They should make a $1,000 bill. Heck, they're going to make a trillion dollar coin 
(Topic ID: 301713)
Fairview Park, OH
Quoted from SpyroFTW:I havent had issues getting my cash, but they did ask why I was withdrawing 7K. I told them it was for a crazy weekend filled with hookers and blow. They still gave me the cash. I have found most sellers are willing to work with me on timing if getting cash or pickup is an issue (i.e. Im out of town at the time). If they arent willing to work with me, then they arent worth my time. Within reason of course. Everyone just seems ready to explode now. Wire transfers snd things like venmo are ok with me too.
It's too much work to answer all the banking questions here, but this is a super common one, and I totally understand why people get annoyed when it's asked, but can try to explain the other side.
I've been in banking audit/risk/compliance roles essentially my whole career. The thing with cash from the bank's perspective, is that once that money is out the door, it's GONE - you are no longer protected. Essentially any "real" bank will have large cash withdraw procedures and red flag procedures that are in place to adhere to, among other things, extensive regulatory requirements (and of course managing cash inventory itself).
The other half of this, is as annoying as it is, it is designed to protect people from themselves. For as long as I have been doing this, you would not believe the amount of people that fall for scams involving cash, or are victims of fraud - it would be impossible to overstate how frequently this happens, and alot of it in cash, as fraudsters and scammers know it's basically a lost cause for a bank to trace or recover the funds.
Alot of the "what are you doing with the money" stuff is (hopefully) determine if the client is getting scammed or defrauded before it happens, because if they are, that cash ain't coming back. It's especially a red flag if it doesn't fit your regular spending pattern. I absolutely get why the questions seem annoying and nosey, but when someone comes back 2 days later because they got scammed, their ex-husband who is still on the account took all their money, etc. - the same teller has to basically tell them, "sorry, but it's gone, talk to the police" etc. You can't save people from themselves, despite how annoying you make it 
.
Quoted from Shriner37:This is a challenge on several fronts. Banks do not do the volume of cash business they did in the past because most commerce has transitioned to electronic forms of payment. 20 years ago restaurants sales were 80-90% cash, now they are 70-80% credit card. Less cash deposited means less cash on hand. Banks now have less staff on hand as the volume of in person and cash transactions is way lower. Add to this the challenge of complying with the labyrinth of federal regulations to prevent criminal activity and banks just don't do things like they used to.
Someone earlier in the thread mentioned electronic check deposits. I'm sure there are outliers but most of the banks I've seen have ridiculously low daily and monthly limits on electronic check deposit. My main bank only allows electronic deposit of checks up to $1,000 and then a total of only $5k per month.
Certified or cashier's checks are a major source of fraud. I would never accept one for any transaction for which there is no recourse.
Wire transfers are not a bad way to go, as the cost is only typically $15-25 for a bank to process a transfer, but how many individual sellers out there would be willing to give a stranger their bank routing and account information?
I sold a jukebox recently through Paypal Friends and Family and it worked well, but only because the buyer paid me several days before the pickup of the machine was scheduled, and I had time for the transaction to process and transfer the money into my bank account. I wouldn't have done it with an immediate delivery of the merchandise.
I think cash is still king on transactions like a pin purchase but it's just getting more painful all the time.
I took a deposit on a game with Paypal and Paypal reversed the charges OVER SIX MONTHS after I received the money!!! I was in the "right" and the buyer was in the "wrong" but it didn't matter to Paypal. NEVER NEVER NEVER NEVER USE PAYPAL FOR ANYTHING!!!!!!
With all the high prices, back wire transfers are going to be more and more common, but need to be able to wait a couple days so the money has time to clear.
Quoted from Spelunk71:Breaking up transactions to evade a Federal reporting requirement is called "structuring" and is a crime. Be careful. Deposits and withdrawals of more than $10,000 in cash are required to be reported to the Treasury Department, but it is perfectly legal to do so. If you are ever investigated for a crime--money laundering, tax evasion, what have you, the form will be there and could come back to bite you but should not be an issue if you are not pulling Bernie Madoff or Al Capone shenanigans.
Banks can also file a "suspicious activity report" if they have reason to believe the transaction (not keyed to a specific dollar amount) is related to criminal activity in the bank's judgment. Theoretically, such a report could lead to an investigation if law enforcement thinks you are engaging in criminal activity, but the reports by themselves are not evidence of any crime. As a practical matter, if you are not a criminal you should be fine. If your line of work subjects to you investigations into your financial background (security clearance, e.g.), you may want to avoid potential hassles and do wire transfers instead of large cash transactions.
To clarify-
I didn't say I did that, I said that it could be done that way.
I know a lot of people do- It's nothing new. May not be legal as stated above- I did zero fact checking before posting.
Quoted from chuckwurt:With all the high prices, back wire transfers are going to be more and more common, but need to be able to wait a couple days so the money has time to clear.
As I mentioned in another thread, Western Union seems to be fool proof. The buyer goes to their local office, gives them cash and your name, they wire it to you, and you go to your local WU office, show your id, and they give you the cash. In my case, the local WU office is in my supermarket, and they almost always have plenty of cash to pay you.
You don't have to wait for the funds to clear since the other guy paid cash. The funds are not deposited into your bank, nor are they secured by your credit card. As such it seems to me WU does not appear to have any way of getting the cash back from you if for instance the buyer is later found to have used counterfeit bills for example. There may be a way for someone to scam you with WU but I for the life of me can not find it.
The only hang up is the buyer has to be willing to pay you in full up front before you ship the pin, and that may be an issue in many cases. In my case, the guy trusted me more than I trusted him. LOL!
This is another reason I am glad that most of my sales and purchases of machines is with a TRUSTED inner circle of friends or Stern distributors. For cheaper games, cash is still king. For more expensive games, often there is a trade involved or else I have no problem using paypal friends and family or even a personal check.
For sales outside that circle, cash is still king. I'm not big on wire transfers. I have accepted cashiers checks written against a national bank like Bank of America; then walked in locally and cashed the check in person.
Regarding the current prices, we are definitely in the same discussion as buying and selling used cars at this point. There are plenty of articles online describing how to safely transfer this money.
I can't believe you fellas and gals in the US haven't got on the EMT - "email/electronic money transfer" train. It's basically the cash equivalent and electronic. Can be done standing in someone's doorway while buying. Sometimes they take "all the way" up to 1/2 hr.
I have bought pins, vehicles, standing right there paying with my phone. It's cash.
Quoted from northerndude:I can't believe you fellas and gals in the US haven't got on the EMT - "email/electronic money transfer" train. It's basically the cash equivalent and electronic. Can be done standing in someone's doorway while buying. Sometimes they take "all the way" up to 1/2 hr.
I have bought pins, vehicles, standing right there paying with my phone. It's cash.
This is what I was hoping to have more discussion around, something of this nature. Is there one particular app or is this something on multiple apps or platforms?
Quoted from Wmsfan-GAP:To clarify-
I didn't say I did that, I said that it could be done that way.
I know a lot of people do- It's nothing new. May not be legal as stated above- I did zero fact checking before posting.
Structuring deposits gives the appearance that someone is trying to hide their activities and is therefore doing something wrong. In fact, depositing a large sum into your bank is not at all illegal, immoral or even fattening! But it might require more paperwork...
As an example, I bought a NIB AFM LE a while back and paid around $8800+ for it all in. A year or so later I sold it to a guy for $8500 cash. (Yeah, I know - if I had only waited...) If I had deposited that $8500 into my bank it might have required me to explain on my tax return where the 8500 came from. Then I might have had to supply receipts on both ends showing I actually sold the game at a $300+ loss. Not illegal and no tax due whatsoever, but a big pain in my butt. Plus who gets a written receipt from someone they sold a game to?
If I had broken the 8500 into several smaller deposits and anyone saw that, it would make me look shifty and might have resulted in even more questions. I don't need either kind of hassle! In my case, I just took the 8500 cash and bought another machine. Problem solved!!
Quoted from mrm_4:This is what I was hoping to have more discussion around, something of this nature. Is there one particular app or is this something on multiple apps or platforms?
That can't be scammed, hacked, or reversed?
Quoted from sbmania:That can't be scammed, hacked, or reversed?
Well yeah, I don’t think anyone is looking for the scamable, hackable, reversible brand
Quoted from 27dnast:Someone mentioned this earlier... Zelle appears to be an excellent way to transfer money.
No?
I use Zelle all the time and love it. But the limits aren’t favorable for pins.
33784A0E-E4B4-429E-8547-6C0358208E7B (resized).pngTotally worth the time to watch. Why you should never talk to the police by both a law professor and a cop.
Quoted from grantopia:It's too much work to answer all the banking questions here, but this is a super common one, and I totally understand why people get annoyed when it's asked, but can try to explain the other side.
I've been in banking audit/risk/compliance roles essentially my whole career. The thing with cash from the bank's perspective, is that once that money is out the door, it's GONE - you are no longer protected. Essentially any "real" bank will have large cash withdraw procedures and red flag procedures that are in place to adhere to, among other things, extensive regulatory requirements (and of course managing cash inventory itself).
The other half of this, is as annoying as it is, it is designed to protect people from themselves. For as long as I have been doing this, you would not believe the amount of people that fall for scams involving cash, or are victims of fraud - it would be impossible to overstate how frequently this happens, and alot of it in cash, as fraudsters and scammers know it's basically a lost cause for a bank to trace or recover the funds.
Alot of the "what are you doing with the money" stuff is (hopefully) determine if the client is getting scammed or defrauded before it happens, because if they are, that cash ain't coming back. It's especially a red flag if it doesn't fit your regular spending pattern. I absolutely get why the questions seem annoying and nosey, but when someone comes back 2 days later because they got scammed, their ex-husband who is still on the account took all their money, etc. - the same teller has to basically tell them, "sorry, but it's gone, talk to the police" etc. You can't save people from themselves, despite how annoying you make it .
Good point. Scammers are evil.
Quoted from mrm_4:This is what I was hoping to have more discussion around, something of this nature. Is there one particular app or is this something on multiple apps or platforms?
No particular app. It's right on my banking. done by my Credit Union, and everyone's banks/institutions in Canada. Online app, no third party. It's not perfect, and I can send them & receive them with ZERO fees.
Currently there is a 3k per transaction limit. But 10k a day, so you could stand there and do two or three transactions at once to equal a total.
I pay less for pins if I buy new if I don't use my credit card. I paid Nitro with EMT. Here's the limits.
What are the limits for INTERAC e-Transfer?
Personal Online Banking
Maximum amount per... Send maximum Receive maximum
individual transfer $3,000 $25,000
daily $10,000 no limit
7 days $10,000 no limit
30 days $20,000 no limit
Business Online Banking
Maximum amount per... Send maximum Receive maximum
individual transfer $10,000 $25,000
daily $10,000 no limit
7 days $70,000 no limit
30 days $300,000 no limit
Back to top
Quoted from jawjaw:Good point. Scammers are evil.
And getting smarter every day, its nuts. And to be clear, they should never stop you from getting the money, but if there is suspicion of fraud, elder abuse, etc. they may try and guide the client to a non-cash solution. It would rarely if ever be a situation where the bank just "doesn't want you to have your cash".
Quoted from Dayhuff:No way can this ever happen.
John
As much as I don't want it, look at other countries who have gone cashless. And today's yout who love waiving their plastic and phones around to pay.
These things generally happen overseas and over a course of time make the appearance here. Plus the event that is taking place has scared some from touching the paper / coins....
Quoted from 6S3NC3:Gweempose! Hope all is well with you and your family. Its been a while. 10k will be reported. It has and still is 10k in a single transaction. A quick google search will confirm this. The most that will happen is you will be sent a questionnaire confirming that the money is exempt from tax. If you answer wrong they can try and tax you on the transaction. They are looking to lower this down to $600 which is a joke.
Interesting amount, $600.00 -just like paypal..
Quoted from grantopia:And getting smarter every day, its nuts. And to be clear, they should never stop you from getting the money, but if there is suspicion of fraud, elder abuse, etc. they may try and guide the client to a non-cash solution. It would rarely if ever be a situation where the bank just "doesn't want you to have your cash".
A lot of the conversation gives an undertone that banks aren’t giving cash because they’re doing due diligence to avoid fraud but the main issue this thread poses is the availability of cash and limits branches are putting on withdrawals.
It’s more around banks saying “sorry Charlie you want too much cash without notice”
That’s the frustration and then you are aware that any transaction over 10k sparks interest from the IRS (withdrawal or deposit)
All the badgering from the teller is info needed for the SAR
The BSA form gets filled out after you leave regardless of your relationship with the bank employees
Not "dick swinging" either but I keep roughly 5 or 6 grand in the house to jump on games that might pop up anytime of the day or night or on weekends.
As for sales/purchases, I recently sold a game for 5 figures and it was all cash. I don't trust half of the electronic shit out there any more.
Quoted from pinzrfun:Not "dick swinging" either but I keep roughly 5 or 6 grand in the house to jump on games that might pop up anytime of the day or night or on weekends.
As for sales/purchases, I recently sold a game for 5 figures and it was all cash. I don't trust half of the electronic shit out there any more.
In other words, you keep enough in your house to buy a topper?
Quoted from mrm_4:A lot of the conversation gives an undertone that banks aren’t giving cash because they’re doing due diligence to avoid fraud but the main issue this thread poses is the availability of cash and limits branches are putting on withdrawals.
It’s more around banks saying “sorry Charlie you want too much cash without notice”
That’s the frustration and then you are aware that any transaction over 10k sparks interest from the IRS (withdrawal or deposit)
All the badgering from the teller is info needed for the SAR
The BSA form gets filled out after you leave regardless of your relationship with the bank employees
Right, that's what I'm saying. Any bank regulated by the CFPB (and lesser but still the FRB and/or OCC) isn't going to stand between you and your cash. At the end of the day, it's yours, and if you want it, you can have it. I agree that it might not all be on hand or available, especially depending on branch location, typical volume, etc. While potentially inconvenient, it can easily be solved by calling ahead, or typically waiting a day for a cash order. If your financial institution is limiting your in person cash withdrawals, I would contact the CFPB and file a complaint.
I'm very familiar with the SAR process - I don't know what to tell you about this one unfortunately. If the potential for having a SAR filed on you (with typically 0 follow-up or concern for basically all legitimate transactions) makes you uneasy, the traditional banking system may not be the best fit for you to keep your money in.
In all seriousness where do you think the line should be drawn? If I walk into a branch today and demand to withdraw $8K and want it all in quarters and they don't have it, is that an issue for you?
I'm not trying to come off as some huge bank defender ha, but the problem you're describing can be easily resolved with a 30 second phone call. If your branch is legitimately limiting your in person withdrawals, I'd contact the CFPB.
Quoted from grantopia:If your branch is legitimately limiting your in person withdrawals, I'd contact the CFPB.
"C"ash "F"or "P"inball "B"lockers
Quoted from mrm_4:This is what I was hoping to have more discussion around, something of this nature. Is there one particular app or is this something on multiple apps or platforms?
We have had the Swish app here in Sweden since 2012 which was developed by the biggest banks as a collaboration to send and receive safe payments instantly between seller and buyer, tied and verified to your cellphone number and your bank account, has no transaction fees and cant be refunded, you still have to be a bit cautious but way better than carrying around a shit load of cash.
All transactions is verified with your bank e-ID app, another app which is used to sign a bunch of other stuff.
Cash is not oftenly used as payment and the plan is to make Sweden a cashless society within a couple of years, we will see how thats gonna work out.
There was a quite spectacular helicopter robbery against a large cash service depot in 2009 which was a real punch in the face and probably contributed to that desicion.
Quoted from grantopia:In all seriousness where do you think the line should be drawn? If I walk into a branch today and demand to withdraw $8K and want it all in quarters and they don't have it, is that an issue for you?
Yes thats what started this whole thing because I couldnt get 32,000 quarters on demand...
Thats a little different than a wrap of 100 dollar bills
This isn't hypothetical, we are talking about specific dollar amounts for pinball machines, branches cant supply enough to buy the machines unless you give a days warning, and in this market no one has time for that crap.
Quoted from grantopia:I'm not trying to come off as some huge bank defender ha, but the problem you're describing can be easily resolved with a 30 second phone call. If your branch is legitimately limiting your in person withdrawals, I'd contact the CFPB.
there isnt an "if" , you're local, just start calling branches and ask what the limit is, its for everyone, it sucks. But as I stated before, its all fine until you find a pin, agree to buy, have the funds, and then need to tell the seller "hey can we hold off until tomorrow my bank said I need a notice." then you get the response. "Sorry man I gotta guy coming to get it tonight"
And now in true Pinside fashion we circle all the way back to the beginning of the discussion and now we can all start repeating ourselves.
Quoted from mrm_4:Yes thats what started this whole thing because I couldnt get 32,000 quarters on demand...
Thats a little different than a wrap of 100 dollar bills
This isn't hypothetical, we are talking about specific dollar amounts for pinball machines, branches cant supply enough to buy the machines unless you give a days warning, and in this market no one has time for that crap.there isnt an "if" , you're local, just start calling branches and ask what the limit is, its for everyone, it sucks. But as I stated before, its all fine until you find a pin, agree to buy, have the funds, and then need to tell the seller "hey can we hold off until tomorrow my bank said I need a notice." then you get the response. "Sorry man I gotta guy coming to get it tonight"
And now in true Pinside fashion we circle all the way back to the beginning of the discussion and now we can all start repeating ourselves.
That's my point. You're the only one circling back. You know that's how banks work. It's a massively regulated industry (also trying to make money off you). You're keeping your money there knowing the facts. You're creating and perpetuating your own problem, in true pinside fashion .
If you need money immediately, don't keep it in a place you might not be able to access it immediately. Not sure what else you're expecting.
Quoted from grantopia:That's my point. You're the only one circling back. You know that's how banks work. It's a massively regulated industry (also trying to make money off you). You're keeping your money there knowing the facts. You're creating and perpetuating your own problem, in true pinside fashion .
Stop saying YOU
its a huge population of people trying to take anywhere from 5000-10000 plus out for a pin purchase, im not that grandiose that im the only person in society with this issue
And yes im circling back because im constantly trying to explain this is bigger than me 
Im trying to talk through alternate payment methods but no one can get past the banks
I understand that no one is going to accept anything other than cash until at very most this $600 tracking crap passes and im just trying to get a pulse on what will work. Kind of a "Hey guys, has anyone given thought to this yet?"
Its obvious that the hobby overall will not deviate from cash but there are people out there that are using other methods and those methods are becoming more and more common, not enough to shift the status quo but in the event that theres a sale and cash is a pain to get because the pin is several thousand dollars whats the in-the-moment work around.
Whats plan B when you legit have the money for a pin but the bank wont let you take it out because of THEIR policy, not because of YOU as a person?
Getting a new bank is like plan G, thats not going to help you in the middle of a pin buy
Stashing 1000s of dollars in your home just for a random chance you'll buy a pin in any given moment isnt wise.
If someone comes to me and says "Hey I want your pin, I'll send you the money right now on Wakka Wakka Coin App" can we start a list of pinball hobbyist approved cash alternatives or something? So that way we know what works and what doesnt?
Cash is king!, Cool, until you find yourself in the situation where the comfort you have from complacency is pulled away like it happened to me.
Quoted from too-many-pins:When I was a kid my dad always said "cash talks / BS walks" and he taught me having cash on hand is the only way to make great deals on anything (or to jump on a great deal when you find one). So for the past 50 years I have always tried to keep at least a couple grand in cash within reach all the time. These days if I don't have at least $5k in an envelope somewhere in the house I feel broke.
As far as "worrying" about having cash sitting around. It really isn't any big deal. Find (or create) a good hiding spot, never tell anyone else where that is, and then just grab the cash when you need it and replace it as quickly as possible when you use it.
To me that is the only way to "be ready" if a deal comes along.
Couldn't have said it better myself. That $5K laying around the house is not going to earn enough "interest" any place you have it these days to make up for the piece of mind that knowing it's within reach should I need it at the spur of the moment. That would be the day I didn't make a deal on a game or anything else because I didn't have enough cash here at the house and had to wait for the bank to get it to me. Cash is King and always will be!
John
Quoted from mrm_4:Stop saying YOU
its everyone, im not that grandiose that im the only person in society with this issue
And yes im circling back because im constantly trying to explain this is bigger than me
Im trying to talk through alternate payment methods but no one can get past the banks
I understand that no one is going to accept anything other than cash until at very most this $600 tracking crap passes and im just trying to get a pulse on what will work. Kind of a "Hey guys, has anyone given thought to this yet?"
Its obvious that the hobby overall will not deviate from cash but there are people out there that are using other methods and those methods are becoming more and more common, not enough to shift the status quo but in the event that theres a sale and cash is a pain to get because the pin is several thousand dollars whats the in-the-moment work around.
Whats plan B when you legit have the money for a pin but the bank wont let you take it out because of THEIR policy, not because of YOU as a person?
Getting a new bank is like plan G, thats not going to help you in the middle of a pin buy
Stashing 1000s of dollars in your home just for a random chance you'll buy a pin in any given moment isnt wise.
If someone comes to me and says "Hey I want your pin, I'll send you the money right now on Wakka Wakka Coin App" can we start a list of pinball hobbyist approved cash alternatives or something? So that way we know what works and what doesnt?
Cash is king!, Cool, until you find yourself in the situation where the comfort you have from complacency is pulled away like it happened to me.
No, its really you. I don't know what bank you have but that limit is absurd. Call the CFPB and change banks.
Keep it in the bank, keep it in your home, again, your decison.
"Pinball hobbyist approved apps"? Are YOU expecting everyone cross check this list when dealing with you and then adhere to it? This is absurd and literally pointless. Me personally, cash on the glass or I'm selling to someone else.
YOU want a pin? YOU work out the right deal with the seller so you're both comfortable.
It is bigger than you, hence why YOU are not going to solve this problem in a pinside thread.
If you want a pulse on what will work, ask the seller of your game.
Quoted from chad:As much as I don't want it, look at other countries who have gone cashless. And today's yout who love waiving their plastic and phones around to pay.
These things generally happen overseas and over a course of time make the appearance here. Plus the event that is taking place has scared some from touching the paper / coins....
Ok, maybe it could happen SOMEDAY......but it certainly wont be in my lifetime.
John
Quoted from grantopia:No, its really you. I don't know what bank you have but that limit is absurd. Call the CFPB and change banks.
Keep it in the bank, keep it in your home, again, your decison.
"Pinball hobbyist approved apps"? Are YOU expecting everyone cross check this list when dealing with you and then adhere to it? This is absurd and literally pointless. Me personally, cash on the glass or I'm selling to someone else.
YOU want a pin? YOU work out the right deal with the seller so you're both comfortable.
It is bigger than you, hence why YOU are not going to solve this problem in a pinside thread.
If you want a pulse on what will work, ask the seller of your game.
God YOU are fucking annoying dude...
US Bank and Huntington Bank as I mentioned earlier
So what if youre cash on the glass guy, everyone is, I am, you are, that guy over there is.
Im not expecting anyone to cross check shit YOU concluded that, and now respond to me as if I laid out this requirement.
Its as simple as saying "hey ive done this a few times, no issue" and now everyone knows an example that worked
But no we have examples like yourself that try to explain the rules of a bank because you work in the industry but at the same time act like its absurd and unheard of for banks to limit withdrawals. You didnt even know what bank I have but your suggestion was to change banks? From what bank to what bank? Then make some point by using 8k in quarters and then imply that I have a problem with that ridiculous demand?
Why are you commenting in this thread?
Quoted from mrm_4:God YOU are fucking annoying dude...
US Bank and Huntington Bank as I mentioned earlier
So what if youre cash on the glass guy, everyone is, I am, you are, that guy over there is.
Im not expecting anyone to cross check shit YOU concluded that, and now respond to me as if I laid out this requirement.
Its as simple as saying "hey ive done this a few times, no issue" and now everyone knows an example that worked
But no we have examples like yourself that try to explain the rules of a bank because you work in the industry but at the same time act like its absurd and unheard of for banks to limit withdrawals. You didnt even know what bank I have but your suggestion was to change banks? From what bank to what bank? Then make some point by using 8k in quarters and then imply that I have a problem with that ridiculous demand?
Why are you commenting in this thread?
That's fine then, you're right and I'm wrong. You totally solved your problem of not being able to get your money when you need it.
No one cares if someone else didn't have an issue. A seller is going to accept payment however they choose. No amount of anticodotal evidence is going to change that. I don't care how many people ship games and take PayPal with "no issues". I won't and I want cash. I don't care what works for other people.
Why am I posting here? Same reason you are it seems like, contributing to a bunch of noise that ultimately results in everyone doing what they want anyway.
Quoted from grantopia:That's fine then, you're right and I'm wrong. You totally solved your problem of not being able to get your money when you need it.
No one cares if someone else didn't have an issue. A seller is going to accept payment however they choose. No amount of anticodotal evidence is going to change that. I don't care how many people ship games and take PayPal with "no issues". I won't and I want cash. I don't care what works for other people.
Why am I posting here? Same reason you are it seems like, contributing to a bunch of noise that ultimately results in everyone doing what they want anyway.
F44D88B0-2268-447E-8500-6C9C607B85C3 (resized).jpegQuoted from grantopia:Why am I posting here? Same reason you are it seems like, contributing to a bunch of noise that ultimately results in everyone doing what they want anyway.
Alright fair enough…
Sorry for being a dick.
Quoted from mrm_4:I was going to mention that but I didnt know if it was still on the table or already shot down
I really don't think the 600 dollar reporting thing will pass. It would be a rediculous nightmare for them to keep track of.
Quoted from homebrood:I really don't think the 600 dollar reporting thing will pass. It would be a rediculous nightmare for them to keep track of.
So would be running security clearance background checks on computers from the 1970s. Thank goodness that doesn't happen 
As of the 1/1/2022, anyone receiving more than $600 in annual electronic payments from PayPal, eBay etc, will receive a 1099-k at the beginning of 2023 for tax purposes. This was included in the America Rescue Act 2021
Quoted from KeeperUSA:As of the 1/1/2022, anyone receiving more than $600 in annual electronic payments from PayPal, eBay etc, will receive a 1099-k at the beginning of 2023 for tax purposes. This was included in the America Rescue Act 2021
https://www.pwc.com/us/en/services/tax/library/american-rescue-plan-act-lowers-form-1099k-reporting-threshold.html
What a name....American Rescue Act. It's actually, the opposite.
Quoted from KeeperUSA:As of the 1/1/2022, anyone receiving more than $600 in annual electronic payments from PayPal, eBay etc, will receive a 1099-k at the beginning of 2023 for tax purposes. This was included in the America Rescue Act 2021
https://www.pwc.com/us/en/services/tax/library/american-rescue-plan-act-lowers-form-1099k-reporting-threshold.html
Businesses using PayPal should have been reporting all those receipts already, so shouldn’t be a problem for anyone.
For personal friends and family use, this rule doesn’t apply.
I'm sure plenty of people here sell enough mods to owe some decent taxes on them, but slide under the radar because it's less than $20k. And fair enough, not judging. But the world is catching up to these business practices, in the typical slow way these things take, and you're going to end up paying your share now.
So it goes. As chuckwurt noted, you should have been already, so consider whatever you didn't a bonus. 
As for cash ... I haven't withdrawn a chunk in a bit, I don't know if anything has changed in Pandemic Times™ but last time I went to my BofA and said "gimme $7k in bills" there wasn't any noise about advance notice, or "sorry sir, you need to drive to multiple branches". They gave me an envelope of $100s, I bought my Metallica LE.
Maybe that's my SoCal metropolis experience and more rural places can't hang with that, I dunno. It sounds frustrating though. It's your money, right? Too many rules about getting access to your own damn money sound wack to me. Sucks if you can't just take your business elsewhere.
Quoted from KeeperUSA:As of the 1/1/2022, anyone receiving more than $600 in annual electronic payments from PayPal, eBay etc, will receive a 1099-k at the beginning of 2023 for tax purposes. This was included in the America Rescue Act 2021
https://www.pwc.com/us/en/services/tax/library/american-rescue-plan-act-lowers-form-1099k-reporting-threshold.html
True. So I would imaging most pinball collectors who accept some kind of electronic payment are going to have a huge bookkeeping job at the end of the year when they get their 1099's from every deal they made the past 12 months. Many/most collectors buy, sell or trade several games a year. Possibly dozens even if they are just collecting and not running a retail establishment. Certainly these will add up to a value of over $600!
Can you imaging how much work it will be to document exactly how much of every sale or trade is profit, how much was deductible because it went into repair, etc etc. When it was sold, who bought it, what was paid. Also, it will require us probably to get a written sales receipt from buyers although the 1099 might suffice in and of itself. It's going to be a paperwork nightmare if we use something other than cash.
Quoted from pcprogrammer:They should make a $1,000 bill. Heck, they're going to make a trillion dollar coin
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At one point, $500, $1000, $5000, and $10,000 bills did exist, but were discontinued.
https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency#Passive_retirement
Quoted from mrm_4:[quoted image]
Yes!!! The best thing mentioned in this thread so far… I’m IN on a Futurama Pin, with cash on the glass!
Quoted from mrm_4:Alright fair enough…
Sorry for being a dick.
Ha! I don't think you're a dick. I just think ultimately the seller is going to dictate what they will and won't accept.
I do think your bank is screwing you though for real. The them (and any bank) not having cash on hand thing is annoying, trust me I get that, but that limit makes absolutely no sense and I would ask them to explain what the hell is going on or bail out.
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