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Quoted from EricHadley:FYI. They watch that too. They know if you are gaming the system by breaking it up into smaller deposits or withdrawals. Really no concern at all reporting the larger than 10k amount. It’s a money laundering thing to stop terrorism.
Money laundering and drug deals.
Quoted from kevmad:My understanding is that if you get pulled over, and the cops see a large amount of cash, they can confiscate it for no good reason at all and it is nearly impossible to reclaim.
Anybody know if this is true? If so, that would be risk carrying around $20K in cash to pick up a pin.
It's true.
3 years ago I made a 1000 mile trip to pick up a pin for $8K. I went with wire transfer. I had nightmares of crossing multiple states with that kind of cash, especially since I was heading to Arizona.
1 month ago, I sold a pin and my buyer wired the money. There was a small bank wire fee. The risk is that you have to pass your bank account number to your buyer. But once the money is in your account it is yours. There is no PayPal clawback risk.
Last week I pulled big bucks to buy a pin located 200 miles away. The banker knows that I and a friend are into pinball. I got my cash but the bank manager had to authorize the transaction. It does make me wonder if the bank manager and I did not know each other if he would have made the authorization.
If I am selling, I would have no problem of going old school and taking a personal check. Once your check clears the bank then you can have the pin.
I bought a pin from another pinsider via personal check. The only cost was the postage stamp. By the time the seller had the pin ready to ship my check had already cleared the bank. It was a seamless transaction.
Quoted from oPinsesame:How about a stack of $500 or $1000 chips from a local casino? Can be bought and sold easily at cage, no questions.
As long as you live near a casino. Don't come to Kansas and try to get me to take a stack of chips from Circus Circus in Las Vegas
Quoted from sbmania:run of the mill teller, how long until the money absolutely can not be reversed, they will admit that it can take as much as 30 or more days for a check to actually clear to the point that it can't be reversed. Yes, the money clears in a day or two, but it can be reversed for a LONG time! The risk is completely on the person taking the check! It's probably not a big deal usually...until it is.
Thanks. That is a great point to bring up. But I am old school and 6 weeks work for me. If you are in a hurry 6 and will not work, then bank wire.
Quoted from FlippyD:Yeah but if you look into the cases they use those powers, they don't actually follow those rules. They can take your money, whenever they dang want to.
Yeah, it is like if you get stopped by a cop for speeding. If you look suspicious to the cop and he asks if he can search your car and you say "no, not without a warrant" you will be getting a tow the local cop shop and they will rip your car apart. And then we will be reading about a huge drug bust made on the side of the highway.
If the cop asks if you are carrying gun and you say "no" you better hope he believes you. Or you are going downtown.
Same with large cash. "Hmmm. No one carries that kind of money unless they are doing drug deals. We are taking your cash. Try to get it back, sucker."
If you say you are not carrying large money and the cop does not believe you and wants to search your car, and you just happen to be carrying large money, you are hosed.
https://www.aclu.org/issues/criminal-law-reform/reforming-police/asset-forfeiture-abuse
https://www.google.com/search?client=safari&rls=en&q=civil+asset+forfeiture+abuse&ie=UTF-8&oe=UTF-8
You think the cops and the cities are above this kind of action?
Wait until your pocketbook gets lightened up due to the small-town speed trap you just blew through. When it happens to you, you know immediately you have just been bent over. Once you get over the pain it just leaves you really pissed off. I got it in hick-town North Enid, Oklahoma. As I was leaving town 30 minutes later, another poor sucker was on the side of the road with the local cop writing him a ticket.
https://www.thrillist.com/cars/nation/the-worst-speed-traps-in-every-state
Quoted from Grandnational007:Without side tracking this discussion too much,
Sounds like relevant discussion to me. Pinballers hauling lots of cash to go buy a pin need to be aware of the laws, and the lack of laws, or lack of obeying the law by the leo's (crooked cops and towns ).
right now we are all over the place with this. Some of us say "watch out". Others say "don't sweat it". Which is correct?
The scary part is if "they" do take your money, you will spend a lot of time and money trying to get YOUR money back. If you are 3 states away for your home state and this happens you are at a huge disadvantage before you even try to get your money back.
Quoted from Grandnational007:Easy peasy enough...
Should a person ever be pulled over by LEO, which you shouldn't in the first place if the person followed my advice above...
Assuming you have a "large amount" of your own cash in the vehicle, and you were pulled over for some arbitrary infraction:
LEO: "do you have a large amount of cash in the vehicle?"
Pinballbuyer: "No"
LEO: Either "OK"
or, "Do you mind if I take a quick look around in your vehicle?"
PB: "I do mind officer, I'm on my way to my relative's wedding/funeral/anniversary/etc. and do not want to be late."
LEO: "It'll only take a couple of seconds, you don't have anything to hide do you? You'll be right on your way after I take a quick looksie..."
PB: "As I said before officer, I do not consent to any searches. I don't want to be late to xxx event that I just told you.
LEO will now either send you on your way, give you a verbal warning/written warning/ticket, or hold you at the roadside for 10 minutes while they fully run your reg/license/tags/insurance, which should all be clean. Then send you on your way with one of three above, assuming you didn't escalate the interaction any further.
My advice still stands: Don't invite the man into your life, and if you do, don't ever admit that you're guilty of anything.
We're talking about being pulled over for speeding, having a taillight out, etc, which for the most part, constitute minor, non-arrestable offenses; not being caught red-handed at the scene of a major felony.
The above should not be construed in any way to constitute legal advice.
That's all well and good. You just keep believing that fiction.
Here ya go. If this does not scare you, nothing will.
This guy, a combat veteran, got ROYALLY HOSED by the Nevada cops. Was he a fool for carrying $87,000 on him? I say he was a fool. But there is no law about carrying large money.
IMO, any pinballer on the road to buy a pin, who is bringing cash, needs to know the risks of dealing with the cops.
How about this instance? Flying. Not driving.
and it looks like the Supreme Court got involved.
I stand by my position that if you are carrying large money you are at risk of losing it.
Quoted from Grandnational007:I’m not defending the actions of the cops…but he simply should have said no when they asked to toss the car. They had no probable cause to search the car, he willingly granted it. He probably thought the nice officers would let him go for being honest. And I’m not arguing that he committed a crime by carrying cash. I think it’s literal highway robbery that cops are committing in these instances.
I stand corrected. You are pretty much spot on. The guy in the movie, his big mistake was answering the he had a lot of money. The police intimidation factor has to be immense. But you don'r have to answer the money question. I've learned a lot this afternoon.
There are some other links but this one seems to answer all of the basic questions.
https://www.flexyourrights.org/faqs/when-can-police-search-your-car/
Quoted from FlippyD:Many years ago I was driving at night on a lonesome highway in Portugal. I had been driving the speed limit and being safe and careful.
At some point I passed a very slow truck. Then moments later cop lights were on behind me. I couldn't figure out what I did wrong.
They pull me over, check documents, claim I made an illegal pass and then say "give us $200 bucks" or whatever the equivalent in euros was at the time. I pulled the money out of my wallet and they went to their car, came back with a post-it note that said "200 bucks" and left.
I think I might have only seen those two cars that night it was so deserted on the roads... and yet... BAM gotta pay the highway man. Life lesson indeed.
You were shaken down by dirty cops.
Quoted from Neal_W:"When detectives found the woman in the airport terminal, she told them she was a dancer who worked in real estate and that she had sold a house."
Seems easy enough to prove if true.
The cops did not bother to check, it does not sound like. The money grab is just too tempting.
Quoted from Zablon:TBH, with the interest rates you get, other than not wanting it under your mattress there is so little reason to even keep money in a bank anymore...
Hence, escalating pinball prices.
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Wichita, KS