Notices

Withdrawing $14k cash

Old 08-11-2020, 06:39 PM
  #1  
Senior Member
Thread Starter
 
Join Date: May 2016
Posts: 286
Received 455 Likes on 191 Posts
Default 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.
Old 08-11-2020, 06:41 PM
  #2  
Senior Member
 
Join Date: Jan 2011
Location: Retired Bizy Livin
Posts: 7,888
Received 1,373 Likes on 972 Posts
Default

Is this why your username is..................... ahhh forget it.

Buy yuor skid steer
Old 08-11-2020, 06:44 PM
  #3  
Senior Member
 
Join Date: Oct 2010
Location: Pacific Northwest
Posts: 578
Likes: 0
Received 235 Likes on 132 Posts
Default

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.
Old 08-11-2020, 06:44 PM
  #4  
Senior Member
Thread Starter
 
Join Date: May 2016
Posts: 286
Received 455 Likes on 191 Posts
Default

Originally Posted by magua View Post
Is this why your username is..................... ahhh forget it.

Buy yuor skid steer
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?
Old 08-11-2020, 06:47 PM
  #5  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2003
Location: On The Razors Edge
Posts: 10,193
Received 1,210 Likes on 582 Posts
Default

Nope, you're good. I've paid cash for cars, trucks, etc. never had any issues.
Old 08-11-2020, 06:47 PM
  #6  
Senior MemberCaptains Club Member
 
Join Date: Apr 2007
Location: Atlanta, Ga
Posts: 384
Received 83 Likes on 33 Posts
Default

No issues. Have withdrawn and deposited large cash amounts hundreds of times. Never had an issue. Nothing to worry about if everything is legit.
Old 08-11-2020, 06:48 PM
  #7  
Senior Member
 
Join Date: Aug 2015
Location: BFE
Posts: 2,964
Received 1,072 Likes on 637 Posts
Default

That's a lot of cash for a steak.
Old 08-11-2020, 06:50 PM
  #8  
Senior Member
 
Join Date: May 2018
Location: Florida
Posts: 119
Received 87 Likes on 39 Posts
Default

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.
Old 08-11-2020, 06:51 PM
  #9  
Admirals Club Admiral's Club Member
 
Join Date: Dec 2015
Posts: 720
Received 1,035 Likes on 567 Posts
Default

Get a cashiers check if you're worried about it. 14k withdrawl is "just another day" for the bank.
Old 08-11-2020, 06:51 PM
  #10  
Senior Member
Thread Starter
 
Join Date: May 2016
Posts: 286
Received 455 Likes on 191 Posts
Default

Originally Posted by Riptied View Post
That's a lot of cash for a steak.
Its that wagyu tomahawk steak. lol

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.
Old 08-11-2020, 06:54 PM
  #11  
Senior Member
Thread Starter
 
Join Date: May 2016
Posts: 286
Received 455 Likes on 191 Posts
Default

Originally Posted by Kenny Powers View Post
Get a cashiers check if you're worried about it. 14k withdrawl is "just another day" for the bank.
Actually in my neck of the woods it's apparently not just another day. A few years ago I tried to pull 9k for a boat and it was going to take a few hours because they didnt have that much cash on hand! I was flabbergasted. I just took the cashiers check but I would have rather had cash. For this I will call ahead. I live in the sticks!
Old 08-11-2020, 06:55 PM
  #12  
Senior MemberCaptains Club Member
 
Join Date: Mar 2002
Location: Cozumel mostly, and Denton, Texas
Posts: 4,064
Received 1,176 Likes on 534 Posts
Default

Just smile when they ask what it is for - they are supposed to report your response. No issues.
Old 08-11-2020, 06:56 PM
  #13  
Senior Member
 
Join Date: Aug 2015
Location: BFE
Posts: 2,964
Received 1,072 Likes on 637 Posts
Default

It's not just your bank, a lot of banks run with minimal funds on hand.
Old 08-11-2020, 06:58 PM
  #14  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2010
Location: Brooklyn, NY (Bay Ridge)
Posts: 14,979
Received 709 Likes on 372 Posts
Default

Originally Posted by Kenny Powers View Post
Get a cashiers check if you're worried about it. 14k withdrawl is "just another day" for the bank.
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
Old 08-11-2020, 07:00 PM
  #15  
Admirals Club Admiral's Club Member
 
Join Date: Dec 2015
Posts: 720
Received 1,035 Likes on 567 Posts
Default

Originally Posted by Esuomm1 View Post
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
Tell them you're going to need it in coins..... should be an interesting response these days.
Old 08-11-2020, 07:04 PM
  #16  
Senior Member
 
Join Date: Jan 2011
Location: Retired Bizy Livin
Posts: 7,888
Received 1,373 Likes on 972 Posts
Default

Originally Posted by Basketcase View Post
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?
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.


just the way it was written and the way I read it

Old 08-11-2020, 07:08 PM
  #17  
Senior Member
 
Join Date: Oct 2011
Posts: 575
Received 75 Likes on 44 Posts
Default

Yep. Teller will ask you a couple additional questions. Done it enough to know i need to call in if its over 10k, if my branch doesn't have it they'll direct me to one that does.
Old 08-11-2020, 07:11 PM
  #18  
Senior Member
 
Join Date: Aug 2009
Location: CT
Posts: 5,979
Received 3,774 Likes on 1,814 Posts
Default

Originally Posted by Basketcase View Post
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.
Total non event......
Old 08-11-2020, 07:11 PM
  #19  
mbb
Senior Member
 
Join Date: Jan 2002
Location: State of confusion
Posts: 3,249
Received 1,026 Likes on 551 Posts
Default

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.

Old 08-11-2020, 07:11 PM
  #20  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2009
Posts: 1,694
Received 575 Likes on 275 Posts
Default

It's a DEPOSIT that triggers a CTR (Currency Transaction Report) not a withdrawal. Go for it.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.