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Old 03-31-2015, 07:54 AM   #41
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Regarding reporting it's even worse: any transaction (so also wiring money) exceeding 5k has to be reported, judging from the wording in the link.

Also note that in Europe (and for sure US) a transaction has to be reported also if there is any doubt whether something fishy is going on.

A classic example is withdrawing 4990 usd to stay below the limit. This will be interpreted as trying to avoid the limit, and will be reported. Or looking nervous when making a cash withdrawal.

In other words: assume no privacy.

And to put insult to injury: In Europe it is illegal to pay more than 3.000 euro in cash. Yup, just doing a large purchase is outlawed these days.
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Old 03-31-2015, 08:15 AM   #42
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First- request that they refund you the fee. Earlier this year my brother wrote me a check for $80 which I waited 3 weeks to deposit only to discover he had closed the account a week before. B of A charged me a $12 fee for his bounced check. On my objection they dropped it. If they hadn't I would have taken my business elsewhere.

Second- I understand why banks feel some pain with this cash deposit issue--they are supposedly scared of being fined for being part of a criminal enterprise. This is the effect of government regulation trying to use the banks to crack down on drug crime mostly. The government insists that cash deposits of a certain size be treated with more scrutiny. If the bank fails to scrutinize, they face huge penalties from the government. So the bank passes along that risk to all cash depositing customers who generate more scrutiny. Welcome to another of the unintended consequences of the War on Drugs. How is that working out for you?



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Old 03-31-2015, 09:46 AM   #43
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B of A has been great for me. Came to town 20 years ago and dropped $5k in and got a free safe deposit box, free checking, free ATM, free everything....never paid a dime in fees yet. Of course I get no interest to speak of on my 5K, and they drag their feet on all transactions to they maximize their float. But I don't really "use" the account, it just sits there and I have the free safe deposit box, access to their ATM's and live tellers (should I need them). 99% of my business is done through a credit union.
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Old 03-31-2015, 11:02 AM   #44
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And to put insult to injury: In Europe it is illegal to pay more than 3.000 euro in cash. Yup, just doing a large purchase is outlawed these days.
Every so often someone here gets pissed (slang for angry not drunk!) and goes and pays his taxes or fine in pennies. Here, its actually written on the currency "Legal tender for all debts public or private". Anyway, it usually makes the news. I figure they will outlaw it sooner or later.

Even in Euros don't you have an equivalent to a penny?
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Old 03-31-2015, 12:52 PM   #45
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Every so often someone here gets pissed (slang for angry not drunk!) and goes and pays his taxes or fine in pennies. Here, its actually written on the currency "Legal tender for all debts public or private". Anyway, it usually makes the news. I figure they will outlaw it sooner or later.

Even in Euros don't you have an equivalent to a penny?

Actually it is outlawed... there is a limit to how much coin you have to accept for legal debts... but do not know what it is... some places just ignore it and are happy to get the money....

Edit.... but I could be wrong... found these on the Straight Dope by moderator Gfactor....

http://www.straightdope.com/columns/...n-small-change

But then again...

http://www.mtas.tennessee.edu/Knowle...2570310052C341
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Old 03-31-2015, 01:02 PM   #46
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Found something on the Treasury site...

Legal Tender Status



I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?


The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
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Old 03-31-2015, 01:34 PM   #47
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Anecdote: I used to have an account with a bank that charged for closing an account.

Lucky for me I knew about it upfront. So when the interest came in, I cleared the account first (before internet banking).

Then went there to next day to close it. Lady looked at me and said: there is a fee for closing the account. I said: good luck with that (in a nice way).

Fee was waived ..
Heh. Not with good ole Bank of America. When I closed our last account with them, they happily charged the fee, sending the balance from zero to negative, which meant that an overdraft fee should be charged. And penalties for a negative balance in an account where that was not permitted...

We raised a stink and they waived the fee, overdraft charge, and penalties, and told me the account was closed.

The next month... They credited the account with $0.01 in interest earned between the end of the last interest period and my emptying the account when the interest was paid. That credit 're-opened' the account. Since the balance was below the minimum for that account, a penalty was charged. Oh, and that sent the balance negative...

Hilarity ensued.

BofA. Just say no.
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Old 03-31-2015, 03:40 PM   #48
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Found something on the Treasury site...

Legal Tender Status



I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?


The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

Reading this it stands out that all the limitations listed are specifically applied to private businesses but not government. So it would seem they are required to accept their own fiat currency? History of this state (Arkansas) is that during the depression some teachers were paid with IOUs even though that was strictly prohibited by the state constitution. So, law or no law, they do what they please. Still I've never heard of them turning down any US currency. Of course, if they just said no, I don't think the story would have garnered much attention.
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Old 03-31-2015, 03:42 PM   #49
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Changed banks today. Took about an hour. No problems from US Bank on closing the account. New bank is about the same distance, better staffed, and lower cost for a bigger safe deposit box!
An Arkansas only institution.
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Old 03-31-2015, 03:57 PM   #50
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Originally Posted by ArkTinkerer View Post
Reading this it stands out that all the limitations listed are specifically applied to private businesses but not government. So it would seem they are required to accept their own fiat currency? History of this state (Arkansas) is that during the depression some teachers were paid with IOUs even though that was strictly prohibited by the state constitution. So, law or no law, they do what they please. Still I've never heard of them turning down any US currency. Of course, if they just said no, I don't think the story would have garnered much attention.
Oddly enough, I have never had any issues with people turning down my cash.
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Old 03-31-2015, 11:39 PM   #51
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Reading this it stands out that all the limitations listed are specifically applied to private businesses but not government. So it would seem they are required to accept their own fiat currency? History of this state (Arkansas) is that during the depression some teachers were paid with IOUs even though that was strictly prohibited by the state constitution. So, law or no law, they do what they please. Still I've never heard of them turning down any US currency. Of course, if they just said no, I don't think the story would have garnered much attention.

I have heard of them turning down the money... someone tried to pay their school taxes with change... the person in charge refused to accept and said that if they did not pay the penalties and interest would accrue... do not know what happened after that... a school district is not the federal gvmt and can make up their own rules it appears...

As my other link said, there are very few court cases that have had to interpret what is written...
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Old 03-31-2015, 11:42 PM   #52
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Talking about legal tender.... I just remember a story that a tax attorney told me....

Said that someone 'paid' their tax bill by writing a 'check' using their shirt... IOW, they made their shirt into a check.. IRS cashed the shirt....

Do not know if this is a tall tale or not... but it sounds good....
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Old 04-01-2015, 06:06 AM   #53
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Talking about legal tender.... I just remember a story that a tax attorney told me....

Said that someone 'paid' their tax bill by writing a 'check' using their shirt... IOW, they made their shirt into a check.. IRS cashed the shirt....

Do not know if this is a tall tale or not... but it sounds good....
I have heard that for a check to be legal, it only needs to contain the required information, but it does not necessarily need to be what we are use to seeing. All fields could be handwritten for instance including the routing and account number. I have not tested this personally however.

The wrinkle with this strategy is that many financial institutions will charge the depositor a manual processing fee (I have seen $5) if the computers/automation system cannot directly read the check and a human has to be involved (ie obsolete routing number).

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Old 04-01-2015, 07:34 AM   #54
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B of A has been great for me. Came to town 20 years ago and dropped $5k in and got a free safe deposit box, free checking, free ATM, free everything....never paid a dime in fees yet. Of course I get no interest to speak of on my 5K, and they drag their feet on all transactions to they maximize their float. But I don't really "use" the account, it just sits there and I have the free safe deposit box, access to their ATM's and live tellers (should I need them). 99% of my business is done through a credit union.
Me too. Got it for convenience (ATM and branch in our building), but no complaints after nearly a decade. 10 years ago, in the days we still used cash regularly, the ATM network was attractive. Now, with the Preferred customer tiers (and ability to buy/warehouse cheap ETFs in the Merrill Edge account to maintain status), it provides some attractive options. (and the electronic banking/access options appear to be far better than those of our local banks and C.U.s)
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Old 04-01-2015, 10:14 AM   #55
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I have heard of them turning down the money... someone tried to pay their school taxes with change... the person in charge refused to accept and said that if they did not pay the penalties and interest would accrue... do not know what happened after that... a school district is not the federal gvmt and can make up their own rules it appears...

As my other link said, there are very few court cases that have had to interpret what is written...

I assume that would be the local county government making the rules not the school since they are the collector of school taxes, not the school itself. Unless it is different in other states.


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Old 04-01-2015, 10:51 AM   #56
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I assume that would be the local county government making the rules not the school since they are the collector of school taxes, not the school itself. Unless it is different in other states.


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It is different here in Texas.... we write a separate check to the school district.. and it is by far the largest check for property taxes...
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Old 04-01-2015, 11:17 AM   #57
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It is different here in Texas.... we write a separate check to the school district.. and it is by far the largest check for property taxes...

Interesting....They are sneakier up here....Its all buried together with all other local taxes and you only write one check. I wouldn't want to be the school district tax collector since it is the biggest and most painful to write!


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Old 04-01-2015, 11:45 AM   #58
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I have heard that for a check to be legal, it only needs to contain the required information, but it does not necessarily need to be what we are use to seeing. All fields could be handwritten for instance including the routing and account number. I have not tested this personally however.

The wrinkle with this strategy is that many financial institutions will charge the depositor a manual processing fee (I have seen $5) if the computers/automation system cannot directly read the check and a human has to be involved (ie obsolete routing number).

-gauss
I've heard that too. Don't know if they still accept them, but I recall people saying they did so. The fee makes sense too. If you've ever been in a check processing area it's scary to see how fast checks are processed. I never knew paper could move that fast. Occasionally one won't process and a human gets involved, slows down everything.

Do banks still supply counter checks? You had to write your routing and account numbers on a check like form either as starters or if you forgot your checkbook.
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Old 04-01-2015, 03:35 PM   #59
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I've heard that too. Don't know if they still accept them, but I recall people saying they did so. The fee makes sense too. If you've ever been in a check processing area it's scary to see how fast checks are processed. I never knew paper could move that fast. Occasionally one won't process and a human gets involved, slows down everything.

Do banks still supply counter checks? You had to write your routing and account numbers on a check like form either as starters or if you forgot your checkbook.

You must not have been in a modern one... the one I was at, the checks kept flying through the machine... if there was a problem that check was just sorted in a different pile... someone would look at the scanned image and make the necessary entries and then it was whisked away.... it usually took 3 to 5 seconds of a human to fix it... unless it was something wrong with the check coding....
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Old 04-01-2015, 04:49 PM   #60
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It is different here in Texas.... we write a separate check to the school district.. and it is by far the largest check for property taxes...

That's not true in all of Texas. In our county (Nueces) we write one check to the county, who then divides it up to the various taxing entities, such as the county, the city you live in, your local school district, the community college and others.
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