Withdrawing $14k cash
08-11-2020, 06:39 PM
#1
Senior Member
Thread Starter
Withdrawing $14k cash
Hey guys. I want to buy something. I want to pay cash. Its a piece of equipment. Its legit. My money is legit. I know that a withdrawal of that much cash triggers a report. Does it matter if it's all legit? I'm not trying to hide anything. I paid plenty of taxes on the money and I just want a skid steer. If I'm not doing anything wrong, is the reporting thing an issue? They make it seem scary but I've never done a cash transaction above 10k before.
08-11-2020, 06:44 PM
#3
Senior Member
As long as it's legit don't worry about it. 10k is the amount that triggers a report but that's just paperwork. I've paid cash for cars and down payment on a house exceeding that. Never heard a peep from anyone about it.
08-11-2020, 06:44 PM
#4
Senior Member
Thread Starter
Originally Posted by magua
Is this why your username is..................... ahhh forget it.
Buy yuor skid steer
Buy yuor skid steer
08-11-2020, 06:48 PM
#7
Senior Member
That's a lot of cash for a steak. 
08-11-2020, 06:50 PM
#8
Senior Member
Any movement of cash or coin over $10,000 will trigger what is called a CTR or Currency Transaction Report. It is simply filed in the FinCEN (Financial Crimes Enforcement Network) database and becomes a searchable document should you're finances become suspect. It does nothing, other than that. As long as your money is legit, you have absolutely nothing to worry about. No one will ever even see the report unless you come under criminal investigation for some financial reason.
Last edited by Sandman1128; 08-11-2020 at 07:55 PM.
08-11-2020, 06:51 PM
#10
Senior Member
Thread Starter
Originally Posted by Riptied
That's a lot of cash for a steak.
Well, if it goes well you might see a "look at the machine I just bought that I don't really need but is super cool" thread in the coming days. Thanks guys. I kinda figured I was good but I thought it could not hurt to check in with people that have more experience with this.
08-11-2020, 06:54 PM
#11
Senior Member
Thread Starter
Originally Posted by Kenny Powers
Get a cashiers check if you're worried about it. 14k withdrawl is "just another day" for the bank.
08-11-2020, 06:56 PM
#13
Senior Member
It's not just your bank, a lot of banks run with minimal funds on hand.
08-11-2020, 06:58 PM
#14
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Originally Posted by Kenny Powers
Get a cashiers check if you're worried about it. 14k withdrawl is "just another day" for the bank.
Not a bad idea to call a few days in advance just to make sure it won't be a problem.
J
08-11-2020, 07:00 PM
#15
Originally Posted by Esuomm1
For most banks it is but it's not unheard of for a bank to balk at a "large" amount as they may be low on cash, believe it or not.
Not a bad idea to call a few days in advance just to make sure it won't be a problem.
J
Not a bad idea to call a few days in advance just to make sure it won't be a problem.
J
08-11-2020, 07:04 PM
#16
Senior Member
Originally Posted by Basketcase
Lmao. C'mon now! theres a certain stigma about this kind of thing. I have a very well tailored tin foil hat. I don't need any headaches. Its just as easy to get a cashiers check, but I feel like it doesnt have the same "pop" as cash when you are at the negotiation table. Ya know?
I want to buy something.
I want to pay cash.
Its a piece of equipment.
Its legit.
My money is legit.
I know that a withdrawal of that much cash triggers a report.
Does it matter if it's all legit?
I'm not trying to hide anything.
I paid plenty of taxes on the money and I just want a skid steer.
If I'm not doing anything wrong, is the reporting thing an issue?
They make it seem scary but I've never done a cash transaction above 10k before.
just the way it was written and the way I read it
08-11-2020, 07:11 PM
#18
Senior Member
Originally Posted by Basketcase
Hey guys. I want to buy something. I want to pay cash. Its a piece of equipment. Its legit. My money is legit. I know that a withdrawal of that much cash triggers a report. Does it matter if it's all legit? I'm not trying to hide anything. I paid plenty of taxes on the money and I just want a skid steer. If I'm not doing anything wrong, is the reporting thing an issue? They make it seem scary but I've never done a cash transaction above 10k before.
08-11-2020, 07:11 PM
#19
Senior Member
When they made that rule $10,000 was a lot of money.
More more like $50,000 it should be today. Or maybe a hundred.
guy showed up for a boat I sold one time with cash I told him to go to the bank and bring me a cashier's check... I wasn't keeping that much cash at home over the weekend.
you just never know who might get wind or how.
More more like $50,000 it should be today. Or maybe a hundred.
guy showed up for a boat I sold one time with cash I told him to go to the bank and bring me a cashier's check... I wasn't keeping that much cash at home over the weekend.
you just never know who might get wind or how.
