I've received cash payments several times. I always count in front of the client.
And when I make a large cash payment to someone, I tell them to count it and check me.
Had a fella come in paid a 10k bill in cash. All small bills. I was like WTF don't you write checks. He was like nah. When I did count it after he left, iirc it took 2-3 hours and was $20 or $40 short don't remember the exact amount it was short. Needless to say I didn't say anything about it.
Sent from my SHIELD Tablet using Tapatalk
Just last week I was to meet a contractor on site to transfer data and help with the localization. I didn't give them a price yet for the model or the localization (it was just a handful of lots to learn the equipment) and when I arrived, the boss man couldn't be there so after transferring the data and the localization, the field guy hands me a signed blank check and said to fill it out myself.
Hispanic clients in my area often pay in cash.
People with actual money (not pretense of having money) at times pay in cash also. Usually not concerned with change either.
Count it yourself right away right in front of him then write it down on the invoice and sign and date it. Do this even if the client just finished counting it himself. A few months ago, I had a client hand me two stacks of 20's each in a rubber band intending to pay me $2k. Each bundle was actually 2k after I counted...he was appreciative.
Had a client that got caught up in the 2008 bust. For a couple years after that they would come in from time to time and lay down maybe $500 - $1000 in cash against their bill (which stood at something like $20,000). We always counted it out in front of them, gave them a recei
Got stiffed once when customer gave the envelope and both assumed to be correct. Well as didn't count it there and then had to let it slide as it will be my word against his. So from then on I always count in front of them.
Special_ops, post: 420529, member: 12541 wrote: paid a 10k bill in cash
I hope you filed the correct federal paperwork. There is serious trouble to be had when transferring unreported cash over some threshold in the vicinity of that number. Also, if they pay a bill over the threshold in multiple smaller cash payments, the reporting rules may still apply. Many real estate agents have gotten in trouble over this.
Bill93, post: 420562, member: 87 wrote: I hope you filed the correct federal paperwork. There is serious trouble to be had when transferring unreported cash over some threshold in the vicinity of that number. Also, if they pay a bill over the threshold in multiple smaller cash payments, the reporting rules may still apply. Many real estate agents have gotten in trouble over this.
What Cash?
Bill93, post: 420562, member: 87 wrote: I hope you filed the correct federal paperwork. There is serious trouble to be had when transferring unreported cash over some threshold in the vicinity of that number. Also, if they pay a bill over the threshold in multiple smaller cash payments, the reporting rules may still apply. Many real estate agents have gotten in trouble over this.
IRS Form 8300.
I sold a piece of property once and carried the note with a filed mortgage myself (ssshhhh...). The buyer owed me around 11k for almost a year. He had found a young couple that wanted the property and contacted me about what we could do. All I wanted was the balance on the mortgage I held. I met them all at the courthouse. When I was told the payment would be in cash I reduced the amount to $9990.
I got paid and released the mortgage. The owner turned around and gave a WD to his buyers (I have no idea what other recompense he received), the young couple. When I got to my bank with $9990 (and that was two large manila envelopes stuffed FULL of bills) the teller wanted to fill out a Form 8300. I told her I didn't like that since it was under 10k. She explained the bank filled one out for all large cash transactions. I asked to see a bank officer and explained to him I would rather not fill out the 8300. He obliged. 10k and over is mandatory, but under 10k is optional apparently. I got my way.
They had a bill counter and it still took 15 minutes.
You don't have to rush to the bank with cash. Golly gee, guys. It's just as good tomorrow as today. Pay a few bills with cash from that supply. It'll disappear plenty fast.
Holy Cow, post: 420573, member: 50 wrote: Golly gee, guys. It's just as good tomorrow as today. Pay a few bills with cash from that supply.
Well, I don't make a practice of carrying hundreds just because they're a poor substitute for lower denomination bills if there is cash to be paid over the counter. As a result, it's been awhile since I've even seen a Benjamin and my first thought when I later looked through the stack of crisp new Geitner Benjamins with the purple racing stripes on them was that my client had paid me in funny money. I finally realized that the new bills have microprinting and the hologram-embellished stripes for security.
I break hundreds at the gas station on a routine basis. Try dropping a few in the offering plate at church and don't worry about proving a charitable deduction. I went through about 20 of them in two days a couple of weeks ago. They are real money.
The good old days. My father was in the farm equipment business and cash was a regular. When I was younger he would sometimes sit down at the dinner table and say, "If you can guess how much is in my wallet, you can have it". There were seven of us and we would never get close. Then he would let us count it. Occasionally a $5,000 bill would be in the pile, but I never recall see a $10,000, but $500s and $1,000s regularly. I delivered a $12,000 self propelled forage chopper once and my dad sent me with the bill. At the farm the owner runs into the house and comes out with a cigar box that is full. He counted out $12,000 and the box was still full. Today's farm equipment can cost more than my house.
Paul in PA
I used to work with a man named James Distel from Cincinnati, OH. that always told a pretty funny story about "cash".
Jim had just graduated HS and went to work at the local Buick dealership (where his father was a salesman) as a junior "legacy". He freely admitted he couldn't sell a jug of water to a man dying of thirst, but he tried hard. He mainly worked the off hours and was in charge of the janitorial duties there at the dealership.
Only Jim and one other salesman were there late one evening and they were about to close and lock the doors. A rusty old pickup pulled up out front with rakes and shovels stuck up in the air. A raggedy old fella got out and started for the showroom door. The older salesman told Jim to "get rid of him quick".
When the raggedy fella came in he told Jim he was interested in the shiny black 1970 4 door Electra 225 (that's a deuce 'n a quata for those not familiar with the model) that was front and center stage there in the showroom. It was top of the line with every conceivable option known to man. Jim was polite and let the man kick the tires and stick his nose in all four doors and the trunk.
Then the man asked, "How much is it?" Jim leaned over and read the sticker on the side and told him, "That's $4800"...which in 1970 was a big chunk of coin for Detroit iron. Jim was sure it would scare the guy off.
The old fella pulled a roll of cash out of his bib overalls and started counting large bills on the hood. Jim freaked and had to call the older salesman out there to help. He had to call the dealership owner to even get the key to open the double doors to get the car out of the showroom. Jim said he got home at 10:30 PM instead of the usual 8 PM.
Jim told me he made over $200 commish for that sale which was over double a week's wages for a good salesman. He thought he had found his special purpose in life as a car salesman. Must've been wrong though...he told me that story 5 years later as we were hacking our way through kudzu somewhere south of Shreveport, LA in July...;)
