I'll give you 10 100's for that $1000 bill. Banks take them out of circulation if you give them one.
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steve from staten island
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Im finding all of this confusing...So I sell my car and I have the buyer wire funds to my bank opening his own personal account. He comes to buy my car, we walk down the street he withdraws the cash hands it to me and I hand it to the teller and she deposits it in my account. We walk back home, load up his car and thats that.
Would. this work????
Would. this work????
Dreamcatcher
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Most banks wont give you very much with out prior notice. I went into my bank and said I want to withdraw 10000.00 they told me I would have to give them a 48 hour notice to get that much. I said but it is my money. They said they don't keep that much extra on hand and it would run them short. This is why I don't keep my car funds in a bank. You can deposit 10K today and not draw it out tomorrow.
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No, today you have the guy wire transfer his funds from his bank account to your account in your bank and you then personally call the bank manager to confirm the transfer has taken place before you hand over a title/car and then get the manager to immediately move the funds to one of your other accounts. It's not going to happen "while you wait".
I'm not totally sure about every state, but this is for deposits in cash or withdrawals in cash in the state of Alabama and yes it does seem to be a federal thing. I also have bought a car out of Tennessee that the seller requested no certified checks of 10K or more. He said he would have major problems turning them into cash. I can purchase a certified check here in any amount without having to sign anything. I just cannot do it with cash. But in certified checks the feds already have all the information they want or need for a paper trail. Basically this is a paper trail for the government on cash transactions. Nothing is private with the feds because they want it all, and would like to do away with cash altogether. Why do you think that some of the offers on new bank accounts pay you a nice amount of interest if you use a debit card X number of times per month and a extra amount of interest on larger checking account balances. There is a bank here offering 4% on balances up to 30K in your checking account. It requires at least 12 debit card purchases, at least 1 direct deposit, and 3 payments to your creditors in their bill pay system. If you are ever audited by the IRS, all they have to do is punch a few buttons on a computer and they know everything and probably where you took your last crap.
GetX'd
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It may not be the same thing as taking your money out in cash right away. But what I do is etf the funds out right away. I don’t like funds to sit even a day in the le@ch as banks. I put it to work right away.
Sixpactogo
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When I sold my Six Pack Challenger to a guy in Australia, I asked my credit union for a secure way of making the transfer. They told me to create a temporary account. Have the buyer wire the money to that account. Once that was done, they would transfer the money to my savings account. I don't know if there were fees on his end for the transfer but I wasn't charged any. That was back in 2013. I never had any contact from the IRS or anyone on the transaction. No one has asked me where the money came from or what it was for. Worked smooth as a baby's *** for me. I would not hesitate to go that route again.
GetX'd
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I know the treasury Dept keeps info on all transactions of $10k or more but don’t think you have to sign an IRS doc here in CA. Like I said I’ve done this quite a few times and have never signed anything here. Possibly because in this stupid state $10k barely buys you a full tank of gas. With the irs in the pathetic state they’re in I wouldn’t/haven’t worried touch about it. I pay my taxes - maybe too much so - it seems a though they’ve paid little attention to me over the years. I’d like to keep it that way too.
I pay my taxes also, but I'm not going to give them anything more than they are due. I have had an audit before and ended up forfeiting a sizable amount due to poor records. You can bet your butt that won't happen again. You can also bet your bottom dollar they will take your word for nothing without records to prove it.
slepr1
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Yes they are out of circulation for some time now. I once witnessed a guy depositing 5 or so $1000 bills so I quickly asked the teller if I could buy them. She refused because once they get ahold of them they must be returned to the treasury to be destroyed.
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