What's up with this cash thing these days?

[Skid Row Joe]

Try to spend $100.00 bills. They're not as easy to pass as they should be.

This freaking-out, marking, etc. over taking $100.00 bills @ retail establishments is worrisome to me. There is some king of "looky-looky gotcha" going on in America. People have always gotten excited over handling/looking at hundreds, but this isn't good.

There was a guy in the news today, at Lambert Field airport in St. Louis, MO. that was detained by TSA because he was carrying $4,700.00 in cash. Questioned at length, then sent downtown. This country doesn't seem to like cash. In 1976 I bought a new $11,000.00 Corvette L-82 (the one in my Profile) from a Chevy dealer for cash. A couple and a half decades ago I paid cash for my home, they weren't expecting it, but sold it to me anyways. The Mercedes-Benz dealer would probably call the police if I tried to buy another new Mercedes-Benz with $52K in cash.

Cash freaks people out who do not recognize legal tender. Try paying for merchandise with $2 bills and see if the gum- popping cashier will take them?

When Cashier's Checks started getting scrutinized and declined as a cash on the barrelhead purchase, I went to cash. Now cash is a problem.

Shall we go back to 2 goats and 6 chickens for legal tender??

Originally Posted by Skid Row Joe

The Mercedes-Benz dealer would probably call the police if I tried to buy another new Mercedes-Benz with $52K in cash.

They will just raise the price. Car dealers don't want instant cash, they're just sharks, they want loan interest payments. If you want to pay cash and get the best deal, European delivery is definitely the best option.

[ImBroke]

I would add blood sucking to your shark comment. but, I suppose it's implied.

[aklim]

Here is the deal. If I take your $100 bill and it is a fake, I lose everything. Also, this presents a security risk. By taking cash, I have got to secure more money in the safe. Insurance doesn't like me keeping too much cash on the premises because it tempts employees and crooks.

[Kuan]

Some business owners thrive on a cash only system. I'm trying to convince someone right now that the more ways you have to take people's money, I mean the more convenient it is for people the better it will be for him.

[Medmech]

Originally Posted by Kuan

Some business owners thrive on a cash only system. I'm trying to convince someone right now that the more ways you have to take people's money, I mean the more convenient it is for people the better it will be for him.

Yea, its not harder to pay cash now than it was 20 years ago SRJ made this thread up to elaborate on today's Dave Ramsey comments, I think he fails to realize that many people still pay cash for the cars and homes, I can tell what circle he runs in since he does not know any of them and thinks its special.

[dynalow]

For big ticket items, maybe businesses just don't want the hassle with reporting cash transactions to IRS...

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

FAQs regarding Reporting Cash Payments of Over $10,000 (Form 8300)

What does “cash” mean for the purposes of Form 8300?
Cash is money. It is currency and coins of the United States and any other country. Cash is also certain monetary instruments - a cashier’s check, bank draft, traveler’s check, or money order - if it has a face amount of $10,000 or less and the business receives it in:
A “designated reporting transaction” as defined in Treas. Reg. section 1.6050I-1(c)(iii) (generally, a retail sale of a consumer durable, a collectible, a travel or entertainment activity) or
Any transaction in which the recipient knows the payer is trying to avoid the reporting of the transaction on Form 8300.
Is a personal check considered cash for reporting on Form 8300?
Personal checks are not considered cash.
What is the definition of a transaction?
A transaction is the underlying event resulting in the transfer of cash. Examples include:
Sale of goods, services or real or intangible property
Rental of goods or real or personal property
Cash exchanged for other cash
Establishment, maintenance of or contribution to a trust or escrow account
A loan repayment
Conversion of cash to a negotiable instrument such as a check or a bond
What is a designated reporting transaction?
Generally, a designated reporting transaction is the retail sale of any of the following:
A consumer durable, such as an automobile or boat. Property is generally a consumer durable if it is tangible personal property (not real or intangible property) that:
Is generally suited for personal use,
Is expected to last at least one year under ordinary use, and
Has a sale price of more than $10,000.
A collectible (such as a work of art, rug, antique, metal, gem, stamp, or coin)
An item of travel and entertainment (if the total sales price of all items for the same trip or entertainment event is more than $10,000).
Would a Mobile Home be classified as personal or real property for purposes of filing Form 8300?
A retail sale of a mobile home is personal property. A mobile home qualifies as personal property and a consumable durable for determining any required Form 8300 reporting, regardless of how the purchaser intends to use or ultimately uses the mobile home.
Who must file Form 8300?
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.What is a related transaction?
Transactions between a buyer, or agent of the buyer, and a seller that occur within a 24-hour period are related transactions.

In addition, transactions more than 24 hours apart are related if the recipient of the cash knows, or has reason to know, that each transaction is one of a series of connected transactions.Does the 24-hour period mean one day such as all day Tuesday or does it mean literally 24 hours such as from 11:00 am on Tuesday to 11:00 am on Wednesday?
A 24-hour period is 24 hours, not necessarily a calendar day or banking day.
A customer purchased a vehicle several months ago for $9,000 cash. Within the next 12 months, the customer paid the dealership additional cash of $1,500 for items relating to the vehicle such as a repair to the vehicle's transmission, purchase of accessories and a customized paint job, etc. Is the dealership required to file a Form 8300 for these transactions?
No, unless the dealer knew or had reason to know the sale of the vehicle and the subsequent transactions were a series of connected transactions (for example, if the dealer and the customer agreed, as a condition of the sale of the vehicle, that the customer would be obligated to pay the additional $1,500).
What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
A customer wired $7,000 from his bank account to the dealership's bank account and also presented a $4,000 cashier check. Does the dealership complete Form 8300?
A wire transfer does not constitute cash for Form 8300 reporting. Since the remaining cash remitted was below $10,000, the dealer has no filing requirement.

........more at link

[Medmech]

^^That's not where he was going with it. I used to carry large wads, not out of necessity but to make myself feel good about my pocket full of cash, then there was the day a friend called me over to have a few beers and check out his new Boston Whaler we went for a cruise and while at full throttle my money flew out of my pocket $7000ish we turned around and when I finally got the balls to jump into lake Michigan in late April the bills were about 5 feet below the surface. I took the plunge and grabbed as many bills as I could and came up with 4 $1's and 1 $20, which were the only small bills in the wad...I threw my drivers license in with the rest of the money.

And when I thought my lesson was learned some money slipped out of my pocket and fell out of the car when I opened the door...on a windy day thanks to some nice by standers I recovered that loot.

[dynalow]

Originally Posted by Howitzer

^^That's not where he was going with it. I used to carry large wads, not out of necessity but to make myself feel good about my pocket full of cash, then there was the day a friend called me over to have a few beers and check out his new Boston Whaler we went for a cruise and while at full throttle my money flew out of my pocket $7000ish we turned around and when I finally got the balls to jump into lake Michigan in late April the bills were about 5 feet below the surface. I took the plunge and grabbed as many bills as I could and came up with 4 $1's and 1 $20, which were the only small bills in the wad...I threw my drivers license in with the rest of the money.

And when I thought my lesson was learned some money slipped out of my pocket and fell out of the car when I opened the door...on a windy day thanks to some nice by standers I recovered that loot.

...But if that 11,000 Vette was purchased today for cash, the gubmint knows about it, if the dealer complies with the law. Hey, I don't write the music, I just sing the song.

(if you wuz NAVY, I'd say that was a great sea story.)

Repeat after me: Most of the experience you get in life comes five minutes after you needed it.

[Hatterasguy]

A lot of stores don't take $100's or $50's anymore like Dunkin Doughnuts or gas stations. I find this annoying, but I'll complain when they stop taking $20's.

Other than that, paying in cash is a problem, since when?

[Dee8go]

The Korean laundry I go to gets mad at me if I give them anything other than cash. I suspect not all of their income gets reported to the IRS, but I'm only guessing.

We have really become a credit card society, haven't we?

[Hatterasguy]

I hate CC's, I try very hard never to use mine. I still have a balance leftover on my old Mastercard I'm trying to get rid of.

[cmbdiesel]

Cash has always been the untrackable method of payment. Favored by people trying to skirt taxes, drug dealers, arms sellers, basically anyone who favors leaving no trace. Who hasn't gotten a better deal on services rendered by offering cash. It is something I routinely do when dealing with the owner of a company, tell them I will be paying cash, and won't be needing a receipt. Quite often, they are appreciative of dodging the tax (nearing 50% for many). As a small business owner, I understand.

Of course cash is more of a nuisance, if you are going to enter the sale on your books. As Aklim pointed out, there are fake bills out there, and if you get stuck with one, you lose. Also, securing the cash until it can be brought to the bank.

With the sheer number of robberies, many stores are limited in how much cash they have on hand, so when you waltz into the old 7/11 with your hundred, you end up cleaning out all the cash in the drawer. The poor cashier(who probably gets any fake bills taken out of their paycheck) has to get a manager to open the safe for more money. All in all, if our society wasn't so chock full of scammers and thieves, we wouldn't have to worry about these things.

[mgburg]

I work off two Debit Cards...and I keep just enough in them to handle everyday expenses. Need more in the account? I transfer over the amount required from the "coupled" savings account and I'm good to go.

But, I also use cash...mainly 20s...I was using 50s, but alot of places I haunt don't really like making change over a single 20, so for them I use 20s only...

The one thing that I hate about banks now, when you go to use their windows...the tellers seem to be programmed to speak about 20dB. louder when they start counting your cash out to you...

TELLER: "Here's your cash back Mr. Burg, 100, 200, 300, 400, ... and $1,500 dollars. Thank you for stopping in today Mark."

ME: "Could you have your Manager come over and tatoo that amount on my forehead? And, could you please put a "sticky" on my back that says "Kick Me - I'm Loaded!" too?"

Bank transactions used to be so QUIET. Now, it's like they want EVERYONE to KNOW you have CASH on YOU!

[Dee8go]

I went with a friend to look at a car she wanted to buy and the guy said he was reluctant to take cash. I had never heard of such a thing before that. He was afraid of getting counterfeit money. I didn't realize that it was so prevalent.