Cash Payments? - Off Topic (Non Trade) - Contractor Talk

Cash Payments?

 
Thread Tools Search this Thread Display Modes
Old 06-18-2015, 07:30 AM   #1
Pro
 
maninthesea's Avatar
 
Trade: High Pressure Air
Join Date: Nov 2008
Location: guam
Posts: 1,260
Rewards Points: 30

Cash Payments?


Just Curious to hear how big your largest cash payments recieved were? I just had a customer pay $32,450.00. in $100's Got that to the bank ASAP. Several years ago we received a $17,000 payment I was OK with that.
maninthesea is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 06-18-2015, 08:23 AM   #2
LRG WoodCrafting

 
Leo G's Avatar
 
Trade: Maker of Fine Sawdust
Join Date: May 2005
Location: Windsor Locks, Connecticut
Posts: 40,271
Rewards Points: 11,309

Re: Cash Payments?


The FED has your number now.

Advertisement

__________________
Sawdust Follows Me Everywhere
I can explain it to you, but I can't understand it for you.
Sanding is the bane of my existence
WWG1WGA

Quote:
Originally Posted by HusqyPro View Post
Carpenter by day.
Mad scientist by night.
http://lrgwood.com
Custom Cabinets in Hartford County Connecticut
Leo G is offline  
The Following 2 Users Say Thank You to Leo G For This Useful Post:
dayexco (06-18-2015), wallmaxx (06-19-2015)
Old 06-18-2015, 08:34 AM   #3
Pro
 
maninthesea's Avatar
 
Trade: High Pressure Air
Join Date: Nov 2008
Location: guam
Posts: 1,260
Rewards Points: 30

Re: Cash Payments?


Quote:
Originally Posted by Leo G View Post
The FED has your number now.
They get thir share trust me. I pay my taxes with less angst than most. I mentally balance it by counting off the most recent government jobs in my head. I get paid more by the government than they take.
But I get what your saying, may not be a lot of posts in this thread.
Cheers, Jim
maninthesea is offline  
Sponsored Links
Advertisement
 
Old 06-18-2015, 08:40 AM   #4
Pro
 
maninthesea's Avatar
 
Trade: High Pressure Air
Join Date: Nov 2008
Location: guam
Posts: 1,260
Rewards Points: 30

Re: Cash Payments?


The largest cash transaction I ever was involved in was when I bought my land. I paid $54k in cash rather than pay an escrow fee.
They did not want to take it but I pointed out that all the offers and counter offers including the final paperwork said "cash"
maninthesea is offline  
Old 06-18-2015, 09:15 AM   #5
Pro
 
Anti-wingnut's Avatar
 
Trade: Commercial Superintendent
Join Date: Mar 2009
Posts: 2,931
Rewards Points: 3,414

Re: Cash Payments?


We got $18K in cash a couple of weeks ago.
Anti-wingnut is offline  
Old 06-18-2015, 10:09 AM   #6
Punching above his weight
 
Easy Gibson's Avatar
 
Trade: Gun for hire.
Join Date: Dec 2010
Location: Best seat at the table
Posts: 7,376
Rewards Points: 12,348

Re: Cash Payments?


Ten stacks is the most physical money I've ever held.
It was security, and first and last month's rent on a $3,500/mo apartment in Bed Stuy.

All I had to do was make it out my door and three blocks to the bank, but it was pretty scary thinking of how ****ed new and my five roommates would be if I got stuck up.

I didn't.
Easy Gibson is offline  
Old 06-18-2015, 11:57 AM   #7
Pro
 
dayexco's Avatar
 
Trade: entrepreneur of excavating expertise
Join Date: Mar 2006
Posts: 6,383
Rewards Points: 220

Re: Cash Payments?


Quote:
Originally Posted by Leo G View Post
The FED has your number now.
leo's right...they'll assume it's drug money, arms money, laundering money....taxes paid will be a small part of it.

you're on a "watch" list now
dayexco is offline  
Old 06-18-2015, 03:49 PM   #8
LRG WoodCrafting

 
Leo G's Avatar
 
Trade: Maker of Fine Sawdust
Join Date: May 2005
Location: Windsor Locks, Connecticut
Posts: 40,271
Rewards Points: 11,309

Re: Cash Payments?


Anything over 10K cash the bank is required by law to report you to the FEDs.

If you put in a couple of deposits slightly below 10K then they call it structuring and assume your money is guilty of a crime.

So either way, you get on the list.
__________________
Sawdust Follows Me Everywhere
I can explain it to you, but I can't understand it for you.
Sanding is the bane of my existence
WWG1WGA

Quote:
Originally Posted by HusqyPro View Post
Carpenter by day.
Mad scientist by night.
http://lrgwood.com
Custom Cabinets in Hartford County Connecticut
Leo G is offline  
Old 06-18-2015, 04:39 PM   #9
Member
 
Jimbo2015's Avatar
 
Trade: solar
Join Date: May 2015
Location: Ga/Fl
Posts: 69
Rewards Points: 178

Re: Cash Payments?


That's why banks have safety deposit boxes
Jimbo2015 is offline  
Old 06-18-2015, 05:27 PM   #10
Contractor of the Month
 
Inner10's Avatar
 
Trade: Control Systems
Join Date: Mar 2009
Location: Ottawa, ON
Posts: 25,688
Rewards Points: 4,098

Re: Cash Payments?


Quote:
Originally Posted by Leo G View Post
Anything over 10K cash the bank is required by law to report you to the FEDs.

If you put in a couple of deposits slightly below 10K then they call it structuring and assume your money is guilty of a crime.

So either way, you get on the list.
He took it to the bank...not necessarily to deposit it.
__________________
The Following User Says Thank You to Inner10 For This Useful Post: Leo G
Inner10 is offline  
Old 06-18-2015, 05:43 PM   #11
LRG WoodCrafting

 
Leo G's Avatar
 
Trade: Maker of Fine Sawdust
Join Date: May 2005
Location: Windsor Locks, Connecticut
Posts: 40,271
Rewards Points: 11,309

Re: Cash Payments?


Just taking it out for a walk I suppose.
__________________
Sawdust Follows Me Everywhere
I can explain it to you, but I can't understand it for you.
Sanding is the bane of my existence
WWG1WGA

Quote:
Originally Posted by HusqyPro View Post
Carpenter by day.
Mad scientist by night.
http://lrgwood.com
Custom Cabinets in Hartford County Connecticut
Leo G is offline  
Old 06-18-2015, 05:53 PM   #12
Pro
 
maninthesea's Avatar
 
Trade: High Pressure Air
Join Date: Nov 2008
Location: guam
Posts: 1,260
Rewards Points: 30

Re: Cash Payments?


Quote:
Originally Posted by Inner10 View Post
He took it to the bank...not necessarily to deposit it.
Deposited in the company acct, income reported and taxes will be paid. Not worth the alternative.

Regarding being on lists of FBI and such, 'not worried about it. Localy I am on first name basis with FBI, NCIS, Navy JAG, and "the" secret service agent. Small island.
Cheers
maninthesea is offline  
Old 06-18-2015, 06:27 PM   #13
Pro
 
SamM's Avatar
 
Trade: Carpenter/Handyman
Join Date: Dec 2009
Location: Nova Scotia, Canada
Posts: 1,542
Rewards Points: 1,484

Re: Cash Payments?


I wouldn't accept it. With my account I pay through the nose for cash deposits, but get a heck of a deal on cheques or e-transfers.
__________________
Your Dreams won't work unless you do.
SamM is offline  
Old 06-18-2015, 07:10 PM   #14
Talking Head
 
EthanB's Avatar
 
Trade: Poking Things With Sticks
Join Date: Sep 2011
Location: Rhode Island
Posts: 5,319
Rewards Points: 296

Re: Cash Payments?


You pay for a cash deposit? What kind of crazy bank do you have?
__________________
Quote:
Originally Posted by Jaws View Post
Planer.....
EthanB is offline  
The Following 2 Users Say Thank You to EthanB For This Useful Post:
dom-mas (06-21-2015), TNTRenovate (06-19-2015)
Old 06-18-2015, 07:23 PM   #15
Pro
 
Framer53's Avatar
 
Trade: Handyman
Join Date: Feb 2008
Location: Utica,NY
Posts: 3,005
Rewards Points: 366

Re: Cash Payments?


Quote:
Originally Posted by EthanB View Post
You pay for a cash deposit? What kind of crazy bank do you have?
Canadian
Framer53 is offline  
Old 06-18-2015, 07:27 PM   #16
LRG WoodCrafting

 
Leo G's Avatar
 
Trade: Maker of Fine Sawdust
Join Date: May 2005
Location: Windsor Locks, Connecticut
Posts: 40,271
Rewards Points: 11,309

Re: Cash Payments?


Quote:
Originally Posted by EthanB View Post
You pay for a cash deposit? What kind of crazy bank do you have?
It's coming to a bank near you soon.

They wanted to charge me 1% for a cash transfer. Even though I never had any cash, just moving digital money from one account to the next.

I complained and said give me a check for the total of all my accounts. Needless to say the charge was removed.

And it was only about $5.00
__________________
Sawdust Follows Me Everywhere
I can explain it to you, but I can't understand it for you.
Sanding is the bane of my existence
WWG1WGA

Quote:
Originally Posted by HusqyPro View Post
Carpenter by day.
Mad scientist by night.
http://lrgwood.com
Custom Cabinets in Hartford County Connecticut
Leo G is offline  
Old 06-18-2015, 07:40 PM   #17
Pro
 
BucketofSteam's Avatar
 
Trade: renovations
Join Date: Jun 2013
Posts: 965
Rewards Points: 7,631

Re: Cash Payments?


Quote:
Originally Posted by Leo G View Post
Anything over 10K cash the bank is required by law to report you to the FEDs.

If you put in a couple of deposits slightly below 10K then they call it structuring and assume your money is guilty of a crime.

So either way, you get on the list.
So much for cash being legal tender...
BucketofSteam is offline  
Old 06-18-2015, 08:00 PM   #18
LRG WoodCrafting

 
Leo G's Avatar
 
Trade: Maker of Fine Sawdust
Join Date: May 2005
Location: Windsor Locks, Connecticut
Posts: 40,271
Rewards Points: 11,309

Re: Cash Payments?


You ain't whistling dixie

http://www.silverdoctors.com/secret-...ition-of-cash/
__________________
Sawdust Follows Me Everywhere
I can explain it to you, but I can't understand it for you.
Sanding is the bane of my existence
WWG1WGA

Quote:
Originally Posted by HusqyPro View Post
Carpenter by day.
Mad scientist by night.
http://lrgwood.com
Custom Cabinets in Hartford County Connecticut
Leo G is offline  
Old 06-18-2015, 08:07 PM   #19
Contractor of the Month
 
Inner10's Avatar
 
Trade: Control Systems
Join Date: Mar 2009
Location: Ottawa, ON
Posts: 25,688
Rewards Points: 4,098

Re: Cash Payments?


Quote:
Originally Posted by EthanB View Post
You pay for a cash deposit? What kind of crazy bank do you have?
We pay for all deposits.
__________________
The Following User Says Thank You to Inner10 For This Useful Post: Leo G
Inner10 is offline  
Old 06-18-2015, 08:30 PM   #20
Pro
 
BucketofSteam's Avatar
 
Trade: renovations
Join Date: Jun 2013
Posts: 965
Rewards Points: 7,631

Re: Cash Payments?


Quote:
Originally Posted by Leo G View Post
Sort of reminds me of rendezvous with Rama 2, books starts with a golden age of people using all electronic methods of payments.

Then the system crashes and a depression that makes the great depression seem like a bad week at vegas happens. Whenever they try and bring the system back people rush to the ATM's and crash it again.

But no that could obviously never ever happen.

Advertisement

BucketofSteam is offline  


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Johnny Cash Only skyhook Off Topic (Non Trade) 31 06-07-2012 06:56 AM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?