getting a large amount of cash is tougher than i thought

[thomsbrain]

i recently helped my gf buy a used car from a private party. you obviously only deal with cash in these situations, but we were surprised at how long it took us to accumulate the physical cash.

we both use credit unions and found that at the extremely few physical locations where we can access our accounts, we were limited to $500/day on withdrawls. i even overheard an actual member of that CU being limited to $1500/day. that's nothing! we could also utilize the ATM's, but again, you're hitting limits.

It took us nearly a week to get all the money together, and a lot of it ended up being in 20's, so we had this giant stack of bills. it was just weird, because it seems like cash is ceasing to become a liquid form of currency. if it takes two people driving to the bank every day for nearly a week to get a few thousand dollars in that form, it's hardly liquid!

i know i hardly ever use cash in daily transactions, with the exception of the costco food court. you can't use it for internet purchases, you can't get enough of it for large B&M purchases, you can't pay your bills with it. outside of used cars and drug deals, what good is cash anymore?

 

[Leros]

cashier's checks are good for large purchases like cars.

 

[Triforceofcourage]

Prostitiutes only take cash....... so I've heard

 

[Oscar1613]

cashier's check FTW

 

[DeviousTrap]

I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

 

[daniel1113]

Originally posted by: DeviousTrap
I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

Same here. If you can't withdrawal your cash in person, you need to find a new bank.

 

[thomsbrain]

Originally posted by: Leros
cashier's checks are good for large purchases like cars.

they are another option (very good for super expensive used cars), but if i was a seller, i wouldn't take one unless i went with the person to the bank and watched it being printed. and with a CU, it can be tough to find a branch that will deal with you, especially in a town you don't know. obviously this would be easier with WaMu or somebody like that. but even then, it's a hassle for the seller, especially when there are other buyers competing for the car. in our case, there was another buyer on his way when i made the deal. the seller was really unsure what to do, but my being able to shove an envelope full of green into his hand and say "take it, take it!" helped convince him to take our offer and not bother showing the car to other people.

 

[Triumph]

This is what the actual tellers are for. Not drive through tellers, not automated tellers, but people.

 

[AnonymouseUser]

A certified check from your bank works in one transaction, and is as good as cash.

 

[FoBoT]

cashiers check?

 

[Armitage]

Originally posted by: thomsbrain

Originally posted by: Leros
cashier's checks are good for large purchases like cars.

they are another option (very good for super expensive used cars), but if i was a seller, i wouldn't take one unless i went with the person to the bank and watched it being printed. and with a CU, it can be tough to find a branch that will deal with you, especially in a town you don't know. obviously this would be easier with WaMu or somebody like that. but even then, it's a hassle for the seller, especially when there are other buyers competing for the car. in our case, there was another buyer on his way when i made the deal. the seller was really unsure what to do, but my being able to shove an envelope full of green into his hand and say "take it, take it!" helped convince him to take our offer and not bother showing the car to other people.

Yep, I've heard of people getting ripped off with fake cashiers checks.

 

[thomsbrain]

Originally posted by: daniel1113

Originally posted by: DeviousTrap
I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

Same here. If you can't withdrawal your cash in person, you need to find a new bank.

well i have to admit it definetely has me considering putting a bigger chunk of my money in my big-chain account to avoid the CU hassle! the CU pays interest for checking with no fees, so it's always tough to decide which to use for daily stuff. i guess one just has to weigh convenience versus interest payments.

 

[doze]

Can't you just go the counter and write a check to yourself for cash for whatever amount you want, or do credit unions limit funds withdrawl? I think my bank lets me take up to $600 from the ATM in just one shot and I can get as much cash as I have in my account from the counter.

Cash is very useful for small transactions like lunch or a few beers at the bar. Or if you go out with friends rather than splitting the bill over multiple credit cards just use cash.

 

[T9D]

You can also just have your bank wire the money. They usually can do it the same day. I'll wire $100,000 or more at a time to other banks.

Anyway I have no problem getting large amounts of cash when I go in to see the teller.

 

[jlee]

Originally posted by: thomsbrain

Originally posted by: daniel1113

Originally posted by: DeviousTrap
I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

Same here. If you can't withdrawal your cash in person, you need to find a new bank.

well i have to admit it definetely has me considering putting a bigger chunk of my money in my big-chain account to avoid the CU hassle! the CU pays interest for checking with no fees, so it's always tough to decide which to use for daily stuff. i guess one just has to weigh convenience versus interest payments.

My bank pays 5.01% on a checking account with no fees..

You need a new bank.

 

[thomsbrain]

i didn't think to ask about wiring money, and that's a great idea.

the real teller at the closest CU that could serve my account had a $500/day limit. my bank has a $400/day ATM limit, making my maximum withdrawl for a day $900. i overheard another teller limit an account-holder at that CU to $1500/day. either way, that's ridiculous. it may be time to shop around again for a new bank, though with my 20-something finances, i can't command much interest unless it's with a CU.

 

[AnonymouseUser]

Originally posted by: thomsbrain
i didn't think to ask about wiring money, and that's a great idea.

the real teller at the closest CU that could serve my account had a $500/day limit. my bank has a $400/day ATM limit, making my maximum withdrawl for a day $900. i overheard another teller limit an account-holder at that CU to $1500/day. either way, that's ridiculous. it may be time to shop around again for a new bank, though with my 20-something finances, i can't command much interest unless it's with a CU.

Regardless of withdrawal limits, carrying large sums of cash on your person is stupid.

 

[Leros]

Originally posted by: CadetLee

Originally posted by: thomsbrain

Originally posted by: daniel1113

Originally posted by: DeviousTrap
I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

Same here. If you can't withdrawal your cash in person, you need to find a new bank.

well i have to admit it definetely has me considering putting a bigger chunk of my money in my big-chain account to avoid the CU hassle! the CU pays interest for checking with no fees, so it's always tough to decide which to use for daily stuff. i guess one just has to weigh convenience versus interest payments.

My bank pays 5.01% on a checking account with no fees..

You need a new bank.

I get 4.5xx% interest on my checking account. I get reimbursed for those annoying ATM fees. Yah... your bank sucks.

 

[XZeroII]

I've taken out over $1k multiple times from my CU. No questions unless you are going through the drive though. Then they ask you to come it.

 

[spidey07]

Originally posted by: DeviousTrap
I've gone to the bank and gotten several thousand of dollars in cash without any problems. The only time I've encountered a daily limit is on ATMs.

Yeah, I'm confused. Why didn't thomsbrain just go to the bank/credit union?

You can just ask for whatever you want, however you want.

 

[Philippine Mango]

Originally posted by: thomsbrain
i recently helped my gf buy a used car from a private party. you obviously only deal with cash in these situations, but we were surprised at how long it took us to accumulate the physical cash.

we both use credit unions and found that at the extremely few physical locations where we can access our accounts, we were limited to $500/day on withdrawls. i even overheard an actual member of that CU being limited to $1500/day. that's nothing! we could also utilize the ATM's, but again, you're hitting limits.

It took us nearly a week to get all the money together, and a lot of it ended up being in 20's, so we had this giant stack of bills. it was just weird, because it seems like cash is ceasing to become a liquid form of currency. if it takes two people driving to the bank every day for nearly a week to get a few thousand dollars in that form, it's hardly liquid!

i know i hardly ever use cash in daily transactions, with the exception of the costco food court. you can't use it for internet purchases, you can't get enough of it for large B&M purchases, you can't pay your bills with it. outside of used cars and drug deals, what good is cash anymore?

So you had like 20K in you bank accounts but were only able to withdraw $500 a day? What bank was this??

 

[homercles337]

Originally posted by: Leros
cashier's checks are good for large purchases like cars.

No doubt. The OP cant seriously be this stupid. Im calling shens...

 

[jpeyton]

Originally posted by: homercles337

Originally posted by: Leros
cashier's checks are good for large purchases like cars.

No doubt. The OP cant seriously be this stupid. Im calling shens...

Same here. You have a legal right to your money if you withdraw it in person. I've never heard of a banking institution limiting access to your money in person.

 

[txrandom]

Originally posted by: jpeyton

Originally posted by: homercles337

Originally posted by: Leros
cashier's checks are good for large purchases like cars.

No doubt. The OP cant seriously be this stupid. Im calling shens...

Same here. You have a legal right to your money if you withdraw it in person. I've never heard of a banking institution limiting access to your money in person.

During the Rita Hurricane, tons of people were evacuating my town (north of Houston). Our Wells Fargo was limiting customers to $100 withdrawals. Luckily, my Dad, mom, sister, and I all have our own accounts, so we got enough. I told my Dad he needed to find a new bank, cause I know I am.

 

[Pabster]

Originally posted by: daniel1113
Same here. If you can't withdrawal your cash in person, you need to find a new bank.

Yep. Of course some people prefer the ATM because there are some banks that charge $3 to $5 to actually get your cash from a teller.