Joe_Spoolin

So I found a c6 I want, and the seller only accepts cash. He says it's for tax reasons. I called my bank to ask about this, and they will not give out that much cash.. It's my money and I can not withdraw it? I'm sure some of you have paid with cash before.. What do I do? My bank is bank of America.

robsciam

You should close your accounts with them if they wont give you access to your own money.

bpGx

That's Obama for you
why bank with Bank like that

flyboyslc1

I think if you talk to the right person at the bank, they will be willing to give you your funds in cash, if that is really what you want to do. You should ask them about IRS cash notifications. I believe if you take $1000 or more in cash, the bank is required to notify the IRS about this. I think it is their way of trying to track and control money laundering and particularly drug money. I am pretty sure this rule applies for cash deposits. Not totally sure about cash withdrawls though.

steve

Badbluebird

i bought several car cash for 30k and never been asked what i was doing with my money,,, change banks

vette48

Hi; I would ask them for a certified check , It is as good as cash... Ask the seller if he would accept a bank certified check as payment.... The check is just like cash, no questions asked. that is your business not the banks... If they cant do a certified check...... GET RID OF THAT BANK AND FIND ANOTHER ONE.... ITS YOUR MONEY NOT THEIRS THEY HOLD IT FOR SAFE KEEPING THATS ALL.... GOOD LUCK HAPPY BANKING

Joe_Spoolin

I finally got through with someone after calling a west coast bank before they shut down for the day. It took 2 different phone calls and talked to 4 different people. Finally someone actually knew what I was talking about. They ordered the money finally.

1968swbbigblock

Make sure the car is real as well - lots of risk with cash - check the vin vs the title - make sure everything is 100% since this is a one way trip with cash buyers and sellers.
And yes your bank should let you have what ever cash you want - its none of their business what you do with it.
The IRS may ask since you exceed the 10,000 notification limits but that's a different discussion.

jarllewis

Bank of A, how ridiculous. That's why they were in the worst shape of the "big banks" in 2008. Just poor management. I'd change to Chase or a regional bank that doesn't make you jump trough hoops because of this alone. Just make sure whoever you change to wouldn't give you the same issues next time you want cash.

vetteLT193

I pulled 40k from BoA locally but had to go to 3 branches to get it. I did not pre call.

They told me as long as I called 3 days ahead it would never be a problem again.

What you also need to be mindful of is the police can (and will) confiscate the cash if you get pulled over with it and it will be up to you to fight to get it back. And no, I'm not making this up.

It's likely the seller has some sort of financial trouble with the IRS because outside of that it shouldn't be an issue. The most the seller may want to have you do is multiple bank checks written for under 10k each so they can distribute it and not have the IRS form filled out.

motoman250f

look at the car,, agree on price, go home and do a wire transfer.. wait till it clears,, couple days. go pick up car

zcobra1

If you do this, arrange for the cash exchange inside the bank, they should be able
to give you a desk or area to do this.
You need to be concerned about getting robbed......

yellowzron

What you also need to be mindful of is the police can (and will) confiscate the cash if you get pulled over with it and it will be up to you to fight to get it back. And no, I'm not making this up.

Sorry but no on your statement. They can't just take your money. Been a LEO for 20 plus years and police can't just take your cash. If you can elaborate what you are referring to please do so.

WICKEDFRC

I'll drive and wait outside with the engine running.

muncie21

If you are truly interested in learning (as opposed to just being obstinate; which is OK too) take a few minutes and read this report from the Congressional Research Service, a legislative branch agency within the Library of Congress, regarding "Crime and Forfeiture".

http://www.fas.org/sgp/crs/misc/97-139.pdf

Right or wrong, civil forfeiture does take place in the US and has increased in recent years.

Here's an exerpt: "Civil forfeitures are accomplished using civil procedure. Civil forfeiture is ordinarily the product
of a civil, in rem proceeding in which the property is treated as the offender.31 Within the confines
of due process and the language of the applicable statutes, the guilt or innocence of the property
owner is irrelevant; it is enough that the property was involved in a crime to which forfeiture
attaches in the manner in which statute demands.32 Some civil forfeitures are accomplished
administratively; some are not. Administrative forfeitures are, in oversimplified terms,
uncontested civil forfeitures. "

mdnickell

Cashiers checks are not what they once were. Some banks take up to two weeks to clear a cashiers check. Yes, you can call the bank it was pulled from and make sure its a good check however until it clears the buyer can still place a stop payment on it. I have been dealing with this over the last couple of months selling a different car than I have listed here. Ive talked to half a dozen banks about this. The shortest time frame was with Chase bank, they said 2-3 days however they can hold it longer if they want depending on where it was drawn from. So

i.e. Someone gives you a cashiers check, it checks out good with the bank, you hand your car over and they drive off and the next day or two they put a stop payment on it and now you are dealing with a bunch of **** lol. Just my 2 cents since i have directly dealt with this the last couple of months

Banks are saying due to increased fraud this is why the policy has changes, so no cashiers checks are not just as good as cash now.

yellowzron

No way a local law enforcement agency will dare take money from a person. You can read what you want but like I said no way ANY law enforcement agency takes cash off an individual. I dont understand your big words and have no qualms saying it, it might be fortuitous of me to get a thesaurus. Thank you.

etekberg

You can take the check to the issuing bank and cash it right away; I've done that on several occasions with as much as $75k.

Porxter

Actually, banks are REQUIRED to notify the Government anytime you make a deposit or withdrawal of $10,000 or more. They also passed a law that allows the bank to report you for making several withdrawals or deposits of less than $10k if they think you are doing it just to avoid the $10k law.

They call that "structuring": making deposits deliberately calculated to skirt the reporting requirements.

Check out this article: http://www.foxnews.com/politics/2015...bank-accounts/

The IRS seized nearly a million dollars from one business owner with no reason, no notice and no apology. It cost him $150,000 to get *most* of his money back.

muncie21

Yep, that's the world that 'we the people' created. I don't like it anymore than anyone else, but there is no cure for greed and power.