to a town near you probably sooner than we think. Regarding holding PM, what you going to do when the government says you cannot hold more than a tiny nominal bit of PM but must turn all overage into government at their fixed price? Excess subject to confiscation and felony charge? Seems US has already been down that path once.<br />Landrollhttps://www.blogger.com/profile/14116089734384625495noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-47940005553087505422022-07-01T21:48:24.795-05:002022-07-01T21:48:24.795-05:00"a Hunter Biden weekend" Consider that ..."a Hunter Biden weekend" Consider that stolen and oh, god, I wish I could have a weekend like that. :-)<br /><br />Tried to buy an item on-line with my credit card. It was the third time in a year or two that I had bought the same item from the same company and the seventh item from them. My bank blocked the transaction as "suspected fraud". It was for $800. I guess I'm pleased they're looking out for me...barely pleased.Roberthttps://www.blogger.com/profile/09800106790176447938noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-19702182710498411542022-07-01T08:45:54.566-05:002022-07-01T08:45:54.566-05:00$5k per week, in mixed 50 and 100 bills, to go str...$5k per week, in mixed 50 and 100 bills, to go straight into the safe. Only once have I been asked what it's for, and I answered that I was going to do a Hunter Biden weekend. Teller almost spit out her teeth.Unclezip Is Pointing&Laughinghttps://www.blogger.com/profile/01714051486832436306noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-45207403099044712322022-07-01T07:26:43.013-05:002022-07-01T07:26:43.013-05:00Sold some big ticket items for a customer, and had...Sold some big ticket items for a customer, and had the money for one item wire transferred to my (business) account, and the other via bank check (not a personal check). The customer wanted her money in cash, and I so notified the bank teller. Who then dutifully called the issuing bank to confirm funds and manually force the transfer. I expected to come back the next day, as per posted policy on availability of transferred funds. Instead, my account was locked for 30 days for "suspected money laundering." I was given a letter detailing such, which specified that my funds would be released after their "investigation" and would be available in full on day X. On day X, I returned and was told that I needed to come back on...day X+1. I told the bank manager that I was going to step out of the lobby and call the county sheriff to report theft in excess of $70,000 on the part of the bank, and to return with an officer to watch someone being arrested. After ten minutes of observing the bank staff run around and wave their arms at each other, I left with my customer's money.Alexhttps://www.blogger.com/profile/10151524664770332997noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-60682623167725511842022-07-01T01:17:30.413-05:002022-07-01T01:17:30.413-05:00I live just outside New Orleans,La and bank at Cha...I live just outside New Orleans,La and bank at Chase bank for the last 12 years.Some years ago I had some extra cash and wanted to put it in my checking account. It was about 200.00 dollars. The tellar asked to see my drivers license. I asked why I wasn't withdrawing but depositing to my on accoun t. She gave me its bank policy. After she got my license she then made a copy of it before returning it. I worked my wy up to the Manager asking why and kept getting bank policy and it was for my security. I guess Big Brother now wants to know if we are frugal and don't spend every penny?Anonymoushttps://www.blogger.com/profile/03406076312002207471noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-3768285406105959902022-06-30T23:20:01.064-05:002022-06-30T23:20:01.064-05:00Heck, the teller sent me to the manager to get *th...Heck, the teller sent me to the manager to get *three* rolls of quarters, as the limit is currently two.Hamstermanhttps://www.blogger.com/profile/13390496389754050944noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-63207737878213097662022-06-30T21:13:58.171-05:002022-06-30T21:13:58.171-05:00About 7 years ago I took 8K out of the bank to buy...About 7 years ago I took 8K out of the bank to buy a used car. Other than needing to call ahead and see if they had enough cash on hand, nobody said anything about it. What we have been doing is cashing smaller checks that we get and keeping any cash we get and slowly building up our emergency cash fund. Once I get to 3 months of living expenses on that I'll quit adding to it and spend it on food storage, etc. Peter Bossleyhttps://www.blogger.com/profile/01492999490581280474noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-63344086737409378782022-06-30T20:16:29.949-05:002022-06-30T20:16:29.949-05:00Funny thing is that under the evil thumb of the su...Funny thing is that under the evil thumb of the super baddy Fu Manchu Chinese Communist Party, I don't have any issues with depositing and withdrawing large-ish amounts of cash. Plus the supermarkets are well-stocked and Drag Queen Story Hour isn't a thing. Last I checked, all my organs were also present and accounted for.Genjihttps://www.blogger.com/profile/11481136830742188059noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-44047303915464554842022-06-30T19:20:15.255-05:002022-06-30T19:20:15.255-05:00I haven't had banks hassle me over the amount;...I haven't had banks hassle me over the amount; I have run into a branch not having enough money for the withdrawal I wanted to make, so I had to go to a bigger branch a few miles away.<br />They've been open when they had to file a report and asked my occupation for the paperwork.Jonathan Hhttps://www.blogger.com/profile/10476185257203343474noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-86873198923828111922022-06-30T18:48:43.613-05:002022-06-30T18:48:43.613-05:00"Selling at 1700 would mean that you made a r...<i>"Selling at 1700 would mean that you made a rate of return of effective zero."</i><br /><br />But, PM's are sort of dual-purpose. Key point is that your asset remained your own. Had it kept up with or bypassed currency, that would just be the gravy.<br /><br />Were I Canadian, for example, I'd be withdrawing $$ and buying PM's to about 1/3 of my holdings. It's a hedge.bobbyhttps://www.blogger.com/profile/05541153566289316156noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-88123535804450493972022-06-30T18:19:37.953-05:002022-06-30T18:19:37.953-05:00@Aesop:
Holding cash sucks. Any cash that you have...@Aesop:<br />Holding cash sucks. Any cash that you have is worth significantly less than it was last year. Same with cash denominated assets like savings accounts. Anyone who didn't see the market crash coming wasn't paying attention to Biden's campaign promises. <br /><br />I have some PMs, but those have done as well as cash over the past two years. The biggest problem with PMs is that there is a loss when you buy in, and a loss when you sell. For example: Spot gold is $1812/oz as I write this. One ounce Eagles are selling at $1925. That's a 6% loss when you buy. The same place is buying 1 ounce Eagles for $1700. So a 6% loss when you sell. So gold is a 12% loser right off the bat. <br /><br />So let's say that you bought gold 5 years ago at $1200. Six percent cost means that ounce cost you $1275. Now you go to sell, and that ounce gets you $1700. A 33% increase in 5 years is a return of 5.77 percent. If you had bought it 10 years ago, the rate of return is even worse. The spot was $1580 then, meaning that your cost was 1675 for a one ounce Eagle. Selling at 1700 would mean that you made a rate of return of effective zero. <br /><br />The key here is to be balanced. And pay attention. I got out of the stock market last November, because the signs were there that a correction was coming. Divemedichttps://www.blogger.com/profile/14583007051962299381noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-49058251834152945692022-06-30T16:41:26.877-05:002022-06-30T16:41:26.877-05:00Why anyone keeps anything more than just enough to...Why anyone keeps anything more than just enough to cover their checks (and whatever balance it takes to erase monthly fees) in the bank's pocket baffles me no end.<br /><br />Cash and precious metals are king.<br /><br />Plastic and digital 1s and 0s are fiatbux, and will spend just fine - until they won't.<br /><br />Plan ahead.<br /><br />You should already be your own 9-1-1 and supermarket for all routine concerns. Go the next step, and be your own bank.Aesophttps://www.blogger.com/profile/07834464741531503378noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-11758528200180245922022-06-30T14:26:28.580-05:002022-06-30T14:26:28.580-05:00Depositing a check larger than $250K requires appr...Depositing a check larger than $250K requires approval from the Vice President of the bank. If it's a bank transfer of more than $500k, they go get her right away (it was a woman). <br />Withdrawing $10K or more in cash requires an IRS cash activity report. That's just the law. <br />Withdrawing large amounts (over $10K) and they ask a lot of questions, even by cashier's check. Less questions if it is a bank transfer. <br />With amounts that high, the VP of the bank gets to know you on sight in short order. Once that happens, there are very few problems after that. Divemedichttps://www.blogger.com/profile/14583007051962299381noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-84401106696668480442022-06-30T14:25:00.468-05:002022-06-30T14:25:00.468-05:00Yeah, and if you get cash for selling at a yardsal...Yeah, and if you get cash for selling at a yardsale or craigslist, leave it as cash. <br /><br />nicknick flandreyhttps://www.blogger.com/profile/09481936223334437463noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-81021079082507487972022-06-30T13:41:45.057-05:002022-06-30T13:41:45.057-05:00Cotinuing with Chris Nelson's theme (above) an...Cotinuing with Chris Nelson's theme (above) and Borepatch's, small amounts over time can add up quickly. One tip, though - it helps to stay under the radar by randomizing amounts and dates. ATM withdrawals of the maximum allowable amount every Tuesday will draw attention, but random, lesser amounts on random dates probably won't.<br /><br /><br />The trick is to start withdrawals last year.....<br /><br />Seriously, take your time, be patient, you'll get ther sooner than you think.Scrivenerhttps://www.blogger.com/profile/07072142842807887992noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-84679418047930320612022-06-30T12:57:26.037-05:002022-06-30T12:57:26.037-05:00I took out $5KUS a couple of years back to buy a u...I took out $5KUS a couple of years back to buy a used tractor. The teller said "What are you going to do with the money; 'going to Vegas?" I politely told her that if she would tell me what she did with her money, I'd tell her what I was doing with mine. She told me her manager was "encouraging" the tellers to ask this question to anyone withdrawing "substantial amounts." I told her that the RICO laws required this for amounts over $10K, and that probing on amounts less than than was none of the bank's business. She shut up, handed me my cash, and I left... ...There's the law, and then there's intrusion... Push back whenever possible...Peteforesterhttps://www.blogger.com/profile/00702888855868877243noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-52776391113242956302022-06-30T12:26:30.290-05:002022-06-30T12:26:30.290-05:00Canadian banks will not have $25,000 on hand for o...Canadian banks will not have $25,000 on hand for one withdrawl<br /><br />Bank of Canada act <br /><br />a request must be made to deliver said sum for pick up at a later date mauser98khttps://www.blogger.com/profile/06480313907158216428noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-46833952779931249722022-06-30T12:23:27.259-05:002022-06-30T12:23:27.259-05:00I didn't have any problem, other than making s...I didn't have any problem, other than making sure that the branch had enough cash, in withdrawing $23K to buy an RV from a guy who had been burned by forged cashier's checks and who therefore preferred cash. This was from a local credit union. They didn't even ask what I wanted the money for.Stan and Mary McQueenhttps://www.blogger.com/profile/07100706948187567071noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-18150584267976802322022-06-30T11:41:16.584-05:002022-06-30T11:41:16.584-05:00As Unknown mentioned above, banks are aware that f...As Unknown mentioned above, banks are aware that fraudsters often go after older people, asking them to withdraw large amounts. SOME banks actually care about their elderly customers enough to ask questions and/or to make those withdrawals more challenging.Dad29https://www.blogger.com/profile/08554276286736923821noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-37514143868411544442022-06-30T11:32:06.446-05:002022-06-30T11:32:06.446-05:00my wife went to withdraw 5k from our bank, a natio...my wife went to withdraw 5k from our bank, a national chain. they wanted to know why. when she said noyb, they said okay but they didn't have enough hundreds so gave her a huge stack of fifties. they said if it had been more, there would have been a wait and paperwork involved. riverriderhttps://www.blogger.com/profile/14198514937704741211noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-1342676885316835972022-06-30T11:08:38.062-05:002022-06-30T11:08:38.062-05:00I think the Feds call multiple under-limit withdra...I think the Feds call multiple under-limit withdrawals "structuring" and that gets their attention too, and possibly even more than a single >$10k transaction.Rick Thttps://www.blogger.com/profile/04748076795783834112noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-12483001477942058102022-06-30T10:40:48.531-05:002022-06-30T10:40:48.531-05:00I haven't seen any issues in the $5-7k range b...I haven't seen any issues in the $5-7k range but I would not be surprised if my closest credit union or bank branch might have an issue with $25k, they both have larger branches across town though. I too keep about a months worth of cash in the safe. <br /><br />Keep in mind, the banks have to report and transaction around $10k. The law actually says 10k and over but then the feds wanted to see any that they wanted to see any that they wanted to see any that might be trying to avoid that 10k limit, whatever the f' that means so the actually amount banks report to the feds varies with the bank.JNorthhttps://www.blogger.com/profile/01701578500596164529noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-55818171507034703782022-06-30T10:30:41.434-05:002022-06-30T10:30:41.434-05:00Just to amplify what Chris just said, the goal sho...Just to amplify what Chris just said, the goal should be being obscure enough to fly below the radar of automated tracking. If someone really wants to track this it will be possible but will need to be manual - which is expensive for them. Automated is so cheap that it's essentially free, so that's what you want to avoid.<br /><br />Chris' suggestions are excellent for that.<br /><br />- Borepatchbloggerhttps://www.blogger.com/profile/18387939062238510638noreply@blogger.comtag:blogger.com,1999:blog-6244999628674918029.post-55982702859496058172022-06-30T09:56:53.387-05:002022-06-30T09:56:53.387-05:00We have had issues depositing large checks and wit...We have had issues depositing large checks and withdrawing large sums from banks and credit unions. <br /><br />Two exceptions that one might consider. Most banks are less restrictive around times of income tax refunds, they know that people make large purchases around that time. Also lower end consumer banks such as those that have branches in Walmart are used to customers that deal in cash. Also have more than one financial institution, it gives you options.<br /><br />A good solution is to make smaller withdrawals over a period of time and stick them in a home safe or deposit box. A few hundred dollars every pay period adds up quickly. It's still tracked, but doesn't raise such a red flag like a larger sum would. <br /><br />If the bank/credit union has Christmas Club or Vacation Club accounts, these are expected to have large seasonal withdrawals or transactions. Also have a good excuse prepped such as going to auctions, flea market, gambling, side business involving cash, etc... <br /><br />Another tactic is to buy items that can be sold for cash without much loss. Not actually money laundering if the initial funds, items and exchange are legal. Examples can be buying items at Sams/Costco/Amazon for those folks that don't have memberships and don't want to be tracked.<br /><br />None of this advice will confuse a detailed audit, but if enough people blend their purchases and finances, it will create noise and prevent a more detailed picture of the financial households involved. Realize that banks/organizations/governments can create a decent profile of an individual/family. Anything you can do to make their insight into your personal business more opaque isn't necessarily bad.<br /><br />Chris Nelsonhttps://www.blogger.com/profile/17815496959546126551noreply@blogger.com