Accumulating Cash

[barkley]

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.

if your own credit is union is a distance away you can find out if they belong to any of the cooperatives of credit unions that permit each other's customers to do banking in each other's branches ('shared branching'). that way you can to the c.u. that's closest and arrange for an immediate transfer of funds to do a cash withdrawl.

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

same here-i tell dh that I won't consider a bank or credit union unless we are within 'pitchfork and torch carrying' distance (I CLEARLY remember just happening to drive into town back in 2008 past the local WAMU branch and seeing the customer line out the door, around the bank, down the street).

 

[tvguy]

I always try to have enough cash on me to buy a tank of gas. About $60. And about $300 at home. We had a contractor cut a major data line here last year that knocked out all the gas station Point Of Sale systems. Was interesting to see cars pulling in and out while I was fueling up, asking if the POS was working at that gas station as they were on fumes. And on a normal business day, I probably could get any amount of cash I would likely need in a few minutes.

 

[barkley]

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.

I get it, i'm brick and mortar all the way. fortunately the rates at some of the credit unions are pretty good right now-i just locked a CD at 4.3% and the money markets are paying 3.04%. not as high as the online's but I like being able to walk into the branch.

 

[Mackenzie Click-Mickelson]

I know it's not the point of the thread but I don't think I would pay cash for that high of an amount. I bought my car with my money from the bank when I was 17, it was $7,000. I did a teller's check. Yes not every seller has a bank account but that's my protection too so I'd have proof I did provide payment. Too many issues with people paying high enough dollar cash and running into issues.

To the topic I don't think there's an issue with having an account with a digital bank like Ally Bank but I would have a backup locally to be able to funnel money in in cases like this. Locally can mean different things to different people, rural people may have to go greater distances but the point is you'd have a backup bank you could reasonably and realistically get to should you need to.

 

[wvjules]

Ehhh, cash with a bill of sale is just as good as any other payment method as far as protections go.

It's probably sold "as-is" anyway.

 

[soccerdad72]

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.

All our investments and liquid cash is with Morgan Stanley, which (as far as I know) doesn't have brick and mortar banks. We can go to whatever ATM we want and the fees are credited back to us, so I got to know many different ATMs in the past few days. I know now which ones dispense what bills.

 

[Mackenzie Click-Mickelson]

Ehhh, cash with a bill of sale is just as good as any other payment method as far as protections go.

It's probably sold "as-is" anyway.

I'm speaking broadly to paying cash for things that are of a high enough value from workmanship to buying a slew of things. It's hard to dispute things even with a bill of sale if what you bought has issues, even for an 'as is' purchase. Physical cash has no backing from a financial institution and is much harder to trace, etc. It's okay if you have a difference in threshold for your comfort level but I personally wouldn't pay $6,500 in cash for a jetski, I'd want proof and aid should something occur due to the result of that purchase especially off Facebook marketplace. I would also do the transaction at a deemed safe spot (in my area it's typically the police station). Obviously YMMV.

 

[Mackenzie Click-Mickelson]

And on a normal business day, I probably could get any amount of cash I would likely need in a few minutes.

It was always the advice my mom had when I first got an actual bank account as opposed to just a savings account I had when I was 9 to do it at a bank with enough locations and access to ATMs. The downside I think some people can run into is if their bank closes (which happens even to big name ones for specific locations) or ATMs get removed.

I do think it helps if people's banks have agreements with ATMs where you'll just pay a fee to get money out even if it's not your own bank, in a pinch that's helpful.

 

[goofyernmost]

If a vender takes cash only, they are going to take someone else's cash, not mine. I carry about $20 cash on me for something unexpected, but that is it. I do all my bill paying online and use debit or credit cards for all purchased online or in person. I would never have a large stash of cash in my home. To me that is a good way to get killed. Cash was needed about 4 decades back but it just makes one look very old fashioned, for a lack of a better phrase, to use now. I even use a Credit Union that pays me 5% on my average checking balance every month if I use my debit card 15 times in that month. I can't think of an easier way to make a little money on your money. I can count on the fingers of one hand the amount of checks I write a year. Paying in cash has no traceability. Unless one is doing something illegal it is much better to have a paper trail to protect yourself.