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Question about getting cash for donation
humboldt 8 Reviews 5732 reads
posted

While this could have gone on the "General" section, it seems more appropriate in the PS section since the question involves large cash donations.

How do you gentleman go about withdrawing thousands in cash from the bank?  This may seem like an odd question, but if you are dropping $5-10K for a weekend of fun, I personally find it awkward to walk into my local bank to cash a single check for that amount of cash.  When you start taking out thousands at a time..all in 100's..invariably someone at the bank starts to notice and inquire. I generally brush off any questions with a simple smile, but I'm wondering if there isn't a more convenient or discreet method of taking thousands in cash out of your branch bank?  I've tried multiple withdrawals of smaller amounts, but that's not at all convenient.

Thanks in advance for your thoughts

Humboldt

Sinnamon Love5537 reads

If it's your account - it's none of the bank's business why you are withdrawing money - regardless of the increment. However I understand the cunumdrum.I've seen guys withdraw the max daily allowance, (usually 500 for personal accounts versus 1000 for business ones.) In most cases, credit cards are used, (usually with agencies or indies with business accounts. Ask how your indie bills credit cards so you'll know how it will show up on your statement...

YOu can also purchase money orders. Ask your indie or agency if that is acceptable. Postal Money Orders are the same as cash and less likely to be fraudulent...

Hope this helps!

SL

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MikeSouth4899 reads

Oh Man Sinnamon could NOT be more wrong.

Banks are now operating under a federal "know your customer" mandate (Clinton enacted this)

If you withdraw or deposit more than 9,999.99 (10K)in cash they are required to report that transaction to the federal government.

My advice is take out smaller amounts over a few days, that way you don't get reported.

If you are a hobbyist it might make more sense to keep a stash in a safety deposit box or under your mattress.  ;)

Be safe

Related Link: http://www.mikesouth.com/index.htm

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psebank4566 reads

Actually, it is the bank's business if you are doing a cash transaction for 10,000 (or something close to it, or 10K in 2 withdrawls).  At the 10K they are required by law to have you complete a federal form for anti money laundering purposes.  If they don't, bank gets fined 10k per instance.  

You don't have to say why you are taking out the money, but you have to provide info, address, social security #.  Another reason to book direct.

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Sinnamon Love4629 reads

I flubbed my words... I shouldn't have said regardless of the increment. I specified amounts much lower, and wasn't considering the amount you guys mentioned. I know about the 10k rule - that's in general re: IRS and money. Also, FYI Western Union requires the same information psebank mentioned when you send, (I'm not sure of the exact amount but I believe it is,) roughly over either 1500 or 2000... Even with providing them personal details such as SS#, employment, etc., that is still not telling them what you are using it for. Does anyone have factual info on this?

SL

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ThomasJenkins4743 reads

Some interesting the comments on this.  It is correct there are thresholds of cash or other monetary transactions the federal government flags with regards to financial institutions.  Don't become naive that the government won't know what it's for, because they will soon find out.

The entire concept behind these thresholds is the government realizes that in today's times cash transactions are usually intended for one purpose... to avoid detection.  Whether it's to avoid paying taxes, avoid costly construction permits, to launder money, to finance weapons or drugs, to bribe powerful officials... the government realizes there are thousands of reasons why people engaged in illegal activity want to utilize cash rather than other forms of tender.

Now the government can't afford the time and expense to investigate everything and everyone, so they set thresholds to help differentiate innocent activity from potential illegal activity.

The point is, the government may not immediately know what you plan to spend the cash on (or how you got it), but they will most certainly look into the matter.  Sure, I can say the 15K I withdrew today is for a downpayment on a new house tomorrow, but that means the government will search for a new property deed in my name... and if there isn't one, they now know to dig deeper into my activities.  If I deposit 15K, they'll be searching my IRS statements to make sure where I obtained the money and that I've paid taxes on it.

The bottom line is the government is not stupid.  For every statement a person makes about how, what and why... there is something physically tangible to back it up. They look for the tangible evidence to back your story... if it's not there, they will come knocking at your door.

I think the original poster was more concerned with what the tellers at his bank would say when he withdraws smaller amounts and want big bills.  Everyone at my bank thinks I'm an antique collector and that I spend the cash at auctions. No one ever bats an eye with regards to a legal hobby.

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random1334317 reads

A little reality check:  If you're taking thousands out of your account, you're leaving a trail no matter how you try to break it up.  Even if you take out $500 at a time, if you do it 4x in 2 days, it leaves a record just as with any other withdrawal.  As for getting $ out of your bank at a teller window, the old rule used to be to report to banking regulators transactions of $10k or more.  You might want to go read up on the PATRIOT Act to determine whether that amount was lowered--I don't remember.  Still, in these times of increased scrutiny, don't be surprised if your financial institution is flagging accounts with high cash activity.  Ask your bank its policy--you can frame it as a question of privacy and it's a perfectly legit question given what airlines have been doing with our personal data.  Stay safe.

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Light5249 reads

Tell them you are going to your local casino's high rollers area.  That works were I live, and if you have casinos near you, it gives you a basically untraceable place to have lost your money.  It would work better if you actually spent time in the casino, or (for me) the card room playing high stakes poker.  Won’t work if you live somewhere where gambling is illegal, of course.


Light

"Cowards can never be moral."
M.K. Gandhi

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humboldt4343 reads

Thanks, everyone, for your insights.  I've been going the multiple withdrawal route, and with the reporting requirements that seems like the way to go.  

As noted, the proximity of Casino's provides an easy explanation if needed.  Otherwise, as also noted, it isn't anyone's business and I'm not required to say what the cash is for.

Also as noted, and something that all hobbyists should be aware of, records will be kept. There's no getting around it.

Any further observations will be appreciated. I suspect that this question has crossed the mind of many hobbyists...or at least should. :)

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mouth4467 reads

First of all for all you hobbyists== you should have a safety deposit box at you bank where you keep 20 or 30 or more thousand for fun activities.  Another suggestion is to have offshore credit/depit card registered in a lawyer/or ibc  so that your hobbying will be paid with this account

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humboldt3082 reads

Thanks for the suggestion, Mouth.  Even if the money isn't "working" for you, the safe-deposit box allows you to proceed at your own pace.

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The Moose3792 reads

It would be nice if ATM machines dispensed $100 bills to...With all these fees/service charges that banks love to charge, one should at least have an option of having $100 bills dispensed.....

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ThomasJenkins3593 reads

I truly believe this and here is my theory on the whole concept behind this "invention".

Banks want you to believe they're are too damn busy to help you when you walk in the place and thus they only open 2 or 3 teller stations to make you stand for lengthy periods of time in a line. After a while, "to better suit a customer's needs", they come up with ATM's.  It's fast and free way to get cash without waiting at the bank.  The craze hits and people buy into it and everyone gets their "TYME" cards.  Then credit card companies want to offer the same service so ATMs now accept MC and Visa.

To make sure everyone gets an ATM card, banks start to advertise they will charge a counter service fee everytime you do a transaction at the bank.  This not only drives up the number of ATM users, but online banking and direct deposit are born.  Now that everyone gets accustomed to doing their banking outside the bank... they get socked with "transaction fees"... first a flat fee, then it becomes a percentage of the withdrawal, then come the fees for online banking.

It's just a racket like the tobacco companies... get you hooked first, then start piling on the fees to make money off of you!

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singleton4098 reads


that's not theory, it's FACT  ... here in New England, Fleet (which purchased BankBoston few years ago) was one of the first to put into effect some of these "innovative" surcharges (nearly driving away all its customers to the little mom-n-pop banks) and it was also one of the pioneers of online banking

the truth is, banks would love nothing more than doing away with "waste" (ie. human tellers) and charging premiums for fabricated services which cost them nothing (few lines of code)

it's an age old practice retooled for the modern day ... money lenders in the cyberspace temple of finance


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humboldt4770 reads

This is an interesting "side bar" to the initial inquiry. FYI, my first job (many, many years ago) was as a Teller at a major metropolitan Bank. We had at least TWENTY FIVE Teller's open at all times and each one was busy. (I'd open my 'window' at 10am and would have a line at least 5 deep for the entire day). As a result of this experience, I now PREFER to use ATM's. Why? I learned that Teller's make mistakes. So today I use an ATM; at least that way the mistakes are my own :)    

It's unfortunate for those in the Hobby, that we can't make large withdrawals by ATM. There are many practical reasons why ATM's should have limits on cash withdrawals.

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The Moose4297 reads

It's definitely a racket....If you withdraw money from a financial institution differnt from your bank (which inevitably will happen when you travel) both your bank & the bank your withdrawing from hit you with fees...And, some machines will only allow $300 maximum withdraw at ONE time (but $500 total), so another $200 withdraw means more fees....

Another example, some banks charge 3% fees for issuing travelers checks, whereas AAA charges nothing....

Unfortunately, there seems to be no reform on the horizion for these abuses by the banks.....

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