|
 |
Home >> Accounts
Withdrawing Large Amounts of Cash
I am planning to buy a car and the seller wants cash. The car costs $40,000. How should I go about withdrawing such a large sum of cash?
|
Untitled
|
 Carrying that kind of cash out of the bank is risky at best, but if it's cash that the seller must have, try to convince the seller to meet you at your bank with the car, the bill of sale, and the title. Then you can give the car one last look, check the documentation, and only then pay for it.
Give the seller your check for the purchase price, and the bank can cash it for the seller before either of you leaves. Make sure the seller brings acceptable ID to cash the check, and call the bank a couple of days in advance to arrange for the cash to be available.
If you make the cash withdrawal yourself, your bank will be required to complete and file a Currency Transaction Report on the cash withdrawal. If you give the seller your check and the bank cashes it for the seller, the bank will complete and file the Currency Transaction Report on the seller's cashing of the check.
Published on BankingQuestions.com 7/03/07
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
