Wire transfer is by far the safest way to transfer money.
A cashiers check is usually good but even those can be stopped so it's not risk free at all......any banker worth his salt will tell you that (mine included).
Cash is a red flag the way things are today and who wants to risk carrying more than a coupe hundred dollars in their wallet these day??
I think most "honest" persons don't travel around with large amounts of cash in a bag. Some states think the same way and will confiscate the large amounts of $$ if you happen to get pulled over for whatever reason and there is no getting it back.
Even if the buyer was carrying only $20K in cash, that's still a large cash amount which is unusual. A typical person doesn't keep that much amount in cash, unless he totally doesn't trust the banking system or deals in shady/illegal business which uses only cash so it's untraceable. When you deposit $10K+ in cash (all at once or in a short period of time) into a PERSONAL bank account, the bank is required to report it to the IRS. Do it repeately and you'll be on some government watchlists. Deposting more than $10K in cash ? [nasdaq.com]
So, many years ago we decided to place my young daughter into a private Catholic school because we felt she needed a bit more TLC in the classroom...nothing against public schools - we love them also, and my wife is a teacher in one now, but back then, our daughter had moved so much with me in the military that she needed a bit of stability we felt the school could provide...so the tuition was something like $10,000.00!
To impress on my kids the VALUE OF EDUCATION we decided to get the money out of the bank and show her what it meant to us that she get a good education...so we asked for the amount in CA$H from my local bank -- IN SINGLES!
Well, the bank agreed to do it but it wasn't easy. They needed a WEEK to do it and had to bring in several people to count it all in front of me. The manager came out and said, "Mr. Marra, we aren't supposed to ask you this and you don't have to tell us, but why on earth do you need $10,000 in....SINGLES?!"
Told him the story - they laughed.
So, I put it all in a black suitcase like Tony Soprano and go home...stack in up on the table.
WOW - that is a lot of DOUGH!
My kids (and frankly my wife and I) had it stacked on the dinner table. We told Molly how much she meant to us and that ALL OF THIS was for her education.
I told her:
"The price of education is high, but the cost of ignorance is incalculable."
She got it - turned it around - got great grades, and now is a pediatric delivery nurse in Nashville.
So, I was about to turn it BACK into the back (lesson over) when I called the principal of the school and just for fun, ask if I can PAY IN CA$H. He loves the idea and....put the money out in the gym and had EVERY KID come by and take a good hard look at it - and told them the PILE represents EACH CHILD in the school and THAT is what someone is PAYING for your education!
So, many years ago we decided to place my young daughter into a private Catholic school because we felt she needed a bit more TLC in the classroom...nothing against public schools - we love them also, and my wife is a teacher in one now, but back then, our daughter had moved so much with me in the military that she needed a bit of stability we felt the school could provide...so the tuition was something like $10,000.00!
To impress on my kids the VALUE OF EDUCATION we decided to get the money out of the bank and show her what it meant to us that she get a good education...so we asked for the amount in CA$H from my local bank -- IN SINGLES!
Well, the bank agreed to do it but it wasn't easy. They needed a WEEK to do it and had to bring in several people to count it all in front of me. The manager came out and said, "Mr. Marra, we aren't supposed to ask you this and you don't have to tell us, but why on earth do you need $10,000 in....SINGLES?!"
Told him the story - they laughed.
So, I put it all in a black suitcase like Tony Soprano and go home...stack in up on the table.
WOW - that is a lot of DOUGH!
My kids (and frankly my wife and I) had it stacked on the dinner table. We told Molly how much she meant to us and that ALL OF THIS was for her education.
I told her:
"The price of education is high, but the cost of ignorance is incalculable."
She got it - turned it around - got great grades, and now is a pediatric delivery nurse in Nashville.
So, I was about to turn it BACK into the back (lesson over) when I called the principal of the school and just for fun, ask if I can PAY IN CA$H. He loves the idea and....put the money out in the gym and had EVERY KID come by and take a good hard look at it - and told them the PILE represents EACH CHILD in the school and THAT is what someone is PAYING for your education!
BOOM! Lesson for the week complete!
Photos below!
I would have told him that I was going to a strip joint...
Ron "20"
A&P/IA
1976 Cessna 150M - N820ST St. Charles Regional Airport KSET
Fly Safe... Fly Often...
Super Bowl IV - LIV - LVII - LVIII CHAMPION Kansas City Chiefs!
Even if the buyer was carrying only $20K in cash, that's still a large cash amount which is unusual. A typical person doesn't keep that much amount in cash, unless he totally doesn't trust the banking system or deals in shady/illegal business which uses only cash so it's untraceable. When you deposit $10K+ in cash (all at once or in a short period of time) into a PERSONAL bank account, the bank is required to report it to the IRS. Do it repeately and you'll be on some government watchlists. Deposting more than $10K in cash ? [nasdaq.com]
+1
Plus, in the last two places I've lived, banks no longer issue "cashier's checks." When I hear that phrase, I think fraud.
When we sold our ancient boat for just a few bucks north of $10,000 last fall, it was wire transfer.
That's a GREAT story, Mike. A somewhat realated story....(I didn't witness in person)...I used to work for Blue Cross Blue Shield of Kansas which is a health insurance company and has a lot of old people as customers. The insurance premium keeps going up each year due to inflation and rising medical costs, and the old people on fixed income really hate that. One time, an old farmer drove his pickup truck to the front office and hauled in buckets after buckets of pennies to pay his monthly premium (as in "you took my last penny"). We had no choice but to accept the pennies because they are legal money. We had to send the pennies with the armored truck that picked up money each night and got them counted at the bank because nobody wanted to spend time counting them.
At my branch of Bank of America, they no longer accept ANY cash without producing a government issued ID. Yup, even one cent that is being deposited requires an ID. I don't know if it's a Bank of America thing or a government thing, but that is crazy. The bank claims it's to prevent money laundering. I don't know if they do it for regular customers, or just commercial clients. Doesn't really apply to me as virtually all my deposits do not contain cash.
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