Handling a large sum of cash in a boat sale?

Carpediem44DB

Carpediem44DB

Well-Known Member
Aug 18, 2015
3,230
Sanfransico Bay area
Boat Info
2000 Carver 506
2006 44 DB Sedan Bridge
Engines
Volvo TAMD 74 P
So if one sells a boat or classic car and the buyer wants to pay in cash say in excess of $50,000, what's the best way to handle the cash in terms of getting it into a bank account.
Obviously one would only do business with an individual that one is sure obtained the cash legally. It is really none of one's business if the money is from un reported income. I know that large deposits of cash are subject to the bank reporting to the government under the Bank Security Act. So they report the deposit, if the money is legit, should be nothing to worry about other that carrying around a bag of cash.
Anyone ever had to deal with this?
Or does one just make several deposits of under $10,000 to avoid the reporting?
 
Carpediem44DB said:
So if one sells a boat or classic car and the buyer wants to pay in cash say in excess of $50,000, what's the best way to handle the cash in terms of getting it into a bank account.
Obviously one would only do business with an individual that one is sure obtained the cash legally. It is really none of one's business if the money is from un reported income. I know that large deposits of cash are subject to the bank reporting to the government under the Bank Security Act. So they report the deposit, if the money is legit, should be nothing to worry about other that carrying around a bag of cash.
Anyone ever had to deal with this?
Or does one just make several deposits of under $10,000 to avoid the reporting?
Click to expand...
Read this:
https://www.federalcriminallawyer.u...o-report-10000-cash-felony-under-federal-law/
 
If the buyer insists on that much cash, I would meet at my bank, sign the papers and deposit the cash right there. No way in today's world would I walk around with that money. I just did a small, less than $5000, transaction and didn't really want to carry that money to the bank. My preference would be to meet at buyer's bank and have them cut me a certified check right from his account.
 
Carpediem44DB said:
So if one sells a boat or classic car and the buyer wants to pay in cash say in excess of $50,000, what's the best way to handle the cash in terms of getting it into a bank account.

Or does one just make several deposits of under $10,000 to avoid the reporting?
Click to expand...
This is in fact one thing that can draw attention, splitting it up to avoid attention is exactly why they monitor deposits to start with. In your case there is no reason to 'try' to do that, make one deposit. Let his bank and yours handle it.
 
I sold a car once to a guy that wanted to pay cash. It was mid five figures so I had him meet me at the bank and we deposited at the teller together. I figured if something was not legit he would refuse. It all worked out.
 
I would fan that money out and use a money pen on every bill. I've seen scams and I don't have a high level of trust. With that said I've done deals with high amounts of cash. In fact the one time I did a cash deal, the buyer brought his friend with him and he made it known he was carrying, just in case I tried to pull some crazy shit on him. Lol
 
So, a cash transaction that large is a PIA, but unless the $$ is counterfeit, nothing wrong or illegal about it. You would need to make an appointment at your bank branch, they would have you wait while the $$ is counted and inspected. You might just have the buyer meet you at your bank. I did the same with a car sale awhile back - only $5k, but I had to go inside the bank and let them inspect and count the $$. As far as the reporting, the anti money laundering act requires banks to report any cash transaction greater than 10k. In your case the source of that $$ is the boat sale, so no issues. If you start trying to make multiple deposits of just less than $10k, that is going to raise a flag - that is called layering, which would be seen as an attempt to hide the source of the money, don't do that.
Personally I would want a cashiers check or a wire for that kind of transaction, really that amount of cash is just stupid -- I recently bought a new boat and I wired the money - quick, easy and everyone was happy. If the buyer insists on cash, I guess take it - just manually counting that much is a pain - that's 500 Benjamins.
 
Bought and sold cars with cash for years. Never had issues with banks or reporting. Never give it a 2nd thought. Although I do hit the bills with a counterfeit pen if not doing the transaction at a bank. I always gave the buyer a heads up that I would be doing that.
 
One key point that was briefly mentioned is making an appointment at the bank. In today's world of internet banking, most branches don't always have a ton of cash on hand and may need time to prepare a large withdraw. Guess that's more his problem than yours, but something to be aware of.
 
Why anyone would want to do a cash transaction over 5K is just odd to me.

With all the free cash apps banks have now days I'd think a simple transfer of funds would be more appropriate. If your buyer with "cash in hand" is in on a cash only business I'd bet they are skirting some kind of law enforcement and you both will loose out in that case if caught.
 
Call your bank to get wiring instructions, give those instructions to him and have his bank wire the money to your bank. No muss, no fuss.
 
Personally, I would tell the buyer to deposit their cash in their bank, then wire the proceeds.

There is a lot of monitoring which goes on in our financial system today.
 
I went thru this once $55k in a designer bag….. I’m counting it in the back of my suburban in the boat ramp parking lot. I didn’t know he was bringing cash. Wife took it to the bank who we are very friendly with. We already talked to them about a wire so they knew we were selling the boat. When she walked in with $55k the bank manager had a shit fit. He said don’t do that again at least tell us ahead of time ….. one of the tellers asked if she could have the bag…. Too funny
 
Blueone said:
I went thru this once $55k in a designer bag….. I’m counting it in the back of my suburban in the boat ramp parking lot. I didn’t know he was bringing cash. Wife took it to the bank who we are very friendly with. We already talked to them about a wire so they knew we were selling the boat. When she walked in with $55k the bank manager had a shit fit. He said don’t do that again at least tell us ahead of time ….. one of the tellers asked if she could have the bag…. Too funny
Click to expand...
That’s funny….. the bank had an issue with someone bringing in money!
 
The buyer has accumulated cash through his business and wants to use it as partial payment with the balance to be wired into my account at close. I have no doubt about the legitimacy of the money, whether he claimed the income or not is his business. I’m going to the bank today to ask about their policy. I know they have to file an 8300. I am wondering if they need to report who I got the money from or are they just interested in what I did to get the money.
 
I just sold my Goldwing to an out of State buyer. Not 50k, but enough to be concerned about fake currency. Met him at my branch and they counted/varyfied the currency as it was deposited into my account. The title was signed at that time
 
Little Ducky said:
Why anyone would want to do a cash transaction over 5K is just odd to me.

With all the free cash apps banks have now days I'd think a simple transfer of funds would be more appropriate. If your buyer with "cash in hand" is in on a cash only business I'd bet they are skirting some kind of law enforcement and you both will loose out in that case if caught.
Click to expand...
Most cash apps do not allow transactions at the level of a boat purchase…
 
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