I think it is also illegal to put cash in a safety deposit box… if I remember correctly.

No laws exist that prevent you from keeping cash in a safe deposit box. However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. Additionally, you can only access your box during regular bank hours, which means you have no access to your cash during weekends and evenings when banks are closed.

When I find a new pinball I want on pinside.

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Agreed. I remember my first time buying a Pin and went in there asking for $7k. I felt wierd but they said as long as the money is in my account its no problem.

I've sold over 100 games since I've been in this hobby and every single transaction was done with cash.

It's the only guarantee at this point and I'm too skeptical any other way.

The two times that someone tried to write a check I told them to go down the street to the bank and get cash. Both times, they never came back...

Paying in cash for high end pins in 2021

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Paper is for chumps, real pros use coins.

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Is a cashier's check or bank check as good as cash in y'alls opinion?

Or this.

This is a legitimate coin currently worth about 55 million dollars, only 6 exist.

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Just did it to pay for Godzilla.

Reminds me of George Clooney's story about when he gifted 14 of his close friends $1 million each. He did it in cash in a briefcase and definitely had to call ahead for that one!

About 30 years ago I worked in the summer for a volunteer agency and we sent young folks all across Canada, but often by bus. So I'd go down to the Greyhound terminal and buy ungodly amounts of bus tickets.

Even then a teller told me I was lucky they had enough cash when I went in to withdraw it (I think it was about $4000), and to call ahead next time.

try ZELLE
it's a quick transfer from bank account to bank account
and avoids using a 3rd party like venmo

Keybank

Everything can be reversed except cash and wire transfer.

Tons of fake cashiers and bank checks out there.

If you are working with unknowns, cash or wire transfer is best.

To buy a pin from me? Absolutely not. I look at cashiers checks and bank checks as worthless unless I went to the bank with them, and the teller handed the check to me. Checks are easy to forge. Lies are easy to say. But cash is a bit harder to fake, with very serious consequences if you do (and I'd roll on you).

I’ve had the same difficulty as the Op over the last several months in multiple States and branches using BOA. Especially on Mondays before they get a new influx of cash. They’ve told me to call for $5k or more the day before. It’s BS. And at the same time they try to get more of my business. I’m looking for another local bank to supplement.

With all the hacks and other crap going on in the world it’s a good idea anyway to keep $10k+ in a home safe.

Cash on the glass, period.

I know the trend today is to tap this, click that, swipe this other thing, Paypal her. Anything but cash! The paranoid (or wiser) among us will say that the govt types want to eliminate cash so they can easily track everything we do at all times. Maybe yes, maybe no. To each his own.

In any case, don't overcomplicate things. If I don't know someone and am selling them an expensive pinball (or anything), I want cash and cash only. And I will be looking over the bills carefully to make sure all the holograms and strips are where they should be.

When you make the sale, keep the cash around the house somewhere. You can find a good place to put it so the casual burglar wont find it. Now the next time you buy a game, you will have most or maybe all of the cash you need.

If you deposit the cash in the bank, it sounds like the new laws may result in you getting a letter from the gov asking why you did not report the money as income. This was always true with large deposits, but will happen at significantly lower numbers now. This will require everyone to keep detailed records of what we bought, how much we paid, how much we put into it during repair if any, the selling price, and the profit or loss. This will be more than a little pain in the butt, needless to say. It will probably necessitate setting up a formal business if you sell more than a game or two a year, allowing lots of write offs on the plus side.

How Much Cash Can You Deposit Before It Is Reported to the IRS?
When it comes to cash deposits being reported to the IRS, $10,000 is the magic number. Whenever you deposit cash payments from a customer totaling $10,000, the bank will report them to the IRS. This can be in the form of a single transaction or multiple related payments over the year that add up to $10,000. However, it’s not quite that cut and dry.

Depending on the situation, deposits smaller than $10,000 can also get the attention of the IRS. For example, if you usually have less than $1,000 in a checking account or savings account, and all of a sudden, you make bank deposits worth $5,000, the bank will likely file a suspicious activity report on your deposit.

If you plan to make any deposits out of the ordinary, you should discuss them with your bank teller. If you explain anything suspicious about your deposit account, the bank will be less likely to report them, making it less likely that you’ll be monitored by the IRS.

Depositing high amounts of cash in a personal account can trigger an IRS audit if its abnormal.

I deposited $50k from the sale of a car from my Dad's estate when he passed.

It was the bank who reported it.

Took 2 years to sort out.

Its never happened in my business account, yet.

My bank doesn't limit me on withdraws but I do need to call around to the branches to see if they have the cash on hand. I usually have to call a couple of branches before I find one with all the cash I want.

This may be why Pdxmonkey and I have no problem getting cash from the banks here in Portland...

Also jotting notes and starting the "Bank Robbery" O/T thread... /s

Banks have been getting harder to deal with for some time now. Every time i withdrawal more than 2500 at Chase i seem to get questioned whats it for. Cash withdrawals are bad but ever try to deposit coins?? Or ask for rolled coins??? They look at you like you killed a puppy in their lobby.

A month ago I withdrew $7500 from my US Bank branch for a buy. No problem here. (Withdrawing that much cash always feels weird.) I told them I probably would do a similar withdrawal soon to have cash on hand and asked I if I should give them advance warning. They said no need. About 2 weeks later I went in for another large withdrawal and again no problem. That's weird how they are giving you problems.

It's just not very manly to withdraw or pull out. These banks are just trying to help us keep our dignity.

The 2 major deposits I made are going to tax me for the next 18 years

no,not for me these can still be canceled

U need to find a new bank. Red flag!

the size of the city your in and the size of your bank may make a difference.I asked for 40 k one day and they said no problem.I went to a branch in a smaller less populated area and they were sweating 10k.

No

B of A is like going to the dentist,I couldnt dump them fast enough.

BOA always gives me the 20 questions routine. What's this for, I didn't know pinballs cost this much, etc. One time I even had to bring up the $9500 Pinside ad on my phone! Annoying because it's my money, but whatever, you answer the questions and get your money. Citizens is an extra level of annoying as they spend a good 15-30 minutes trying to get you to keep the money in the bank by selling you on other programs. "You could instead take that money and put it in this program and in 5 years you'd have an extra $500!" Uh huh. Go get my money.

If you don't have a safe or lockbox at home, a good place to store cash is the fridge or freezer as the stuff inside of that fridge are a lot more likely to survive a fire than the stuff outside of it.

I halfassedly read an article the other day about a bill or proposal that is going to require banks to report every deposit to the IRS over $599, so I'm not quite sure of the details and what the IRS is really doing to do with it, but yeah, something to keep an eye on for sure.

When they bought Security Pacific, I bailed immediately.
Went to First interstate, who was bought by Wells Fargo a few years later. Wish I'd left there as quickly as I did with BofA. WORST BANK EVER!

The government wants us to be a cashless society. Many places wont accept cash or insist on exact change if you do pay in cash.

I guess I don't understand this theory? I have always kept cash here at the house for jumping into my truck to go buy a Safe Cracker for $2K...., but that's another story. Anyways, how does the cash I have here lose it's value? It's not going to make me any interest by letting it sit in a bank account that's for sure.

John

Crypto may be subject to money washing rules.

Be careful, at least until the fed releases theirs (coming soon, its in test right now) as well as the Chinese.

Bank interest is a joke.

Short term holdings, 5 or 10k are fine. Consider it pocket money.

Your money loses buying power as the costs around you rise.

$100k in cash generally loses 3 to 5 thousand a year in buying power over time. Its terrible over a 10 year period.

Its best to hedge it with gold or real estate holdings.

Or at least something to earn 5%

You want to make at least inflation on your money to be smart.

Otherwise your money becomes worth much less.

No way can this ever happen.

John

I've got my pinball holdings earning me the best interest out there...LOL. Especially after that Banning auction.

John

This is a problem. Last time I needed to get money from bank. They told me that they possibly did not have the amount and next time to give them notice as they would have to allocate money from another branch. Personally I'm not comfortable handling large amounts of cash money. I've had one sketchy pinball pickup I ended up passing on game because of the large amount of cash and the remote aspect of the pickup.

The other side of coin is when your selling lots of pins and go to deposit 10s of thousands in bank. Not a problem I've had for awhile though as haven't sold any big $ games in awhile.

I walked into my local branch last Friday and took out 15K with no questions asked.

Looks like they got you on CCTV...

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Get an account at a credit union. Have like $500 or so in there so it's a legit account. Then go in with your USAA debit card and explain you want to do a cash advance from your USAA account through the credit union. Let USAA know ahead of time so they remove any limits cause once you try it and it bounces, you got to go to another location....

Did this ALL the time to avoid visiting 3-4 ATMs (now would be more like 8-10).

Ain't that the truth.. most banks tie interest to card usage now. Where you can earn more if you use the CC or
Debit card they profit on. Remove that and your money is just sitting.

The balance of Cash on hand / invested money (always risk albeit small ) / real estate and other commodities is essential.
Knowing the correct % of what you need is key to not ending up working against yourself.
Pinball is a first world problem though. I am not sure it really should be considered an investment opportunity. Not many
people are realizing the high dollar returns that people think they can get. I've known people to sit on high dollar machines for months.

If you are at a real bank - should not be an issue.

Mind boggling that people can't walk in and get $10-15K.

Lot of banks are not sitting on large cash sums anymore. Branches are only allocated precise Cash reserves
based on the estimated need for that day. This minimizes loss in the case of robbery. There are branches
that operate with very low cash availability. Middle of the week at one of those branches and they could
be very well out of the cash allocation that they might have on a Fri / Sat. Especially now with Covid
slowing down the availability of Cash from business.

So going to Walmart branch or Grocery store bank and trying to withdraw 10k can be a challenge for example.
And probably should avoid that scenario.

Small town banks even can have the same issue if they are a branch and have no reason for having cash.

It’s not just small towns. I live in a highly populated, prosperous superb of Philly and all BoA branches in a 15 mile radius didn’t have 8k one Monday.

Big banks are definitely pushing to go to an automated, cash-less society. Sounds crazy to most people over 20 but Gov’t and big business love the idea.

I’ve always thought that businesses had to accept cash as “US legal tender,” but plenty stopped accepting cash due to Covid with no challenge. Scary.