When my parents bought our house in VA, they tried to make the down payment via check. The bank running the sale would not accept the check. They would only accept checks from their own bank. So my Dad tried to get a check on that bank via our bank. They refused because my Dad didn't have an account. The two banks refused to work with each other. Each blamed the "policies" of the other bank. So my Dad got mad and demanded cash. It was "only" about $20k (not the $114k as in this case), but they put it in a duffel bag and gave it to my Dad and escorted him out to our car.
On our drive over to the other bank, us kids got to play with the wads of cash. That was fun. I'd never even seen a $100 bill before then (I must have been about 8 at the time) and there I was, holding a bag full of them. My Mom was worried we were going to get robbed on the short drive over to the other bank. Dad was just furious at the two banks not wanting to work with each other. We kids had a good time tossing bundles of $100 bills at each other.
Now that I think about it, I wonder what would have happened had we broken one of the bundles (or let one fly out the window). We would have had fun, I don't think my parents would have.
I remember just 19 years ago I took 7,500 in cash ($20 bills) to a Canadian bank and had to fill out a lot of forms as to where I obtained the funds. MIL & FIL stored it up in a box in the closet. They lived through a depression and would never be without cash. I was caught off guard and said "hey - did you notice the deposit is not my account?". They processed it knowing I could not get it back out.
They move millions / billions and lose hundreds of millions without our knowledge but hey, they will control the little guy with an iron fist. Go Figure?
On the flip side, I held the single largest ATM deposit at a Royal Bank in a Canadian city for years. Sold a house walked over to an ATM and did a deposit. The tellers would tell me every payday that I still held the record. You see, we got our 1st ATM's in 1985 and people swore they would not catch on. 10 min in a lineup to a teller or 10 seconds at a machine that does not care to see you actually sign a deposit slip....... go figure....lol
I don't know about Canada, but here in the USA the government is the reason for the hassle with large amounts of cash. Government basically assumes you are laundering money if you have lots of cash unless you prove that is not the case.
So my Dad got mad and demanded cash. It was "only" about $20k (not the $114k as in this case), but they put it in a duffel bag and gave it to my Dad and escorted him out to our car.
On our drive over to the other bank, us kids got to play with the wads of cash. That was fun. I'd never even seen a $100 bill before then (I must have been about 8 at the time) and there I was, holding a bag full of them.
A vivid memory! $20k in $100 bills can be held in one hand. Duffel bag? Bahahaha.
It would be .86" inches tall in $100 bills. I withdrew $14,000 one day, had to fill out some government forms because it was over $10,000. I honestly thought I was going to have a pile of cash but I was sadly mistaken. All of it fit in my front pocket in two envelopes.
MANY, MANY years ago, (1979/80) in Wuerzburg had a hostage situation, had 2.4 MILLION in 20's and 50's we had to count and verify. That was 2 duffel bags worth. The suspect never lived to see his ransom.
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belfert wrote: I don't know about Canada, but here in the USA the government is the reason for the hassle with large amounts of cash. Government basically assumes you are laundering money if you have lots of cash unless you prove that is not the case.
Not true at all. Cash flows all over the place all the time. As long as you fill out the CTR at the bank for amounts over $10,000 then the government won't even bat an eye at you unless they develop you as a suspect in some other case. It's when people try and avoid the $10,000 limit that gets them into trouble. For example they sell a car and the buyer pays them $15,000 in cash. Then they have heard on the Internet about this $10,000 form (Called a CTR or Cash Transaction Report) and they don't want to fill one of those out because they think they'll get in trouble. So they go to the bank and Deposit $9,000 today and then go back the next day, or go to a different branch, and deposit the $6,000. Now the banks computer hits on that as a suspicious transaction and that generates a form called an STR or suspicious transaction report. And in fact those reports are reviewed by the FBI, the IRS, and many other agencies as well.
Banks handle transaction involving over $10k in cash all the time and as long as the CTR is filled out the government generally makes the assumption the money is legitimate.
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I called my parents last night and asked about "the incident". It seems their recollection of it differs from mine in a few key places. My wife (who is actually "in the field") told me it was a great study about memories and what each person remembers about a situation.
The incident did happen, but my Mom & Dad don't remember it being $100 bills. They remember a cloth bag with wads of bills, wrapped by the little paper thing (no idea what that's called). They told me I was young when it happened, and at that age, a single dollar bill would make me "rich". The bills were new, they were "large" to me, and they were wrapped in bundles. We think now they might have been $20s or $50s. I would not have seen (at that young age and my parents were not rich) a crisp $20 let alone a whole stack of them. Dad does remember getting really mad at the two banks for not cooperating and then asking for cash. My Mom remembers getting angry at Dad for demanding cash and walking out of the bank with so much cash on him. She also remembers letting us kids play with the bundles as we drove over to the other bank. The whole process had taken so much time, we kids were getting bored and out of hand in the car. Her line to me was, "I don't know why I let you kids play with the money. You could have tossed it out the window or broken the seal and we'd had money all over the car. I must have been really upset at your Dad."
It was fun recollecting the incident with my parents. We were all laughing about it. Dad says he doesn't ever remember being that mad. He told me he even cussed at the bank (which he does not do), along the lines of, "Just give me the !@#$ #$%$ cash." Mom was shocked at his language and mad at him for agreeing to take the cash himself. We kids were in the car, so we didn't hear Dad cuss (that would have shocked us also). I don't remember registering that Mom was really upset with Dad. We just had fun playing with the money. It felt so unusual. They both said the look on the face of the people at the second bank was almost worth it.
We didn't talk about how the rest of the closing went. I need to ask them about it as when we closed on our house, everything was taken care of (no problems with passing around checks). Maybe my parents got a special deal on the house. I know I liked the house because I got my own bedroom.
I will (hopefully) always remember the time I got to play with "zillions" of dollars while driving down the highway.
* This post was
edited 05/26/12 09:04am by Doug4.7 *
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