(Topic ID: 301713)

Paying Cash with these Prices

By mrm_4

2 years ago


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  • Latest reply 2 years ago by sbmania
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    There are 215 posts in this topic. You are on page 1 of 5.
    #1 2 years ago

    Cash is always preferred, I want cash when I sell and I only give cash when I buy.
    But lately in this hobby and out (paying for concrete, landscaping, other home jobs) any time I need to pay big amounts of cash its a pain to obtain because banks refuse to give the large amounts. The banks in my area only let 2500 taken out at a time with out advanced notice. So for a 5500 dollar game Im driving to 3 branches to obtain the cash. Which sucks for those "jump on it now" buys.

    I know some of you are going to say the obvious "Hey look at me I'm big dick swinging because I keep 100k in cash in my freezer" but Im not keeping that much cash in my house.

    So whats going on with sales, are people using cash apps more, or wire transfers, are checks being used because you can literally scan them on your bank app and deposit them on the spot?

    so many games are going for 10k and up now, and $10k transactions (deposits and withdrawals) are flagged so is the hobby being flexible with payment?

    44
    #2 2 years ago
    Quoted from mrm_4:

    The banks in my area only let me take 2500 out at a time with out advanced notice.

    Get a new bank? That's absurd

    #3 2 years ago

    I have a guy showing up Friday with a pretty large amount of cash. I usually prefer wire transfer because I do not like dealing with tons of cash. I took paypal friends and family from a buddy last week.

    #4 2 years ago
    Quoted from pinlink:

    Get a new bank? That's absurd

    Ever hear of RICO?

    #5 2 years ago
    Quoted from pinlink:

    Get a new bank? That's absurd

    Pretty sure its all branches lately for several banks. I use US Bank, my wife uses huntington.
    Same rules.

    #6 2 years ago

    Nothing like that at Chase.

    20
    #7 2 years ago

    I don't want to be accused of "dick swinging" (uhh...you asked?) but if you are buying and selling a lot of games, it only makes sense to have some cash on hand in case you need to make a quick buy.

    Get a safe, keep some of your "pinball cash" in it, and be ready to go. Why are you dicking around with your bank every time you want to buy a game?

    That's nobody's problem but yours and I doubt any seller is going to listen to your tale of woe and agree to take a check, paypal, or what have you.

    Wire transfers are also an option, depending upon the seller. I will generally accept those in lieu of cash.

    #8 2 years ago
    Quoted from Mike_J:

    Nothing like that at Chase.

    So you have walked in to Chase in the last 3 months with no warning and asked for 11k in cash and they just gave it to you with no questions?

    #9 2 years ago

    I'm definitely a little freaked out about how much cash is involved now that prices are so high. You sell a couple games and suddenly you're sitting on a shitload of cash. What happens if you deposit all that cash into the bank at once? Does it get flagged, and if so, what exactly does that mean? Does the DEA suddenly come knocking on your door?

    #10 2 years ago

    I'd be looking for a new bank if mine wouldn't give me my money when asked. It's been a while since I withdrew that much, but I've taken in checks in the $5k range and cashed them without a problem.

    #11 2 years ago

    I sold a game last month for $10k, and same story it took guy multiple bank trips to get the money, and another game I sold bank would only give the guy 20s, it was certainly odd.

    #12 2 years ago
    Quoted from CrazyLevi:

    I don't want to be accused of "dick swinging" (uhh...you asked?) but if you are buying and selling a lot of games, it only makes sense to have some cash on hand in case you need to make a quick buy.
    Get a safe, keep some of your "pinball cash" in it, and be ready to go. Why are you dicking around with your bank every time you want to buy a game?
    That's nobody's problem but yours and I doubt any seller is going to listen to your tale of woe and agree to take a check.
    Wire transfers are also an option, depending upon the seller. I will generally accept those in lieu of cash.

    Its not just buying games, im also paying for craft workers because they prefer cash and I dont buy and sell often. Its not a me problem, and im not tell tales of woe to anyone im asking if people have the same issues and if people are paying different ways.

    Typically it wouldnt be dicking around with a bank, one would think I can walk in and ask for my money with no push back, but when I tried to pay for a $7000 concrete job it happened, then when I tried to pay for a 11k waterproofing job it happened, and now im about to run into it again when I buy a pin. I always come up with the money its just a pain in the ass now because banks threw a wrench in things.

    #13 2 years ago
    Quoted from gweempose:

    I'm definitely a little freaked out about how much cash is involved now that prices are so high. You sell a couple games and suddenly you're sitting on a shitload of cash. What happens if you deposit all that cash into the bank at once? Does it get flagged, and if so, what exactly does that mean?

    All transactions above $4999.00 are reported to the IRS.

    I think this was to track drug dealers or something...

    Storing cash is never a good idea, it loses too much value due to inflation.

    Up to 5% per year in a high inflation period

    #14 2 years ago
    Quoted from Tsskinne:

    I sold a game last month for $10k, and same story it took guy multiple bank trips to get the money, and another game I sold bank would only give the guy 20s, it was certainly odd.

    Thats what I was just told earlier, that they would give me 4k because Im calling now, but its in 20s...
    Cant wait to count that out later

    #15 2 years ago

    Get a security deposit box at the bank and fill it full of cash. Problem solved, it's secure outside of your home and easy to get it. Also find a better bank that will meet your needs. Try a credit union, they have treated me better than any traditional bank.

    #16 2 years ago
    Quoted from mrm_4:

    Typically it wouldnt be dicking around with a bank, one would think I can walk in and ask for my money with no push back, but when I tried to pay for a $7000 concrete job it happened, then when I tried to pay for a 11k waterproofing job it happened, and now im about to run into it again when I buy a pin. I always come up with the money its just a pain in the ass now because banks threw a wrench in things.

    You aren't lying; getting large sums of cash from the bank is a pain in the ass. I've had branches claim they don't have that much cash and I have to go to a different branch...they sit you down and make you confirm your identity several different ways. They clearly don't want to give you your money. But, I've been able to get it when I need it.

    I know I may get a phone call on any given day with a deal I can't refuse, and for that reason, I always have some cash on hand in my safe. it's helped me acquire some great finds in recent years. Sometimes, you don't have time to dick around!

    #17 2 years ago

    Casinos always have money. Just go and make sure you win!

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    #18 2 years ago
    Quoted from Mike_J:

    Nothing like that at Chase.

    True that. I can walk into any Chase in the area and pull $20k anytime the lobby is open. I think I can get $1k at a time out of the atm at a chase branch.

    Limits like what op are talking about is really strange. If my bank can’t meet all my banking needs, then I would seriously consider going elsewhere.

    #19 2 years ago
    Quoted from smalltownguy:

    Casinos always have money. Just go and make sure you win!
    [quoted image]

    I'm flagged for counting and ace tracking on blackjack

    #20 2 years ago
    Quoted from alleycat-pinball:

    Get a security deposit box at the bank and fill it full of cash. Problem solved, it's secure outside of your home and easy to get it. Also find a better bank that will meet your needs. Try a credit union, they have treated me better than any traditional bank.

    One of the problems at the bank is the lack of $100 bills.

    I took out $10,000. the most I could get at one bank was $7500.
    They call around to the other branches for me and found more money at another branch close by.

    They usually have $20 bills but if you want a lot of money in 100's you have to go to a couple banks.

    People just use way less cash these days, the banks dont necessarily have it unless its a payroll weekend, then they stock up a little bit.

    #21 2 years ago
    Quoted from mrm_4:

    So you have walked in to Chase in the last 3 months with no warning and asked for 11k in cash and they just gave it to you with no questions?

    Done that many times...they know me and know I buy pins..You haven't established a relationship with your branch, if you are having trouble....like some commercial ..."it's your money".

    #22 2 years ago
    Quoted from Wmsfan-GAP:

    True that. I can walk into any Chase in the area and pull $20k anytime the lobby is open. I think I can get $1k at a time out of the atm at a chase branch.
    Limits like what op are talking about is really strange. If my bank can’t meet all my banking needs, then I would seriously consider going elsewhere.

    If all banks in your area have the same rules then changing banks isnt much of a help.
    I guess the bigger thing to consider is if this trend becomes more and more of an issue, what should I accept in lieu of cash when I sell my $17,000 Gold Wings?
    Lets go that route

    19
    #23 2 years ago
    Quoted from pinballinreno:

    All transactions above $4999.00 are reported to the IRS.
    I think this was to track drug dealers or something...
    Storing cash is never a good idea, it loses too much value due to inflation.
    Up to 5% per year in a high inflation period

    New proposal is anything over $600
    I hope those bills don’t go through.

    #24 2 years ago

    Banks near Cannabis dispensaries generally have more cash on hand.

    They only use cash due to federal laws the cant use credit cards or electronic transfers.

    #25 2 years ago
    Quoted from mrm_4:

    If all banks in your area have the same rules then changing banks isnt much of a help.
    I guess the bigger thing to consider is if this trend becomes more and more of an issue, what should I accept in lieu of cash when I sell my $17,000 Gold Wings?
    Lets go that route

    My bank let’s me take out up to 10k at a time.

    But it’s absurd that they have any limits.

    #26 2 years ago
    Quoted from Pdxmonkey:

    New proposal is anything over $600
    I hope those bills don’t go through.

    I was going to mention that but I didnt know if it was still on the table or already shot down

    #27 2 years ago

    I always pay for games with the money pre-sorted and arranged into separate envelopes of $1,000 each. I personally am full, and have to sell something to buy something else so that gets a big chunk of needed cash. I also do all my banking through USAA, which does not have physical branches, forcing me to use ATMs. I have found that most ATMs attached to banks near me have a $1,000 limit, and that I can raise my daily debit card withdrawal limit through my banking app. Also, the local Casino has high limit withdrawal ATMs. I want to say I can get $3,000 in a pull at my local casino. My only pain in the ass is depositing cash if I'm going to buy a NIB machine. I did this for Rick and Morty and after selling a couple of machines had to write... postal money orders to myself to get the money deposited. I should just open up an account at a local bank in case I need it.

    #28 2 years ago
    Quoted from CrazyLevi:

    You aren't lying; getting large sums of cash from the bank is a pain in the ass. I've had branches claim they don't have that much cash and I have to go to a different branch...they sit you down and make you confirm your identity several different ways. They clearly don't want to give you your money.

    I've never heard of a bank that didn't have the cash. That's crazy.

    In Canada we have bank e-transfers but you can only do $2500 a day. Another option is a deposit to hold and a money order to follow but you can only do that if it's someone you trust. I realize some pinball transactions are a bit sketch.

    #29 2 years ago
    Quoted from gweempose:

    I'm definitely a little freaked out about how much cash is involved now that prices are so high. You sell a couple games and suddenly you're sitting on a shitload of cash. What happens if you deposit all that cash into the bank at once? Does it get flagged, and if so, what exactly does that mean? Does the DEA suddenly come knocking on your door?

    I think if it is $10,000 or more.

    #30 2 years ago

    I think my safety deposit box is going to be used more often.

    #31 2 years ago
    Quoted from CrazyLevi:

    I know I may get a phone call on any given day with a deal I can't refuse, and for that reason, I always have some cash on hand in my safe. it's helped me acquire some great finds in recent years. Sometimes, you don't have time to dick around!

    I'm going to second this. Friend of a friend is a classic car collector and he built up this ridiculous collection on the cheap mostly by being the guy that could show up with a briefcase of cash in under an hour. I know it feels sub-optimal or not safe, but having cash on hand can open doors and create deals.

    #32 2 years ago
    Quoted from mrm_4:

    I'm flagged for counting and ace tracking on blackjack

    Blackjack is a shell of its former glory now. Let alone the fact they will chase off advantaged players, now many casinos play 6 to 5 on blackjack...

    #33 2 years ago
    Quoted from gweempose:

    Does it get flagged, and if so, what exactly does that mean?

    This is based on the discretion of the teller and how they feel about the transaction. There is no minimum dollar threshold for this.

    #34 2 years ago

    I took very large amounts 10k+ without a problem from my bank many times. This is not an issue where I live / my experience. If a bank ever told me I could not withdraw my own money I would close the account and have them write me a bank check for my balances. I did not even know this was an issue for people until now.

    EDIT: ATM withdrawal is a different story. With my bank I can set the max amount ahead of time but there is still a max amount. If I recall it 5k or less. But what do you expect out of a machine.

    #35 2 years ago

    Also there is a federal policy that says banks do not need to keep any cash on hand.

    #36 2 years ago
    Quoted from EJS:

    This is based on the discretion of the teller and how they feel about the transaction. There is no minimum dollar threshold for this.

    I dont think you get flagged for withdrawals, just deposits.

    Even Casinos get your ID and tax info before handing out large sums.

    Big jackpots generally have to collect some sort of tax payment before you can collect the winnings.

    If you win a million dollars the IRS doesnt believe that you have the write offs to cover it, so they take their cut at the counter.

    #37 2 years ago
    Quoted from mrm_4:

    what should I accept in lieu of cash when I sell my $17,000 Gold Wings?
    Lets go that route

    Crypto if you are into that? I’d take crypto, however a lot of people aren’t on board with it yet.

    #38 2 years ago

    I always get grilled with what are you doing with the money and what is your occupation. Then they want your phone number as well...
    Thats with a small amount to -- under $3000.00

    #39 2 years ago

    The flagging is on deposits. So break up your $17k Gold Wing sale into a few days of deposits. Or deposit some in your child’s checking account you are a cosigner on where you can electronically transfer some of the money into your account….

    #40 2 years ago
    Quoted from Wmsfan-GAP:

    Crypto if you are into that? I’d take crypto, however a lot of people aren’t on board with it yet.

    I also take btc

    #41 2 years ago

    I've not yet had any problems once I verify my identity with a photo ID and my secrect question answer. I've had them ask me often times what it's for, sometimes I tell them and sometimes I tell them it's really none of their business. I don't do the latter to be rude, it's to avoid a lengthy "omg, I didn't know people bought pinball machines, I had no idea they were so expensive, yada, yada, yada" conversations if I'm in a hurry.

    #42 2 years ago

    I wonder if they take into consideration how long you have been a customer. I've been with BOA for 25+ years, and before that it was a local bank that they bought out.

    Every time I go in they want me to sit down with an advisor and change up my account types, where my money is allocated, etc.

    #43 2 years ago
    Quoted from pinballinreno:

    I dont think you get flagged for withdrawals, just deposits.

    Withdrawals are more concerning than deposits. Again teller can dictate your experience. Lady got bothered when I tried to withdraw $2000 said she had to call my wife to approve.

    1) I’m not married
    2) The name on the account was a beneficiary not a joint name.

    #44 2 years ago

    There are also people taking out wads of cash due to being scammed, so some inquiries are tellers trying to protect people (or avoid the bank being accused of not protecting their vulnerable clients).

    #45 2 years ago
    Quoted from bobukcat:

    I've not yet had any problems once I verify my identity with a photo ID and my secrect question answer. I've had them ask me often times what it's for, sometimes I tell them and sometimes I tell them it's really none of their business. I don't do the latter to be rude, it's to avoid a lengthy "omg, I didn't know people bought pinball machines, I had no idea they were so expensive, yada, yada, yada" conversations if I'm in a hurry.

    Quoted from loneacer:

    I wonder if they take into consideration how long you have been a customer. I've been with BOA for 25+ years, and before that it was a local bank that they bought out.

    The issue isn’t trust or understand why I want money, it’s the bank saying they don’t have it.
    Me: I’d like to withdraw 7,000
    Teller: oooh I’m sorry I can only release 2500 but my manager has to make sure we have it before I process the request first
    Me: what, seriously?
    Teller: Yeah sorry

    #46 2 years ago
    Quoted from ShinyBall:

    I think my safety deposit box is going to be used more often.

    Quoted from dr_nybble:

    There are also people taking out wads of cash due to being scammed, so some inquiries are tellers trying to protect people (or avoid the bank being accused of not protecting their vulnerable clients).

    I think if you have personal accounts you get questioned a bit if you make a big withdrawal.

    Ive never been questioned on my business account about anything I do.

    But if I want over $25k I was advised to call ahead to make sure they had the money in hand.

    I requested $60k to buy a used RV and it took them 4 days to get the cash in 100's. I didnt want huge bricks of 20's.

    #47 2 years ago
    Quoted from Wmsfan-GAP:

    The flagging is on deposits. So break up your $17k Gold Wing sale into a few days of deposits. Or deposit some in your child’s checking account you are a cosigner on where you can electronically transfer some of the money into your account….

    This is called structuring deposits and is illegal. Certainly be very careful if you attempt this, the government can seize your account if they determine you're deliberately and knowingly trying to circumvent the reporting rules.

    #48 2 years ago
    Quoted from pinballinreno:

    I think if you have personal accounts you get questioned a bit if you make a big withdrawal.

    Ive never been questioned on my business account about anything I do.

    But if I want over $25k I was advised to call ahead to make sure they had the money in hand.

    ^ I think that has a lot to do with it, I recently sold a vehicle and the buyer gave me 180 $100s. She told me she called ahead to make sure the bank had it on hand, but she is also in real-estate so likely knows her branch officers pretty well. FYI it was a Wells Fargo.
    It was pretty cool as there were 3 or 4 generations of the $100 in the stack.

    #49 2 years ago

    I get shit from the bank tellers all the time... ."You need to call ahead". Insane. Your a bank. Open up the safe and give my $$. Its not like I'm trying to get a half a mil out.

    Edit: I do lose my mind if I don't get all Franklins. I can't count to save my life.

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