How much cash is in your wallet?

[RobbieB]

Just wanted to see if I could do a poll. I recharge at the ATM for $200 whenever I have less than $100 and I just looked and I have $232.

[razztazz]

My actual wallet is the extremely thin kind that has slots for cards of various kinds and maybe slips of paper, and in my case, a book of stamps, ...but.... has no "classic" long slot pocket for bills.

When I am out and about I usually keep maybe 2 or 3 $20s' in the change pocket of my Levis just in case I come across a gas pump or something that's having a card-read problem.

I keep an emergency stash of a few hundred bucks in currency hidden in various places in the house. But that's for real hard core emergencies the nature of which I couldn't even give you an example. But hey, that's what planning is all about

[Meadbh]

Cdn$28.65

[aida2003]

I always carry little, though once in a while I wonder if I needed more than say $500 and oops the wallet is stolen (no ID, debit cards, Credit cards), what do you do then?

[RobbieB]

Go fish?

I dunno. I just started this to see if I could do a poll and it kinda goes with the "cash obsolete now stop the drug trade" thread.

[RE2Boys]

$28, usually haveone $20 bill and odds and ends of lower value bills. When I break the $20, time to pull one from the "stash", where I keep $60 to $200 at home.

Any larger need is by check or credit card.

[W2R]

$130.38, and no, I'm not loaning money to anybody today.

[cyber888]

A long time ago, I use to live in Scandinavia where they accept cards everywhere. This was 20 years ago when it was not common for cabs in the US to accept cards, and all taxis there accept cards. There was no need for cash. I got so use to it, that a barely use cash now.

BTW, in the US, if you deposit more than $10,000 in cash in the bank, you got to file a report. You ride an airplane coming from outside the US, you gotta report $10,000 in cash. It probably would be fun if you could just carry $100,000 in cash and go off somewhere without being hassled by the US government, but they'd think you're a underworld character dealing in illegal things

[HFWR]

The fast cash option on my cu's atm is $60, so usually between $0 and $60.

[trapperjohn]

It is simply not true that, in the U.S. YOU must file a report of some kind when you deposit $10k or more in a bank.

I've deposited more than $15k at least twice in the last 6 months and never filled out such a report.

I believe THE BANK is required to fill out such a report and remit it to the U.S. federal government. I'm not sure what the amount is that triggers this requirement for the bank. $10k sounds likely.

Furthermore, I think this report is auto-generated by the bank's computers and sent to the government with little or no actual human involvement.

Just my $0.02.

[6miths]

Don't carry a wallet. Usually have a couple of loonies and a twoonie in the pocketwatch pocket of my 501s and maybe $5 or $10 in my pocket along with a credit card.

[tmm99]

CAD $135 plus change
USD $341 (I don't know why)

[ExFlyBoy5]

Quote:

Originally Posted by trapperjohn It is simply not true that, in the U.S. YOU must file a report of some kind when you deposit $10k or more in a bank. I've deposited more than $15k at least twice in the last 6 months and never filled out such a report. I believe THE BANK is required to fill out such a report and remit it to the U.S. federal government. I'm not sure what the amount is that triggers this requirement for the bank. $10k sounds likely. Furthermore, I think this report is auto-generated by the bank's computers and sent to the government with little or no actual human involvement. Just my $0.02.

+1 on this. When I sold my airplane the guy paid me in cash and I deposited it (it was waaayyyy more than 10K) with no issues or paperwork from the bank. It's been about 3 years since I made that large cash deposit and I haven't heard a peep from Uncle Sugar.

As for cash, I rarely have more than $100 on me. I really only use cash at my barber shop so a hundred bucks can hang out in my wallet for a pretty long time.

Sent via mobile device. Please excuse any grammatical errors.

[Hangingitup]

Zero most of the time. Maybe 20$ on the weekend.


Sent from my iPad using Early Retirement Forum

[Nodak]

Rarely more than $50.

[cyber888]

TrapperJohn & Flyboy

Here's the IRS policy for reporting $10,000 cash. It's true. Form 8300. It's an honor system I suppose.

*BTW, you didn't say you deposited $10K CASH, maybe you deposited a $10K check?. If you did transact in cash, this may apply.

https://www.irs.gov/Businesses/Small...-of-Over-10000

Filing Form 8300
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300. A "person" includes an individual, a company, a corporation, a partnership, an association, a trust, or an estate. A "person" must file a Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia, or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).
If you are required to file Form 8300, you must do so by the 15th day after the date the cash transaction occurs. A "person" can file Form 8300 electronically or by mailing the form to the IRS at: Detroit Computing Center, P.O. Box 32621, Detroit, Michigan 48232.

Quote:

Originally Posted by trapperjohn It is simply not true that, in the U.S. YOU must file a report of some kind when you deposit $10k or more in a bank. I've deposited more than $15k at least twice in the last 6 months and never filled out such a report. I believe THE BANK is required to fill out such a report and remit it to the U.S. federal government. I'm not sure what the amount is that triggers this requirement for the bank. $10k sounds likely. Furthermore, I think this report is auto-generated by the bank's computers and sent to the government with little or no actual human involvement. Just my $0.02.

[Ed_The_Gypsy]

Usually withdraw $200 when I get down to $20. I upped the withdrawal limit to $500 when I lived up north so I could pay my rent in cash. We pay cash for almost everything except groceries and gas at Costco for security reasons. We lived for years in Azerbaijan which is a cash economy due to corruption. It is easier to not spend with cash as opposed to the invisible balance depletion with cards.

BTW, up until now we have never had our accounts hijacked but we got notice that may have happened recently.

Of possible interest, I overheard someone saying their bank told them that Amazon was a major source of hacking of credit card accounts.

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[big-papa]

Pay most everything on the credit card (a free one through my credit union) to get points. Then pay it off every month. Keep some cash in the wallet for the rare expense that doesn't take credit cards.

[MichaelB]

I keep $100 in my wallet and $30 or so in small bills in my pocket. There's more cash at home, as I withdraw $500 at a time from the ATM, but have no need to carry that amount around with me.

[MichaelB]

Quote:

Originally Posted by trapperjohn It is simply not true that, in the U.S. YOU must file a report of some kind when you deposit $10k or more in a bank. I've deposited more than $15k at least twice in the last 6 months and never filled out such a report. I believe THE BANK is required to fill out such a report and remit it to the U.S. federal government. I'm not sure what the amount is that triggers this requirement for the bank. $10k sounds likely. Furthermore, I think this report is auto-generated by the bank's computers and sent to the government with little or no actual human involvement. Just my $0.02.

Yes, the bank is required to file the report. The IRS has an additional requirement, if you receive $10k or more in a single transaction, you too are required to file this transaction with them.