Accumulating Cash

[soccerdad72]

Not intending this to be another thread where folks argue over cash vs. electronic payments (not that it won't turn into that... )

I've come to find out how difficult it is to come up with the bills to pay for something exclusively in cash, especially in this day and age when you don't have a "physical" bank to go to.

Long story short, we're working on buying a jet ski from Facebook marketplace. The seller has said he would prefer cash. Not a problem, except that suddenly, in the last few days, I've been having to come up with $6,500 in cash. Our checking account isn't with a brick-and-mortar institution (at least none are near us), so I found myself going from ATM to ATM doing withdrawals. I'm really gotten to know our area ATM's Every one had different maximum daily withdrawals, different bills they dispense, etc. So I ended up with a mixture of $100s, $50s and $20s (which I've really tried to avoid).

At the end of the day, I feel like I'm rolling up a gambling stake to run to Vegas.

 

[fla4fun]

Not intending this to be another thread where folks argue over cash vs. electronic payments (not that it won't turn into that... )

I've come to find out how difficult it is to come up with the bills to pay for something exclusively in cash, especially in this day and age when you don't have a "physical" bank to go to.

Long story short, we're working on buying a jet ski from Facebook marketplace. The seller has said he would prefer cash. Not a problem, except that suddenly, in the last few days, I've been having to come up with $6,500 in cash. Our checking account isn't with a brick-and-mortar institution (at least none are near us), so I found myself going from ATM to ATM doing withdrawals. I'm really gotten to know our area ATM's Every one had different maximum daily withdrawals, different bills they dispense, etc. So I ended up with a mixture of $100s, $50s and $20s (which I've really tried to avoid).

At the end of the day, I feel like I'm rolling up a gambling stake to run to Vegas.

I don’t have that issue as all three institutions where I have accounts have brick and mortar locations within a five mile radius.

If I did, I would probably ask a couple of friends if I could write them a check that they could cash, if they had access to a brick and mortar location. It would be easier to get high denomination bills that way. I still have checks, as that is how my landscaper prefers to be paid each month, and occasionally I need one to pay a tradesperson doing work on the house.

 

[tvguy]

Curious where you live that there are no brick and mortar banks? My bank is a half a mile from me. And Bank of America is in the middle of building new brick and mortar branches here. Granted, they ARE different than branches of the past. The new branches no longer have safe deposit boxes. But they do every other kind of banking. And as for cash, every grocery store as an ATM.

 

[wvjules]

Curious where you live that there are no brick and mortar banks? My bank is a half a mile from me. And Bank of America is in the middle of building new brick and mortar branches here. Granted, they ARE different than branches of the past. The new branches no longer have safe deposit boxes. But they do every other kind of banking. And as for cash, every grocery store as an ATM.

HIS bank is not brick and mortar.

I never carry cash so I know the feeling. I did withdraw some money to go gambling last week so it basically came out of one machine and into another. lol

 

[TippyThomas]

Not intending this to be another thread where folks argue over cash vs. electronic payments (not that it won't turn into that... )

I've come to find out how difficult it is to come up with the bills to pay for something exclusively in cash, especially in this day and age when you don't have a "physical" bank to go to.

Long story short, we're working on buying a jet ski from Facebook marketplace. The seller has said he would prefer cash. Not a problem, except that suddenly, in the last few days, I've been having to come up with $6,500 in cash. Our checking account isn't with a brick-and-mortar institution (at least none are near us), so I found myself going from ATM to ATM doing withdrawals. I'm really gotten to know our area ATM's Every one had different maximum daily withdrawals, different bills they dispense, etc. So I ended up with a mixture of $100s, $50s and $20s (which I've really tried to avoid).

At the end of the day, I feel like I'm rolling up a gambling stake to run to Vegas.

My credit union has a cap on how much I can take out at an ATM per day, so I don't even think that would have worked for me. Never really considered it and now you got me thinking about what my options for something like that might be.

 

[_19disnA]

Daily withdrawal limit on my debit card has nothing to do with which ATM machine I use. Maybe yours works differently? I will probably always carry some cash with me for small purchases.

 

[FreeTime]

I typically take a check from my online only bank to a local non affiliated institution. They will cash it for $2. If over a certain amount they say to return in a few days if they aren’t able to check instantly that the funds are available.

 

[Kooks and Bay Bay]

I'd never get involved with a bank that doesn't have a local physical location.

Also at this point I wouldn't buy or sell in cash (I used to be the queen of cash and my sister would always call me the "bank" if she needed cash for something).
If you don't have Zelle or Venmo I'm not buying/selling.
No need to worry about trying to gather enough cash that way.

 

[tvguy]

I'd never get involved with a bank that doesn't have a local physical location.

Also at this point I wouldn't buy or sell in cash (I used to be the queen of cash and my sister would always call me the "bank" if she needed cash for something).
If you don't have Zelle or Venmo I'm not buying/selling.
No need to worry about trying to gather enough cash that way.

I'm a Senior Citizen on Social Security, I pay cash (or check) for the cash discount. Did a major home improvement project this year. All new siding, windows and exterior paint, $50,000 in total. Got a $1,500 discount for paying cash.
And in the past few days I caused a stir on a cruise forum over a cruise I am taking to Canada. I asked about tipping excursion guides in cash.,.....specifically having Canadian cash to do it. Several planned to use Zelle or Venmo but have just discovered they do not do business in Canada. They are scurrying to get cash for tips.

 

[Kooks and Bay Bay]

I'm a Senior Citizen on Social Security, I pay cash (or check) for the cash discount. Did a major home improvement project this year. All new siding, windows and exterior paint, $50,000 in total. Got a $1,500 discount for paying cash.
And in the past few days I caused a stir on a cruise forum over a cruise I am taking to Canada. I asked about tipping excursion guides in cash.,.....specifically having Canadian cash to do it. Several planned to use Zelle or Venmo but have just discovered they do not do business in Canada. They are scurrying to get cash for tips.

And that is why I would never get involved with a bank that does not have a local physical branch.
When you need a large about of cash you just go get it. And use the ATM for smaller cash amounts.
I'm more or less talking about FB transactions and using Zelle/Venmo (OP was specifically talking about a FB transaction).

 

[AustinTink]

We always have anywhere from 5-10k in cash on hand at the house. Can’t imagine not having it at the ready for whatever pops up.

 

[wvjules]

We always have anywhere from 5-10k in cash on hand at the house. Can’t imagine not having it at the ready for whatever pops up.

There's your answer, Steve! Just put it under your mattress and you'll have it whenever needed.

 

[tvguy]

And that is why I would never get involved with a bank that does not have a local physical branch.
When you need a large about of cash you just go get it. And use the ATM for smaller cash amounts.
I'm more or less talking about FB transactions and using Zelle/Venmo (OP was specifically talking about a FB transaction).

No first hand experience with Facebook Marketplace. My old boss sells a lot of stuff there, all $15 or less, her posts say cash only. Not sure why she doesn't take Zell or Venmo.

 

[EACarlson]

This is why I keep an account at a local credit union. I could have either transferred the money electronically, or worst case, they would have cashed a check for me drawn on my main account.
I'm in the same boat, it's a three hour drive to a branch of my primary bank, and an eight hour drive to a branch of my secondary bank. I have the opposite problem. I get paid in cash for one of my side gigs and need to deposit it.

 

[easyas123]

We always have anywhere from 5-10k in cash on hand at the house. Can’t imagine not having it at the ready for whatever pops up.

Same here.

 

[disykat]

I keep an account at Bank of America for this reason. There used to be 4 branches within easy driving distance of my daily life. Now there is one. At least there are more I can get to if needed within an hour or two (Yikes, EACarlson!) but it's still a little disconcerting to find diminishing options.

I just ran into my first instance of difficulty communicating between my financial institutions this week. I'm having to change to a new high yield savings option because I don't want hiccups! I WANT a brick and mortar institution, but I NEED the higher yield options.

 

[AustinTink]

There's your answer, Steve! Just put it under your mattress and you'll have it whenever needed.

Guess we are weird, but we find the need for cash pretty often. Our supply gets replenished a few times a year. We buy and sell quite a bit in collectibles for my husband’s hobby.

 

[EACarlson]

I keep an account at Bank of America for this reason. There used to be 4 branches within easy driving distance of my daily life. Now there is one. At least there are more I can get to if needed within an hour or two (Yikes, EACarlson!) but it's still a little disconcerting to find diminishing options.

I just ran into my first instance of difficulty communicating between my financial institutions this week. I'm having to change to a new high yield savings option because I don't want hiccups! I WANT a brick and mortar institution, but I NEED the higher yield options.

That's why I keep the tertiary that is just over a mile away. A 20 minute walk.

 

[AustinTink]

Same here.

I think we must both be old fashioned but I like having cash on hand.

 

[Skippy918]

ATM’s have limits because of fraud and the amount of cash that’s stored inside said ATM.
Husband needed a large amt of cash one time because the seller would not accept checks. Credit cards were an added fee. It was a weekend so we had to make a few runs to the atm to get the money.