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Loan payoff in cash?

DLC

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Banks are required to know their customers business, so a general rule of 5,000 or 10,000 (any Doller amount ) that is unusual will get sent into the system.
‘Which deep dark hole this gets sent to who knows. The banks don’t usually say, “don’t worry, I’ll send this into the gov system for you.”
Crazy what the banks do behind your back and we the general public doesn’t know. There is so much oversight.

If the bank wants to be FDIC insured they just do it.
 

RiverDave

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Ive purchased vehicles with cash over $10k all the time
Ive never filled out any paperwork to feds
Even made $10k cash deposits at the bank
They dont send anything to feds
Only ptoblem is if i did it weekly

I do it three to four times a year in cash with large sums and if I’m flagging something I sure don’t know about it. Lol
 

TITTIES AND BEER

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Put it in the bank right them three checks postdated him under 10 grand each
 

Andy B.

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Who cares he made enough coin to pay in cash that's the point people are missing!!!:D
 

DaytonaBabe

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Ive purchased vehicles with cash over $10k all the time
Ive never filled out any paperwork to feds
Even made $10k cash deposits at the bank
They dont send anything to feds
Only ptoblem is if i did it weekly
I do it three to four times a year in cash with large sums and if I’m flagging something I sure don’t know about it. Lol

It is against the BSA and federal regulations to disclose if a SAR (Suspicious Activity Report) has been filed ;)






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Melloyellovector

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Structured deposits are no joke with banks.
I do a lot of business w my credit union. They’ll get creative or helpful when needed.
They suggested same, one fat deposit, explain and move on.
If proven your doing structured deposits the penalties and potential jail time far exceed any tax liability.
 

pronstar

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I just flipped a house for $200k.
Should I make (23) $9k deposits? [emoji1787]


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was thatguy

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Yeah it’s not a big deal unless it’s drug money.

I’ve paid off cars with cash or checks between 10-20K no big deal.
It’s your money, your car, pay it and wait for the title reissue.
I’d assume your doing it for clear title for resale? Or just cause you want to?

Hell, I went in a Chevy dealer in Upland years ago with a giant bag of cash for a major “distributor” (he’s dead now so it doesn’t matter) and bought 2 SS 454 pickups on the spot.
Salesman sent me to 3 different banks for cashiers checks for one truck, and the other truck was for a legit “client” of the drug dealer So I just piled up a few bundles of cash for that one.
Nothing ever happened.
 

was thatguy

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I just flipped a house for $200k.
Should I make (23) $9k deposits? [emoji1787]


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Yes. In 4 different states and have tweakers do the transactions while you wait outside.
 

WYRD

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Split it up into 3 different boxes of bananas and ship it to separate grocery stores, that will clean it
 
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nameisbond

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I don't like carrying large amounts of cash in the USA. Mainly because I'm driving a car with foreign plates that makes me a target to be pulled over. If police find a large amount of cash, its too easy for them to seize the cash. Its easier to wire transfer or get a cashiers check!
 

wet hull

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Yeah it’s not a big deal unless it’s drug money.

I’ve paid off cars with cash or checks between 10-20K no big deal.
It’s your money, your car, pay it and wait for the title reissue.
I’d assume your doing it for clear title for resale? Or just cause you want to?

Hell, I went in a Chevy dealer in Upland years ago with a giant bag of cash for a major “distributor” (he’s dead now so it doesn’t matter) and bought 2 SS 454 pickups on the spot.
Salesman sent me to 3 different banks for cashiers checks for one truck, and the other truck was for a legit “client” of the drug dealer So I just piled up a few bundles of cash for that one.
Nothing ever happened.
The payoff is so I can be debt free. Keeping the cars and boat.

Paid off boat and 2 cars this last 2 months
Daughter started Tk and saved me $1250 a month in preschool cost. All in I now have $2800 month back in my pocket and only my mortgages. Great feeling.
 

shan

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The title has the banks lien on it...so therefore when you pay it off the state has to reissue a free and clear title...that's what takes the time. You will get paperwork that notes the payoff of the loan..
Actually, in AZ you get a lien release from the lender, and the title you've never had, and you have to go to DMV to get a new title. Not sure what state this is happening in.
 

LargeOrangeFont

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The payoff is so I can be debt free. Keeping the cars and boat.

Paid off boat and 2 cars this last 2 months
Daughter started Tk and saved me $1250 a month in preschool cost. All in I now have $2800 month back in my pocket and only my mortgages. Great feeling.

Just don’t deposit that $2800 into the bank every month.. that is structuring, and is illegal. You’ll go to jail. :eek:
 

ChumpChange

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Just don’t deposit that $2800 into the bank every month.. that is structuring, and is illegal. You’ll go to jail. :eek:

Why would he deposit it? It’s a saved expense. It’s already in there. ;)

You really seem to take offense when you’re told you’re wrong. Are you a millennial liberal?
 

2FORCEFULL

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ok, this thread is still going strong...so...I'll ask all of my why's

Why, would you drive to vegas to pay a car off...

Why would you post on RDP that you are driving to vegas ... with that much cash...

Why would you post that you even have that much cash???

other than HEY-LAM... whats the point???...

and...


why wouldn't you just send a cashiers check, or do a wire transfer???
 

rrrr

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BTW, be sure to submit a Release of Liability (ROL) form. In CA you can do it online. That will show a paper-trail for the sale; if anything did come up from the payoff (which is highly unlikely) it can be seen in the system that there was a sale and a payoff. This transaction happens everyday all over the place.

This is a requirement if you want to save yourself some possibly ugly involvement in deep shit.

These days, people are likely to blow off registering the car in their name. They're also the same people that drive without insurance.

I have a boilerplate Bill of Sale document that I use on every sales transaction I'm involved with. All I have to change is the item description, serial number, and dollar amount.

It includes the very important disclaimer that the item is sold without warranty, fitness, or merchantability for any purpose whatsoever.

I'll post a copy of it later.
 

LargeOrangeFont

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Why would he deposit it? It’s a saved expense. It’s already in there. ;)

You really seem to take offense when you’re told you’re wrong. Are you a millennial liberal?

Sarcasm is tough for some to understand, sorry.

You seem to be the one with the blind faith in the all knowing government controlling what you do with your money, so you tell me who is the liberal.

Making three $9k deposits in lieu of one $27k for selling a car isn’t wrong, no one is ever gonna say shit about it.

We are not talking about $100,000 here, or systematic structured deposits over a long period of time.
 

warlock250

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27k is the new 10k lol.
What the hell is 10k now days God dang mountain bikes cost that much. The stupid government was even talking about lowering the CTR reporting down to 5k Lmfao.
Who are we kidding the government will be chasing there tail looking at people playing with less than 100k now days.

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Racey

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From everything i know about the 10k reporting rule ChumpChange is right on the money.

It isn't a hard limit of 10k either, it's just close to that amount, and deposits out of the ordinary. A $9,130 the bank may ask you to fill out the Gov form. And it's 10k a month cash too i believe, so even breaking it up into bi-weekly $1,000 deposits can raise red flags if this is all of a sudden and out of the ordinary for you.

Breaking up deposits to try and get around the rule is illegal, if you sold a boat for $27,000 and then tried breaking that up into $9,000 deposits, when you get the knock at your door about why you did that, and you don't have a reasonable answer, you are in deep sheet, you turned something innocent into a crime. You could have just filled out the form and said "I Sold my Boat for $27,000" and been on your way.
 

2FORCEFULL

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27k is the new 10k lol.
What the hell is 10k now days God dang mountain bikes cost that much. The stupid government was even talking about lowering the CTR reporting down to 5k Lmfao.
Who are we kidding the government will be chasing there tail looking at people playing with less than 100k now days.

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oh yeah, but 60 k will buy a brand new tri toon with the fastest 250 hp on the market,.... trailer included....but, you have to buy from cactus RV and marine in havasu out by the Walmart...
 

ChumpChange

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Sarcasm is tough for some to understand, sorry.

You seem to be the one with the blind faith in the all knowing government controlling what you do with your money, so you tell me who is the liberal.

Making three $9k deposits in lieu of one $27k for selling a car isn’t wrong, no one is ever gonna say shit about it.

We are not talking about $100,000 here, or systematic structured deposits over a long period of time.

I guess the saying is right. Don’t argue with idiots, they’ll just bring you down to their level and beat you with experience. Maybe that’s why I don’t “understand” what you call sarcasm. ;)

Blind faith in the government? lol. How does answering a question with the CORRECT answer mean I believe in the government? Move along, professionals are talking here.

27k is the new 10k lol.
What the hell is 10k now days God dang mountain bikes cost that much. The stupid government was even talking about lowering the CTR reporting down to 5k Lmfao.
Who are we kidding the government will be chasing there tail looking at people playing with less than 100k now days.

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There is a huge war on cash right now. Can’t even deposit cash without showing ID anymore. They make sure it’s your account. They’re looking well below $10k but doesn’t require external forms.

Had a buddy get his account frozen by Chase. Was depositing cash from his roommates paying rent. When he didn’t respond, they froze it until he did.
 

2FORCEFULL

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I guess the saying is right. Don’t argue with idiots, they’ll just bring you down to their level and beat you with experience. Maybe that’s why I don’t “understand” what you call sarcasm. ;)

Blind faith in the government? lol. How does answering a question with the CORRECT answer mean I believe in the government? Move along, professionals are talking here.



There is a huge war on cash right now. Can’t even deposit cash without showing ID anymore. They make sure it’s your account. They’re looking well below $10k but doesn’t require external forms.

Had a buddy get his account frozen by Chase. Was depositing cash from his roommates paying rent. When he didn’t respond, they froze it until he did.
My bro needed 6k... I got his account number....it needed to be post in his account within a couple hours... we both bank at wells fargo..I could not with draw 6 from my accout, and deposit it in to his...I could not write a check,..and deposit to his account...because I'm not on his account... the only way was to do a wire transfer...and it cost 35 bucks...
 

LargeOrangeFont

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My bro needed 6k... I got his account number....it needed to be post in his account within a couple hours... we both bank at wells fargo..I could not with draw 6 from my accout, and deposit it in to his...I could not write a check,..and deposit to his account...because I'm not on his account... the only way was to do a wire transfer...and it cost 35 bucks...

Yea I had something similar happen a year ago. Had to go next door to CVS and get a money order to deposit into the account.
 
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LargeOrangeFont

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I guess the saying is right. Don’t argue with idiots, they’ll just bring you down to their level and beat you with experience. Maybe that’s why I don’t “understand” what you call sarcasm. ;)

Blind faith in the government? lol. How does answering a question with the CORRECT answer mean I believe in the government? Move along, professionals are talking here.

It’s great that bank tellers are so informed these days.;)
 

milkmoney

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Chump change and bully LOF, let's keep the name calling to the P&G section ....." listen guys "

[emoji39][emoji202][emoji482]

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Riley1

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ChumpChange

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My bro needed 6k... I got his account number....it needed to be post in his account within a couple hours... we both bank at wells fargo..I could not with draw 6 from my accout, and deposit it in to his...I could not write a check,..and deposit to his account...because I'm not on his account... the only way was to do a wire transfer...and it cost 35 bucks...

Yup. Used to have parents do that for their kids who were away for college. Go into their kid’s bank and drop in some cash. Now the parent had to be on the account to do that.

I think USBank will allow $400 cash to be deposited into an account you’re not on, as long as you yourself have an account there as well.
 

LargeOrangeFont

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Chump change and bully LOF, let's keep the name calling to the P&G section ....." listen guys "

[emoji39][emoji202][emoji482]

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You are no fun anymore :)

That thread might turn out ok. Gotta figure out how to trigger Gmac on Saucer and watch Saucer wipe the floor with him.
 

nameisbond

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Yup. Used to have parents do that for their kids who were away for college. Go into their kid’s bank and drop in some cash. Now the parent had to be on the account to do that.

I think USBank will allow $400 cash to be deposited into an account you’re not on, as long as you yourself have an account there as well.

USBank is $500 cash and you don't need to be an account holder as well. My Dad has an account with them. I deposit sometimes. They used to be ok with $1k cash with id. My brother has an account with a chain in Washington State. That bank was cool with me depositing $900 to his account the other day. Over that and they too want id.
 

wet hull

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ok, this thread is still going strong...so...I'll ask all of my why's

Why, would you drive to vegas to pay a car off...

Why would you post on RDP that you are driving to vegas ... with that much cash...

Why would you post that you even have that much cash???

other than HEY-LAM... whats the point???...

and...


why wouldn't you just send a cashiers check, or do a wire transfer???
Here is the short.

Car loan. Best rates were from a Vegas credit union. Flew to Vegas this weekend for fantasy football draft, so already in town. Flying the cash was easy. Bank is down the street from hotel. They have no branches in San Diego. Reason for payoff in town.

Reason I asked on RDP, never done a transaction like this. Figured ask first prior to walking in bank and getting flagged with pants down.

Cashiers check was not a option. Flame on me for reasons why but as most buisness owners would attest, cash happens occasionally and I was in a position to spend it. Hopefully this clears it up.
 

warlock250

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Chase closed my buddies account down a year ago saying he ran to much money through amd all he really did was buy and sell some stuff through out the year and it would sit idle somewhat and then he would put money in and pull it out and they hated that. Closed.

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LargeOrangeFont

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At least you recognize my authority and your stupidity to argue with me. ;)

And you’ll take my (3) 9k deposits, give me my money as I request it, and wish me a good day. :)

And nothing will happen.. ever.
 

highvoltagehands

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#1 Rule of River Daves Fight Club. Don't ever ask financial advice from River Daves Fight Club. See what you started.....:D
 

ChumpChange

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And you’ll take my (3) 9k deposits, give me my money as I request it, and wish me a good day. :)

And nothing will happen.. ever.

Sure will...and then file a SAR.

I've kicked out more profitable customers than you'll ever be. ;)
 

milkmoney

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Sure will...and then file a SAR.

I've kicked out more profitable customers than you'll ever be. ;)
Would you kick out a broke milkman ????[emoji39][emoji202]

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ChumpChange

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Would you kick out a broke milkman ????[emoji39][emoji202]

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Nah. I'd never open an account for you in the first place. :D I have had a few dairy customers though.
 

milkmoney

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Nah. I'd never open an account for you in the first place. :D I have had a few dairy customers though.
Lol....oh I dont have enough to open an account. At least I ain't getting kicked out...like LOF[emoji39][emoji202]

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