Better payment method than actual cash

[PaulR]

I will tell a story I found amazing. I work for a bank and had a woman come to see me who had inherited some money. This was 3 years ago. She live on a farm where the toilet was still an outhouse. She earned her living playing and singing Christian music on her guitar. Mostly original compositions. Maybe 60 years old and very nice. Didn't know a stock from a sock. I suggested that when she was ready she could mail a check to establish her new investment account. To my surprise she pulled out an Apple iPhone and in probably 2 minutes transferred electronically $300,000. I was stunned. Electronic funds transfers are commonplace today. Ask your bank to help you establish the capability. Where I work they stopped taking cash maybe 25 years ago. Last year due to covid they mandated that an exception would have to be granted to receive and process a check. No cash, no checks. You take a picture of your check and email it. It is what it is. Adapt or die as they say, and keep the outhouse!

Never underestimate the power and wealth of little ol lady farmers.
Not so much anymore, but I recall a time back in the early 90's preparing income taxes for these little ol ladies. Tattered dress, you'd feel sorry for them, until they whipped out their bank interest statements with the countless thousands and thousands of dollars of interest. Nothing shocks me anymore.
My richest client, railroad tycoon heir, if you met him you'd think he was close to being homeless.

 

[Rdrcr]

I accepted a personal check when I recently sold my B2601. I kept the tractor until the check cleared and then let the buyer come and pick it up. It was a painless transaction.

Mike

 

[JimmyJazz]

Never underestimate the power and wealth of little ol lady farmers.
Not so much anymore, but I recall a time back in the early 90's preparing income taxes for these little ol ladies. Tattered dress, you'd feel sorry for them, until they whipped out their bank interest statements with the countless thousands and thousands of dollars of interest. Nothing shocks me anymore.
My richest client, railroad tycoon heir, if you met him you'd think he was close to being homeless.

Ditto

 

[fried1765]

This is how I sell something of higher value as well.

I don't quite understand why "they" .....a buyer.... "will sign a bill of sale"
A bill of sale is signed by the seller, as proof that the seller has transferred ownership to the buyer.
Normally, no action is required by the buyer, except to make payment in full, which a signed receipt from the seller certifies.

 

[TomRC]

May not be required in the case of a tractor since not titled but a simple Bill of Sale signed by both parties documenting hours on tractor, serial numbers of tractor / implements and is a record of date of the sale between both parties.

Unless you have been burned in life by a scenario you would never expect to occur it's probably hard to understand but on any high dollar item I'd do a Bill of Sale and preferably in the presence of someone at the Bank. You only have to have one bad experience on a high dollar transaction or deal with someone you thought was on the up and up but turned out not be to understand the importance of taking a few extra but simple steps. May not be required but IMO are prudent and protects both parties. When the tractor leaves my property I wan't it clear who has ownership because what can happen probably won't happen but it certainly could happen!

 

[lynnmor]

I do several personal +10K cash transactions per month and have done so for 25 plus years. Not once have I heard from any agency. I'm also a business owner and do zero cash transactions.

As long as you can keep the deals under the table, you can get away with it.
Here is some information.

 

[BobInSD]

... make 6 x $5000 NOT 1x30K though..fly under the radar,maybe, there might be a 'flag' for several 5k xfrs though..

This is actually illegal in this once free country. Even if the money is legally acquired and being used for a legal purpose. Good thing we won the Cold War...

 

[Elliott in GA]

This is actually illegal in this once free country. Even if the money is legally acquired and being used for a legal purpose. Good thing we won the Cold War...

It is called Structuring, and you only have to have intent to avoid the CTR requirements to commit the crime.

 

[NHSleddog]

You guys are as hoot.

Cash sale. The buyer can get all the cash he wants at his bank. (If you need over 25K and want large bills call in advance). If your bank does not deal with cash IT IS NOT A BANK - lol. The seller can do whatever he wants with HIS cash (after you give it to him) no need to strawman his possible future tax or sales issues, leave his money alone.

I buy and sell as a hobby it must be the yankee in me. Never have I taken or given a check.

MOST BANK CHECKS CAN BE CANCELED - Only the "Certified Bank Check" in the banks name is the only one that can't be canceled. The "cashiers check" the "bank check" etc. can all be canceled.

ALL BANK CHECKS CAN BE FORGED - and easily.

I should make a poster out of this,

Buyer: Will you take a check?
Seller: Is it a local bank,?
Buyer: Yes
Seller: Is it a hassle dealing with them?
Buyer: No!
Seller: Is it your bank?
Buyer: Yes,
Seller: GREAT, on your way over here stop there and get cash. I never go to your bank.

 

[BobInSD]

Does anybody have concerns about counterfeit cash? I've heard that the special cash marker pens are not even a good test these days. How would one verify that the 300 hundred dollar bills are the real McCoy?

 

[Chuck Woolery]

Honestly if you're that concerned, don't sell anything or buy anything. At some point you have to take a chance.

Also I don't know if you have special vision, but I've never walked around and been able to see how much money someone has on them as I pass by them. Basically no one is going to know if you have $30K in cash on you at any time.....unless you get super nervous and walk up with a locked brief case hand cuffed to your wrist. Odds are when you walk into a dealership to buy something they'll probably be quite surprised when you tell them you're paying in cash. If you're worried about a private sale (buying or selling) meet only at locations with cameras and in public view.

 

[DDCD]

In my state there is so much marijuana growing going on cash is everywhere. My AC guy got paid 100K in cash for 25 units on one building. You know what he did with the cash? Deposited in the bank!

I've heard the 10K thing as long as I can remember. I'm not sure what the big deal is. Is there some sort of special IRS capital gains tax on tractors?

Bring your cash. Meet at buyers bank. Deposit it. They'll tell you if it's real.

 

[BobInSD]

Honestly if you're that concerned, don't sell anything or buy anything. At some point you have to take a chance.

Not overly concerned, just trying to become educated. The last tractor I sold, the guy's bank was slow in processing his loan-- the loan was supposedly approved but he wouldn't actually have the funds until Monday. He really wanted the tractor on Friday, so I let him take it w/ a promise to get me the money the next week. I'd never met the guy before advertising the tractor, but he offered to let me talk to the lady at the bank. It all worked out fine.

OTOH, I never would have even considered this when I lived "back east".

 

[Porcupine]

Pocket full of cash and a pistol ain’t never did anyone wrong.

Beat me to it.

That’s the way I do it.

 

[NHSleddog]

Does anybody have concerns about counterfeit cash? I've heard that the special cash marker pens are not even a good test these days. How would one verify that the 300 hundred dollar bills are the real McCoy?

I know a guy that worked for the secret service in Boston (retired a few years ago). He said if you can't tell by feeling/smelling/marking the bill, neither can the bank. He also said if you get taken by counterfeit bills, you should know better because 95% of them don't pass the smell test and most of the rest will pass/deposit just fine until it is captured at one of the reserve banks.

He also said the gov will spend millions finding out who counterfeited a dollar. Never steal from the government, they hate the competition.

 

[Elliott in GA]

Cash is problematic for the reasons listed before - danger of theft, Cash Transactions Reporting requirements at the bank (forget illegal activity, your bank will not be happy filling out all of the paperwork - you do it often enough, your bank may close your account - not worth the trouble of internal anti-money laundering review and possible law enforcement inquiry) and then there is a very low risk of counterfeit bills.

However, to guard against the risk of counterfeit and just to count the money takes a lot of time. If you receive $25K in cash in $100s, it will take you between 20 and 40 minutes (5 to 10 seconds to inspect and count each bill). That is 20-40 minutes of you doing nothing but inspecting/counting - no talking, no nothing. What if they show up with $20s?

If you do receive counterfeit, it will nearly always be rejected when you attempt to deposit at the bank. Their money counting machines will detect the fake bills, and you will be out the money (they do not give it back).

A wire transfer solves all of these problems, and it has no drawbacks (cannot be faked like a bank check and etc.). If I were selling buying something for that kind of money, I would do it on a business day through a bank (either a wire or in person).

Some general information about counterfeiting:

https://www.washingtonpost.com/news/post-nation/wp/2016/11/22/they-make-fake-money-worth-more-than-cocaine-the-u-s-just-recovered-30-million-of-it/

 

[fried1765]

Beat me to it.

That’s the way I do it.

The pocket full of cash is a good idea!
The pistol ....not so much....if you actually fire it!
You will need a MUCH larger pocket full of cash for attorney fees!

 

[gunnersguru]

Pocket full of cash and a pistol ain’t never did anyone wrong.

thats right , i have horse traded a lot of goods ,buying and saleing . a edc in the pocket

 

[fried1765]

I accepted a personal check when I recently sold my B2601. I kept the tractor until the check cleared and then let the buyer come and pick it up. It was a painless transaction.

Mike

My local bank told me that even though a check has "cleared" they can claim an exception (fraud?) to that "clear" at a later date.

 

[Shanester]

Sold tractor in one day at full asking price and all cash. At least half of the equation is done. Now onto larger tractor shopping.