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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.
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.
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
Quoted from mrm_4:A lot of the “not my bank” posts all seem to be from past experiences which was my story too. But in the last 6 months or so this has been a new pain.
I would say call your bank and tell them you’re on your way to pull $9500 and I’m betting 90% of you go
“Holy shit, they’re telling me they don’t have it on hand!”
Just did it to pay for Godzilla.
Quoted from YeOldPinPlayer:WackyBrakke Look up Civil Asset Forfeiture laws. They are ridiculous. Colorado has reformed theirs within the past few years, feds have not.
https://www.davidfoley.net/blog/2017/08/about-civil-asset-forfeiture-in-colorado/
Basically, if authorities want to take your cash they will and you have to prove it's legit. They charge the asset (cash in this case) with a crime and since it's an inanimate object it has no legal protections like a person does. It's bonkers.
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