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Old 08-25-2017, 11:50 AM   #52
Seevee
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Quote:
Originally Posted by BandB View Post
We have to report large amounts of cash exchanges to try to control money laundering and profiteering from drug sales and other illegal activities. I think the requirement to report cash transactions is very good and it has eliminated some of the banks that specialized in working with money laudering and some businesses in the business of money laundering.

The second reason for these laws is that it reduces the huge amounts of taxable transactions done with cash by people avoiding taxes.

Just answering that question. Not getting into the rest of your cash and government issues as you and I obviously sit at opposite ends when it comes to cash transactions. While you may do everything legally and still prefer cash, it's also the preferred way of doing business for those involved in illegal activities.

As a totally separate issue, I don't like carrying large amounts of cash around, prefer not to make myself a target as I'm seen flashing bundles of cash while making payments. I'm not going to carry enough cash while boating to pay $15,000 for fuel or pay a thousand dollar restaurant bill.

Most cash I've ever handled was when the company I worked for had cargo planes and only on rare occasions made runs to Europe for existing customers. There they had to pay cash for fuel which meant carrying over $100,000 cash with them. Made all of us most uncomfortable.
BandB,

I totally agree with your position and totally understand your responsibilities in business. I'm glad I'm not in business anymore and can do as I please. I could make an argument for big ticket items like houses, big boats, etc., a check is more prudent, and that's fine.

Occasionally cash in hand works a LOT better. There is a big incentive for folks to sell when they see cash. A good example would be as a down payment (with a contract), or buying their equity subject to a loan (as in houses), and it's nice to have that option without folks thinking you are a criminal.

It's too bad that the vast majority of us are paying the price of possibly being labeled a criminal for the actions of very few. And the only answer I can see is must stricter punishment of the offenders.

As for the little things....cash works fine, and often better.

But I can certainly understand your view... just not for everyone.

(BTW, I also worked for an airline that needed cash for fuel purchases out of the country... yea, a bit scary)
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