Check "clearing" for the nth time

[RJ Squirrel]

 

[cr8crshr]

Why is it that many here have this problem with "BANKS"??? I do not, as I use a Credit Union, and for any check I deposit, I make sure that I have enough in the account to cover it myself. Maybe start making sure that you have a sufficient balance in yours to do the same. That is, unless one needs the money right now. Then that explains all these issues with a deposit...cr8crshr/Bill

 

[YY1]

Why should I need to have enough in my account to cover a check someone else writes to me?

Perhaps the multi-billion dollar banking industry should IDK, take steps to help insure they and their customers are not getting ripped off?

 

[j-c-c-62]

Why is it that many here have this problem with "BANKS"??? I do not, as I use a Credit Union, and for any check I deposit, I make sure that I have enough in the account to cover it myself. Maybe start making sure that you have a sufficient balance in yours to do the same. That is, unless one needs the money right now. Then that explains all these issues with a deposit...cr8crshr/Bill

I think you are missing the main point here, "you" never really have deposited check "money" in your account, you just have funds "available" that the banks can recall at any time without any notice, and no one is exempt from that.

 

[cr8crshr]

I think you are missing the main point here, "you" never really have deposited check "money" in your account, you just have funds "available" that the banks can recall at any time without any notice, and no one is exempt from that.

Actually, I do get the point. Banks are one thing, and they cater to those who have accounts. Credit Onions are similar but require a membership to become a user of those institutions. Slightly different in their way of doing business, yet they put the member first, where a Bank only cares about their bottom line to stockholders. In my case, my Credit Union immediately provides the funds for any and all deposits. cr8crshr/Bill

 

[Unkle Krusty]

A cheque is a promissory note. The promise is not always fulfilled. If you receive a cheque, do not deliver the goods until the cheque clears the issuers bank. Getting the cheque hammered used to be the term.

 

[66/440]

I recently went into my local bank that I have had an account with since 1994.
I was withdrawing cash to make a auto purchase. I had previously had some issues doing the exact thing. They did not want to give me cash that was in my account. Apparently there is a protocol where by you are questioned and essentially held in the bank to make sure that you are not being coerced into a withdrawal, or may be using cash for nefarious purposes. They like to detain you for 30 to 45 minutes while questioning you. It is annoying and frankly It's my money and what I do with it is my business. This time I was prepared with an answer that caused them to hand over the funds and try and get me on my way ASAP. When asked what the funds were for I told them I was going to buy condoms! Out in 5 minutes flat!

 

[YY1]

I just withdrew a fairly large sum from my credit union to pay cash for a new metal roof (lucky me, right?)

I was there for about 15 min.

Got to see the vault area and the bill counting machine.

They did ask "what is this for", to which I replied " a roof".

...and then a small meeting ensued with the teller, supervisor, and branch manager.

BTW- I was wearing a tie dye "Waffle House" T shirt, ripped, dirty "working on a car" shorts and grass stained "yard work" shoes.

They handed me the cash in a slightly too small, brown paper bag.
(Even though I specifically requested a rope tied, burlap sack with large dollar signs printed on it)

 

[j-c-c-62]

I personally have no problem of the bank asking what the large cash withdrawal is for, it's asked for as much as your protection as theirs; family member hostage situation, extortion, dementia episode, etc. Due diligence is what I see on their part. What they make of it is where the problems arise.

Unfortunately, your large cash payment to a roof contractor will somewhat complicate their life if they abide by the rules.

 

[cr8crshr]

A lot of times, Banks and Credit Unions do not have an abundance of cash in reserve in their vaults. So when a large withdrawal is requested, they will postpone paying it out until they can get a cash infusion from the Fed or another branch. Had that occur a few times in my banking history...cr8crshr/Bill

 

[YY1]

I personally have no problem of the bank asking what the large cash withdrawal is for, it's asked for as much as your protection as theirs; family member hostage situation, extortion, dementia episode, etc. Due diligence is what I see on their part. What they make of it is where the problems arise.

Unfortunately, your large cash payment to a roof contractor will somewhat complicate their life if they abide by the rules.

Not my problem.

My wife got an $800 discount for paying in cash.
...and another $140 because she bitched about their crew leaving a cake pan full of sharp metal debris and screws all over the yard and driveway.
(She actually collected it and gave it to the sales guy when he came to collect payment)
Good for her/me.

You should have seen us, and the sales guy counting it out on the kitchen table.

 

[j-c-c-62]

Not my problem.

So, you ARE filing the required 1099?

 

[YY1]

I ain't filing nuthin.

I got a receipt.

So do they.

 

[YY1]

I didn't file nuthin when I paid cash for my 2015 Renegade in 2017.

There is a record of both transactions as payment for goods sold.

 

[Unkle Krusty]

Once upon a time, a guy bought a new 550 Honda from me. He said he had been saving for a long time. Paid me in small bills. Took me a while to count it
Later I discovered, at his trial, he had robbed the restaurant where he worked to get the money.
Nice young man.

 

[cr8crshr]

So, you ARE filing the required 1099?

Not necessary.

A 1099 form is a tax document used to report various types of income received from sources other than your employer. It is issued by entities or individuals who have paid you money, such as independent contractors, rental property income, interest, dividends, and other miscellaneous income. There are several types of 1099 forms, each serving a specific purpose, such as reporting nonemployee compensation, royalties, and government payments.

If it's your money in a financial institution, then it is not considered income and thus requires a 1099...cr8crshr/Bill

 

[j-c-c-62]

Not necessary.

.............It is issued by entities or individuals who have paid you money,...............

And both cannot be true in this context.

The Individual mentioned above paid a vendor/contractor a figure exceeding $600 in cash, likely by a lot, or enough to prompt his bank to have an internal brief conference over, which meets all the normal requirements for filing a 1099. If the authorities ever discover this transaction and determine that non reporting helped foster a potential illegal situation, they will possibly want to discover who was the source of the payment, how legit are the funds, and why it wasn't reported on a 1099 as required.
None of that IMO falls under the banner or "not my problem"
Please understand, my position here is only as a "messenger", I am passing no judgement.