How much cash is in your wallet?

[diehard1997]

$44 is all. Enough for tips on the golf course and drinks from the cart girl.


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[scrabbler1]

Quote:

Originally Posted by 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.

+1. You have described my cash-carrying tendencies. Sometimes, I'll pull an extra $20 or two before I go out if I know I may need them. This has become more rare in the last few years after I got a cash-back CC and began using it for my frequent supermarket purchases. I now hit the ATM for $160 only once a month instead of twice a month.

[Meadbh]

I use so little cash that the last time I withdrew $200 from an ATM was October 2015. I still have one of those ten $20 notes.

[Trawler]

I fast cash $200 when I break into my last $20.00 about once a month.

[JOHNNIE36]

I very seldom carry more than $50 in my wallet. I use three credit cards; AMEX Blue Cash Everyday, Sams Club Master Card (also serves as my club membership card) and our BOA credit/debit card. If I use AMEX or Master Card for anything (to get reward points), when I get home I immediately pay that off by sending a payment via BOA bill pay. I just don't like big credit card bills at the end of the month.

I know guys that always carry a folded wad of cash in their pocket. Never could understand this. Maybe showing off because if they bought a beer at the golf course, they had to get out this big wad of cash. Looked impressive. I would be afraid I'd lose it or get robbed.

[RockyMtn]

usually around a $100. Gotta cover those golf bets!

[Rambler]

Quote:

Originally Posted by MichaelB 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.

Yes, the bank files the report when you are depositing that amount of cash. But if you sold, say, a car, and the proceeds were delivered to you in cash, you would be required to fill out the report, AND, your bank also would be required to report it if you deposited it all in one go.

For that reason, when I was working in Japan and receiving a cost of living allowance (which was way more that I ever used, and was on top of my salary paid in the US) I would change $5000 worth of yen into dollars every couple of months, and deposit $4500 or so, and built a cash cache hidden in the house with the rest, each time I flew here on business. When we moved back, we had the cash cache to pay for things like a new fridge, a freezer, a couple of dogs and everything that goes with that, etc, and some was deposited, again just $4k at a time, over a period of months. I felt safer with it in the house than having to report or having the bank report a single huge transaction to big brother...and invite some kind of investigation.

[ExFlyBoy5]

Quote:

Originally Posted by 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.

Hence a person who is in a TRADE or BUSINESS portion of the statement. The airplane was personal property and not related to a business or trade.

The form you are mentioning is called "Report of Cash Payments Over $10,000 Received in a Trade or Business"

Quote:

Originally Posted by FlyBoy5 +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.

I deposited CASH.

I don't think it's a big deal in the banking world. When I made the deposit, the teller couldn't have been less impressed. Maybe I needed a fancy metal briefcase handcuffed to me

[Cobra9777]

Zero. I use cash back credit cards for everything. Last time I hit the ATM was last summer when we were headed to a MLB game and I knew I would need $15 for cash parking. I've since learned you can pay online in advance and just hand the printout to the parking lot attendant.

[ExFlyBoy5]

Quote:

Originally Posted by Rambler Yes, the bank files the report when you are depositing that amount of cash. But if you sold, say, a car, and the proceeds were delivered to you in cash, you would be required to fill out the report, AND, your bank also would be required to report it if you deposited it all in one go.

There is NO requirement that an INDIVIDUAL has to fill out ANY report. The law that you speak of is the Bank Secrecy Act of 1970. There is only one instance when an INDIVIDUAL has to fill out a report. "U.S. citizens must file the FBAR if they have a financial interest in, or authority over, foreign bank accounts or "foreign financial account" that have an aggregate value of $10,000 at any point in a year. Additionally, they must report the accounts on Schedule B of the Form 1040 tax form. The FBAR should be filed separately with the U.S. Treasury by June 30 of each year" FBAR FinCEN Form 114 (formerly Treasury Department Form 90-22.1) Report of Foreign Bank and Financial Accounts (FBAR)

[W2R]

What blows me away is that any of us would just walk up to a random teller with $10,000 in cash to deposit. Or do you go through the drive-through?

When I am depositing that much, I generally sit at one of those desks in the front with a person who is presumably higher up the food chain. We exchange pleasantries, and in the process let her know how I came across so much cash legally. She counts the money and brings me a receipt. If there are forms to fill out, she probably does it after I leave.

Why should one stand in line with the rabble? Depositing that much money, you are doing a favor to the bank and should be treated like royalty IMO.

[Corporateburnout]

I voted 100-200 but I now have $78. I usually recharge when I get below $50. I use cash for any transaction under $10.

[Mulligan]

I guess you arent related to "old school" Mike Ditka... This is what he carries around everywhere. Da Coach needs rubber bands to keep it together.
http://www.totalprosports.com/wp-con...sh-595x357.jpg
My stash is not in his league, but I keep money in my wallet, at home, and in my car. I use CC a lot, but need that small cash security nearby..


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[ExFlyBoy5]

Quote:

Originally Posted by W2R What blows me away is that any of us would just walk up to a random teller with $10,000 in cash to deposit. Or do you go through the drive-through? When I am depositing that much, I generally sit at one of those desks in the front with a person who is presumably higher up the food chain. We exchange pleasantries, and in the process let her know how I came across so much cash legally. She counts the money and brings me a receipt. If there are forms to fill out, she probably does it after I leave. Why should one stand in line with the rabble? Depositing that much money, you are doing a favor to the bank and should be treated like royalty IMO.

When I did it, I had to go to the back since all the "indoor tellers" aren't even there. It's done by a video feed and you use the tubes and stuffing that much cash in the tube would have taken about 4 hours.

We have deposited some sizable checks for my DW's mother who is the CEO/Bookkeeper/All Around Boss of the family business (DW will help her run errands when we are in town) and they don't even flinch. Last time we did it, the checks all added up to just shy of $2M and they were all deposited at the drive through. It's just money, I guess.

[trapperjohn]

My bad, sorry. Those times when I deposited $15k or more, it was always an electronic funds transfer from a different account.

Still, others have confirmed that they did not fill out said form when their transaction was in cash. So, maybe the IRS doesn't care if the consumer files that form, as long as the bank at least does. Not sure.

[davismills]

Rarely more than $100.00, but we keep significantly more in the hidden "doomsday" can at home.

[Taxman59]

The Law requires a financial institution to report $10k of cash in a transaction or a series of transactions. Because of this, most banks track cash in excess of $3000 so that you can't just break up a large cash deposit into a series of smaller deposits. The bank examiners are always asking about this (and we didn't handle cash!). The IRS doesn't usually follow up with the customer, it is the bank that has the potential problem. If the IRS suspects a problem, it goes to the Secret Service, FBI, DEA or the US Marshall Service for a visit (only heard about this at some training classes, never experienced it!).

[athena53]

I average a $200 withdrawal every couple of months. Everything else goes on credit cards, paid in full every month, or paid directly from my bank account if credit cards aren't an option.


Once I withdrew $200 from an ATM (interestingly, in a grocery store in the less-prosperous end of town) and was very annoyed to get 5 20s and a $100 bill. To me, a $100 bill is a white elephant because I typically spend no more than $10 in cash at a time.

[braumeister]

Some newer ATMs ask you what denominations you want your cash in. Nice feature!

[MRG]

I bought a slim wallet that requires careful management of space. Generally 3-5 bills, currently housing $22.00.