Accumulating Cash

[mommasita]

It just makes sense.

We too have cash in our home. We have a safe and keep it there with other valuables. I can’t even begin to tell you how often this has come in handy, including this entire summer with my husband’s accident.

 

[AustinTink]

We too have cash in our home. We have a safe and keep it there with other valuables. I can’t even begin to tell you how often this has come in handy, including this entire summer with my husband’s accident.

I hope your husband is healing and you are doing well.

 

[Southernmiss]

Keeping cash on hand is a part of our hurricane prep kit.

For us, too. Always have some cash available if needed. Rarely use it day to day.

We have a mix. Checking acct with a local bank that I used to work at. Savings Accts with a local credit union dh had as a kid and online only accts for the better interest rates.

With a remodel this year, we transferred electronically to our credit union acct and paid the contractor draws with cashier's checks.

 

[soccerdad72]

Hopefully the OP has some way to make sure the jet ski is in good working order and not stolen before the transaction takes place? That seems like a LOT of cash to be carrying around, so I would assume you plan to arrange to meet this person in some public place? If the item is stolen, likely any contact information the seller provides is probably fake as well.

The seller and I will go to the county registrar and transfer the title to the jet ski after I’ve had the chance to test drive it. We’ll be meeting at his yacht club, so not a real sketchy area

 

[barkley]

Keeping cash on hand is a part of our hurricane prep kit.

for us it's been useful during major power outages in our region. when the power was down for a week or so the grocery stores that could stay in operation were largely those operating on a cash and carry basis.

We have a safe and keep it there with other valuables.

one of the best investments we've ever made-in addition to other valuables we keep one set of vital documents in it and a duplicate set in the safety deposit box at the credit union (and we went old school safe wise w/ non electronic-despite having a whole house backup generator).

 

[Skywalker3]

We only bank at a bank that has several brick/mortar locations. I don't think I"d feel comfortable just yet not having those options. But I've also just started really using zelle for stuff. I'm old. Have used paypal for quite a while.
We don't keep a ton of cash around the house, and I only have a little bit in my wallet at any given time, but I do go every couple months or so to the bank and cash a check to have smaller denominations. I don't know where my ATM card is, need to replace it, I haven't been to an ATM in forever.
Just sent DS off to college, and he'd never used his debit card, so had to get another one. They printed one at the local office same day. That was cool. Had no idea they could do that.

 

[mikehn]

For this reason, I have multiple bank accounts that have branches all across places I travel so Im never without access to funds. I keep just enough money in them to avoid any fees. I transfer money in and out as needed.

 

[tony67]

So it seems the banks with the best interest rates for High Interest Savings tend to not have branches anywhere near me.
For the most part I try to use credit cards and just pay them from the accounts - too many points opportunity to pay cash for things.
For example one of my Airline card just had a deal where if I spent 100 a month for three months I got 10k points - so a free flight to Florida.

ANYWAY - In addition I have an account with a small local bank that I can transfer money to when I need cash. Electricians, Plumbers etc.. will often do deals for cash. I don't think I'd be buying a large item from Facebook for cash.

The only time I need cash is for Travel - so Euros for example - and my bank will send that Fedex.

 

[amcnj]

I originally selected a bank that had a branch near where I worked as well as near home. These days that account is linked to an online bank, allowing me to do cash transactions as needed in a local branch. Though I currently don’t use cash very often, so rarely go to the bank.

There can be a lag of a few days sending money in or out of the online bank, so you could need to plan ahead in some cases. I haven’t had an emergency or sudden cash need so far. Not sure what I could do. I try to leave enough in the “real” bank to cover most things. Oh and the online bank does now have some branches, and one happens to be just 2 or 3 miles away in the next town over.

My atm card probably doesn’t work anymore, as I think they told me that would happen after a certain period of time of inactivity. I don’t even know the last time I used it. And thought the atm card had a daily limit too, maybe $400? Of course maybe the atm card parameters concerning amounts and inactivity are different now. I guess I should stop in the bank one day and check out the situation.

And while I am at it, perhaps I should investigate options like Zelle and Venmo.

 

[Kathryn Merteuil]

We definitely don't keep cash around here.

If you don't have a brick and mortar bank branch where you live, it definitely would be quite a challenge to come up with something like $6.5K on short notice. I guess ATM's would be the only choice. That would definitely be tedious. If you were in a credit union that participated in coop shared branching, it might be a LITTLE easier, but I think they have pretty strict withdrawal limits and it couldn't be done in one trip.

 

[MillauFr]

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

What interest rate does the mattress pay? I want at least 5%.

 

[CGB]

We were offered a discount for paying in cash for some HVAC work back during the pandemic. The local branch of our bank was a bit put out, but they scraped up a little over $10K in cash. We've always kept an account at a local bank, even during our military days.

 

[Dan Murphy]

The only time I've ever gotten extra cash to have on hand was during the Russian military buildup on Ukraine's border a few weeks before Russia's invasion of Ukraine. I did have a flight concern for cyber warfare screwing up access to ATM cash. So far, an unfounded concern on my part. The cash still sits in my desk drawer.

I normally get a couple hundred about every other month from the local ATM. Almost all of that winds up over the ensuing weeks with the grandkids. I can't recall the last time I was physically inside of the bank.

 

[tvguy]

We were offered a discount for paying in cash for some HVAC work back during the pandemic. The local branch of our bank was a bit put out, but they scraped up a little over $10K in cash. We've always kept an account at a local bank, even during our military days.

Every business I have dealt with that offers a cash discount, considers a check, cash for discount purposes.

 

[LoveSpringsteen]

For that quantity of cash, without a local bank branch, I think it would be difficult. Does your bank have an affiliation with a local bank by chance?

 

[CGB]

Every business I have dealt with that offers a cash discount, considers a check, cash for discount purposes.

Oh, I was going to write a check. But when he offered an additional discount for *cash* (believe me, I questioned him), I made the trip to the bank. Apparently, there was a shortage of HVAC materials during that time and I assume cash helped them get the supplies they needed, however that happened.

 

[tvguy]

Oh, I was going to write a check. But when he offered an additional discount for *cash* (believe me, I questioned him), I made the trip to the bank. Apparently, there was a shortage of HVAC materials during that time and I assume cash helped them get the supplies they needed, however that happened.

I ran into that when my electric company dug up half my driveway to replace a buried electrical cable. They would only pay to replace the half of the driveway that they dug up. That would not match. They had a fixed cost if the homeowner wanted the entire driveway replaced, payable a number of ways. But there was a second price if you paid cash. A much lower price.

 

[disykat]

My husband grew up in a family with a deep distrust of banks, etc. No investments, minimal bank accounts, etc. It took me a long time to get him over that. He still keeps a little cash on hand and while I know where most of our money is and make sure it is invested properly and/or growing safely, I couldn't tell you exactly how much he might have stashed at any given time. I've kind of let it go.

It was a real eye opener to me how differently people see money even though I grew up in a pretty economically diverse family. I had also done some reading about poverty vs. growth mentality, etc. but it was still a real surprise when getting to know DH and his family.

 

[barkley]

My husband grew up in a family with a deep distrust of banks, etc. No investments, minimal bank accounts, etc. It took me a long time to get him over that. He still keeps a little cash on hand and while I know where most of our money is and make sure it is invested properly and/or growing safely, I couldn't tell you exactly how much he might have stashed at any given time. I've kind of let it go.

It was a real eye opener to me how differently people see money even though I grew up in a pretty economically diverse family. I had also done some reading about poverty vs. growth mentality, etc. but it was still a real surprise when getting to know DH and his family.

my father passed in 1981. he NEVER trusted 'banks' and would use savings and loans exclusivly. his basis for mistrust-he was a young adult when the stock market crashed in 1929 and saw the difference between what happened with the s&l's vs. the banks. it was ingrained in him that banks were cold hearted buisnesses while s&l's had some kind of community connection. he knew chapter and verse how banking regulations and safeguards had been instituted since then but he just could not shake what he had witnessed first hand.

 

[kyton]

LOL I work in a bank - the first time for 20yrs, currently it’s been 14mths - cash is still king in our household.

We’ve always ensured that everyone in the family has at least $20 in cash on their body - our 18yo & 15yo sons both prefer cash, our 20yo daughter prefers a card. Even when we travel overseas we ALWAYS have a stash of cash alongside our cards. Went to Egypt in February and Hawaii in June - both times we carried approx $5k in USD. When my 18yo started travelling between Australia and the US over the last three years he was sent with a stash of USD each trip that was replenished on each home trip.

There are too many things that can affect card usage, cash will always have a place.