|
Joined: Aug 2008
Posts: 1,953
Campfire Regular
|
Campfire Regular
Joined: Aug 2008
Posts: 1,953 |
There's a lot of bullchit in this thread. Cash is king. I used to think this to but after my last truck buying experience you mention cash and the dealerships start backing down. It used to have some buying power. Yeah but when you pay cash they don't get the kickbacks from the bank or finance company. Oh, and if it's over $10K they have to report may not be correct. I needed to deposit some cash after selling my boat and the limit is $9,000. THat's what I was told at my credit union. Paul B. If you sold your boat for less than what you gave for it, you sold it at a net loss and the reporting cash doesn't apply as far as tax reporting. As far as the SAR report, there is no law that states you have to deposit the total amount in one account at one time. As that little guy on the Custom Gun Forum in AK says...."Hint", and I mean absolutely nothing mean or sarcastic by quoting him. Only the first time I found a civil reason to do so.
|
|
|
|
Joined: Nov 2005
Posts: 10,365
Campfire Outfitter
|
Campfire Outfitter
Joined: Nov 2005
Posts: 10,365 |
I had a saving account in one back I forgot about, it wasent active, well PA has this freaking law that after the first year with no activity the account comes dormant, second year of no activity it comes frozen, the 3rd year of no activity the PA goverment seized it. then comes the fun part trying to get YOUR money back, took me two years. and the bank never informed me that all this was going on and you would think with interest deposits it would keep it active Isn't that something? Takes a real azzhole to come up with something like that. isn't it, had a friend that was a lawyer get it back for me as I was so pissed off and I would have said something I would have got in trouble, my friend said he would have charged anyone else $1500.00 and up to do the work. that's what they want to put me on into the system.
|
|
|
|
Joined: May 2013
Posts: 1,520
Campfire Regular
|
Campfire Regular
Joined: May 2013
Posts: 1,520 |
There's a lot of bullchit in this thread. Cash is king. I used to think this to but after my last truck buying experience you mention cash and the dealerships start backing down. It used to have some buying power. Yeah but when you pay cash they don't get the kickbacks from the bank or finance company. Oh, and if it's over $10K they have to report may not be correct. I needed to deposit some cash after selling my boat and the limit is $9,000. THat's what I was told at my credit union. Paul B. If you sold your boat for less than what you gave for it, you sold it at a net loss and the reporting cash doesn't apply as far as tax reporting. As far as the SAR report, there is no law that states you have to deposit the total amount in one account at one time. As that little guy on the Custom Gun Forum in AK says...."Hint", and I mean absolutely nothing mean or sarcastic by quoting him. Only the first time I found a civil reason to do so. There's a lot of bullchit in this thread. Cash is king. I used to think this to but after my last truck buying experience you mention cash and the dealerships start backing down. It used to have some buying power. Yeah but when you pay cash they don't get the kickbacks from the bank or finance company. Oh, and if it's over $10K they have to report may not be correct. I needed to deposit some cash after selling my boat and the limit is $9,000. THat's what I was told at my credit union. Paul B. If you sold your boat for less than what you gave for it, you sold it at a net loss and the reporting cash doesn't apply as far as tax reporting. As far as the SAR report, there is no law that states you have to deposit the total amount in one account at one time. As that little guy on the Custom Gun Forum in AK says...."Hint", and I mean absolutely nothing mean or sarcastic by quoting him. Only the first time I found a civil reason to do so. i can’t recall the exact statute but there’s also a federal felony for structuring deposits and withdrawals to get around the $10k reporting limit. Probably wouldn’t be the easiest case to prove but I’d just make the deposit and live with the report being made
|
|
|
|
Joined: Feb 2011
Posts: 5,856
Campfire Tracker
|
Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
I had a saving account in one back I forgot about, it wasent active, well PA has this freaking law that after the first year with no activity the account comes dormant, second year of no activity it comes frozen, the 3rd year of no activity the PA goverment seized it. then comes the fun part trying to get YOUR money back, took me two years. and the bank never informed me that all this was going on and you would think with interest deposits it would keep it active Isn't that something? Takes a real azzhole to come up with something like that. On the other hand...how could you have that much money in a bank account that you just forgot about it?
|
|
|
|
Joined: Sep 2009
Posts: 46,247 Likes: 1
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Sep 2009
Posts: 46,247 Likes: 1 |
... don't try to use it to (partially) buy a house. It's not accepted. Now what I need is 25 people to tell me what an idiot I am. Go. !
Trump Won!
|
|
|
|
Joined: Dec 2013
Posts: 13,086 Likes: 2
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2013
Posts: 13,086 Likes: 2 |
I think one should deposit it in a bank. ..... But also, having it in a bank makes it easier to invested. Uninvested money does not grow beyond what you save. But if I put 2 grand in a Roth IRA and put it in the market, it could be worth double that within ten years without any additional investment on my part. That brings up an interesting point. In the old days when gold and silver was money, a guy could stick his money under a mattress and 10 years later he'd still be able to purchase the same things for the same amounts as 10 years previous. Now, with fiat currency, a guy stuffs it under the mattress and 10 years later he can only buy 1/2 of what he did 10 years earlier. That's the magical tax called "inflation". Precisely right. And it's not just a tax in theory. The banks and the government are actually withdrawing the wealth from the bills, via the "printing press," while they sit in that mattress. In quotes, because it's mostly done electronically. Inflation, the cruelest tax of all. If people only understood how the Federal Reserve is screwing us they would revolt.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
|
|
|
|
Joined: Jan 2008
Posts: 15,754 Likes: 1
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2008
Posts: 15,754 Likes: 1 |
The law also applies to smaller amounts which add up to 10k or more if you deposit those smaller amounts in a manner or time frame which makes it look like you were avoiding the reporting amount.
This is one more side effect of the "war on drugs" which they are using to control all of us. The city violence and gang crap and assorted laws such as mandatory sentencing all affect a lot more than just the drug peddlers.
You can't control an innocent man. So they pass laws which turn us all into criminals and then they seize and steal and kill at their leisure.
|
|
|
|
Joined: Oct 2005
Posts: 16,000
Campfire Ranger
|
Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
I had a saving account in one back I forgot about, it wasent active, well PA has this freaking law that after the first year with no activity the account comes dormant, second year of no activity it comes frozen, the 3rd year of no activity the PA goverment seized it. then comes the fun part trying to get YOUR money back, took me two years. and the bank never informed me that all this was going on and you would think with interest deposits it would keep it active Isn't that something? Takes a real azzhole to come up with something like that. not really, suspect all states have it. the time limitations of inactivity have become shorter, and the process is called escheatement. in arizona, not to difficult to get back, and one can check online to determine if the state has funds held this way. it does not just pertain to cash either.
THE BIRTH PLACE OF GERONIMO
|
|
|
|
Joined: Oct 2005
Posts: 16,000
Campfire Ranger
|
Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
i would suspect very few are really up on the financial reporting requirements. all i will say it ain't like described in some of the posts here.
THE BIRTH PLACE OF GERONIMO
|
|
|
|
Joined: Jan 2016
Posts: 2,350
Campfire Regular
|
Campfire Regular
Joined: Jan 2016
Posts: 2,350 |
i would suspect very few are really up on the financial reporting requirements. all i will say it ain't like described in some of the posts here. That's for sure. I've been living on a cash only basis for the past 12 years. 99% of what is posted in this thread is pure BS.
Music washes away the dust of everyday life Some people wait a lifetime to meet their favorite hunting and shooting buddy. Mine calls me dad
|
|
|
|
Joined: Aug 2008
Posts: 1,953
Campfire Regular
|
Campfire Regular
Joined: Aug 2008
Posts: 1,953 |
The law also applies to smaller amounts which add up to 10k or more if you deposit those smaller amounts in a manner or time frame which makes it look like you were avoiding the reporting amount.
This is one more side effect of the "war on drugs" which they are using to control all of us. The city violence and gang crap and assorted laws such as mandatory sentencing all affect a lot more than just the drug peddlers.
You can't control an innocent man. So they pass laws which turn us all into criminals and then they seize and steal and kill at their leisure. What is even more disturbing for the honest civilian is that withdrawals are treated the same as deposits. If you withdraw $10K from the same financial organization within two days a report on "your behave " is filed also with the IRS. They do not have to give you any notice either, same as deposit.
|
|
|
|
Joined: Nov 2005
Posts: 10,365
Campfire Outfitter
|
Campfire Outfitter
Joined: Nov 2005
Posts: 10,365 |
I had a saving account in one back I forgot about, it wasent active, well PA has this freaking law that after the first year with no activity the account comes dormant, second year of no activity it comes frozen, the 3rd year of no activity the PA goverment seized it. then comes the fun part trying to get YOUR money back, took me two years. and the bank never informed me that all this was going on and you would think with interest deposits it would keep it active Isn't that something? Takes a real azzhole to come up with something like that. On the other hand...how could you have that much money in a bank account that you just forgot about it? easy, stopped doing business with that bank and never thought about it, wasn't that much money
|
|
|
|
Joined: Jul 2010
Posts: 8,504 Likes: 3
Campfire Outfitter
|
Campfire Outfitter
Joined: Jul 2010
Posts: 8,504 Likes: 3 |
I don't need to prove anything to anyone here.
I will not give any examples of cash purchases.
But, know this,
If you have a gun you can rob a bank.
If you have a bank you can rob everybody.
Good Day Gents.
|
|
|
|
Joined: Oct 2014
Posts: 3,238
Campfire Tracker
|
Campfire Tracker
Joined: Oct 2014
Posts: 3,238 |
I know a family of brothers, oldest is in a nursing home. Every month one of the other brothers brings in $1000 in cash that smells musty. Never any problem accepting cash on the nursing homes end.
"Put none but Americans on guard tonight." -George Washington
|
|
|
|
Joined: Mar 2013
Posts: 1,274
Campfire Regular
|
Campfire Regular
Joined: Mar 2013
Posts: 1,274 |
Here’s another lovely bank story:
My elderly mother rents a house from me and pays me rent every month. She and I both use the same bank(BB&T). Each month she gives me a check for rent and I go through the drive through and direct the teller”Please make sure this goes in as cash”. I always give them my driver’s license for ID and fill out deposit slip as cash deposit.
Well Mom got confused, lost some checks and had them cancelled. Not sure how but last week she wrote me one of the cancelled checks. I didn’t know it was cancelled and the bank didn’t catch it until a few days later. What did they do? They pulled the cash out of my account and hit me with a fee! Needless to say there was a little hell raising going on.
|
|
|
|
Joined: Jan 2007
Posts: 5,327
Campfire Tracker
|
Campfire Tracker
Joined: Jan 2007
Posts: 5,327 |
And since when do cops get to search you or your vehicle for large amounts of cash when they stop you for speeding?
|
|
|
|
Joined: Jan 2001
Posts: 29,882 Likes: 6
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2001
Posts: 29,882 Likes: 6 |
I have had motel room costs dropped from 60 to $50 with the use of cash. Today's use of cards has fully financed or inserted a third party into near every transaction. If travel does not involve airlines, I do about everything in cash.
1Minute
|
|
|
|
Joined: Mar 2008
Posts: 15,289
Campfire Ranger
|
Campfire Ranger
Joined: Mar 2008
Posts: 15,289 |
And since when do cops get to search you or your vehicle for large amounts of cash when they stop you for speeding? If they smell that weed you been smokin' as you speed down the highway, they will find EVERYTHING in your car.
|
|
|
|
Joined: Sep 2011
Posts: 60,912 Likes: 14
Campfire Kahuna
|
Campfire Kahuna
Joined: Sep 2011
Posts: 60,912 Likes: 14 |
A local auctioneer told me, an older couple not only counter out cash for a Farm, they came up short a few thousand. The man glared at the wife, and said, You brought the wrong suitcase.
These premises insured by a Sheltie in Training ,--- and Cooey.o "May the Good Lord take a likin' to you"
|
|
|
|
Joined: Jun 2002
Posts: 131,742 Likes: 20
Campfire Sage
|
Campfire Sage
Joined: Jun 2002
Posts: 131,742 Likes: 20 |
I have had motel room costs dropped from 60 to $50 with the use of cash. Today's use of cards has fully financed or inserted a third party into near every transaction. If travel does not involve airlines, I do about everything in cash. Widespread use of credit cards also contributes to price inflation. Just like when the Fed adds billions to the money supply (which they do pretty regularly), all the money owed on credit cards at any given moment adds to the available money supply. When you increase the money supply, you reduce the purchasing power of every dollar in existence to a commensurate degree. So every time you use your credit card, you are causing price inflation. Stated differently, every time you use your credit card, you are sucking a little value from the dollars in your, and everyone else's, wallets.
|
|
|
|
100 members (6mmCreedmoor, 338reddog, 14idaho, 01Foreman400, 35, 41rem, 5 invisible),
1,538
guests, and
813
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,192,370
Posts18,488,323
Members73,970
|
Most Online11,491 Jul 7th, 2023
|
|
|
|