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Thoughts on keeping large sums of cash at home.

Discussion in 'Topical Discussions (In Depth)' started by DuaneLuk, May 11, 2010.



  1. DuaneLuk

    DuaneLuk New Member

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    Should one have a large pile of cash hid away at home or do we turn it into food or PMs? Need your thoughts please.
     
  2. andial

    andial Sir Midas Member Site Supporter ++

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    I only keep a small sum of cash in the bank.
     
  3. Jeremiah_Wrong

    Jeremiah_Wrong Seeker Seeker

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    I do have a good bit of cash hidden in my home. It's always a good idea. Use diversion safes such as soda cans, empty shaving cream cans, etc. Hide some between the pages of your books. Hide some in your car as well. Make sure you don't withdraw more than 10k at a time though.
     
  4. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Very high quality burgler fire safe bolted to concrete or main house supports and hid. No sense holding cash if it can burn up, talk about double screwed!
     
  5. killer2021

    killer2021 Silver Member Silver Miner

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    Stupid idea. Every robber knows that people keep valuable stuff in safes. So if you ever get robbed, they will go after the safe. I wouldn't keep more than 500$ cash on me and if I had more than that I would turn it into silver coins or other preps. The best place to hide your stuff is in the ground. No need to worry about fire or anything like that. Plant a tree over it or some sod. The only thing you would probably have to worry about is someone metal detecting your lawn, which doesn't happen often. You can hide it near your water pipes to throw people off.

    Every now and then you'll hear a story about someone was doing some construction work (ie. putting in a pool) and they will dig up a steel box with silver dollars in it from the 1800s. Just goes to show how safe your stash is in the ground. I am sure there is alot more silver hidden around the country that won't be found for thousands of years.
     
  6. Blueice Mark II

    Blueice Mark II Silver Member Silver Miner

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    Find ten good places to put your dough, but first purchase a firearm and a shotgun...
     
  7. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Stupid idea, It spent enought time in the ground already, I'm not putting it back. And if I get hit by a bus my family will still get it.

    If they find it they can have at it. I hope they brought lunch, dinner, heavy equipment and thier Mom, because they still ain't getting in.
     
    Last edited: May 12, 2010
  8. Abobo

    Abobo New Member

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    How skilled do you think the average thief is? Buy a nice safe and home alarm system -- you can even have an extra alarm sensor in the closet or wherever you have your safe installed. Unless you're getting robbed by some extremely skilled thief you'll be safe.
     
  9. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Biggest thing people forget about safes is they have to be anchored like a moth*******r to be good for anything. Even the ones that weigh 1000+ pounds.
    If it's on concrete, good. If it's on wood bolt through the wood into steel plate or lag bolt it into 4x4's. be creative.
     
  10. Treasure Searcher

    Treasure Searcher Gold Chaser Platinum Bling

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    My employer has given us "Bank Secrecy Act" training. This is to detect those wanting to convert cash into something else (money orders, etc.).

    As part of the training, we were told "no person is suspicious, only the transaction is suspicious".
     
  11. earplugs

    earplugs Gold Chaser Platinum Bling

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    I don't think there's a problem with keeping a large sum of money at home. btw, I sent you a pm. I need to get your address so I can send you that silver eagle I owe you.
     
  12. Oldmansmith

    Oldmansmith Midas Member Midas Member

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    I keep 5K in 20's with bank receipts buried in the ground. You never know...
     
  13. DuaneLuk

    DuaneLuk New Member

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    Why bank receipts?
     
  14. Golddust

    Golddust Banned

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    Location:
    Texas, 8.31 light minutes from the sun.
    Proof of ownership and not from drug sales,
    showing the money came from a bank and not
    the street.

    The first thing the ptb think when they find you holding
    a large sum of cash , will be drug sales.

    And you can take that to the bank!
     
  15. Bocephus

    Bocephus Seeker Seeker

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    I have to take the same training every year, the course never changes. I about have it and the test Q&A memorized.
     
  16. DuaneLuk

    DuaneLuk New Member

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    So if I go to the bank today and take out $5K what can I expect to be confronted with? Seems like the only question should be, " How do you want that broke up?".
     
  17. Abobo

    Abobo New Member

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    They might make small talk and ask what you're going to be using the cash for, but 5K shouldn't be any real issue. If you want to make some shit up a good response is that you're going to Vegas for the weekend. The cashier will probably laugh and shrug off your withdrawal without a second thought.
     
  18. Gordon Gekko

    Gordon Gekko Seeker Seeker

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    You can expect them to file a Suspicious Activity Report. Here are the details of the report:

    An MSB must file a SAR when it knows or suspects that:

    The funds come from illegal activity or disguise funds from illegal activity;
    The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,
    The MSB is being used to facilitate criminal activity.
    There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler’s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.

    http://www.irs.gov/businesses/small/article/0,,id=154555,00.html
     
  19. DuaneLuk

    DuaneLuk New Member

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    Thanks for the information.
     
    Last edited: May 12, 2010
  20. DuaneLuk

    DuaneLuk New Member

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    LOL - Your not that far from the truth. I am head to a casino this Friday. Vegas will happen this August - great rates in August.
     
  21. Gordon Gekko

    Gordon Gekko Seeker Seeker

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    Proceed with caution.
     
  22. Drumblebum

    Drumblebum New Member

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    OOPS.:bear_noexpression:


    Actually, I don't really give a sh!t what forms are filed as a result. I want control of my funds and that is that. If the jerks don't like it then tough.

    Hell, all I do is pay legitimate bills with their fiat anyway... they probably just don't like the fact they can't confiscate my $$ at will (easily, anyway). Well, I'm real sorry about that. I need that money to eat and keep a roof over my head.

    It's MINE, goddam it.
     
  23. Abobo

    Abobo New Member

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    I highly doubt that they will put anyone on any list for withdrawing 5K. I've bought gold and silver for my father before and he's paid me in cash -- his bank never did anything. He also routinely withdraws large amounts of cash before going on vacation overseas and they do nothing. For his work in the military industrial complex he has to have security clearance and they've never brought up withdrawing cash.

    Depositing 5K in cash might raise some red flags, but withdrawing your own money isn't going to cause the feds to come knocking at your door.

    DuaneLuk, if you're really worried about raising suspicion you could always withdraw the cash from a branch of the bank next to the casino. Or better yet, wait till you're in Vegas. No one is going to look twice at someone withdrawing cash while on vacation in Vegas.
     
  24. Saul Mine

    Saul Mine Seeker Seeker

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    It's nice to keep SMALL amounts of money at home for bus fare, lunches, etc. LARGE amounts should be left in the bank and you should open a treasury direct account. Then when your bank doesn't open some Monday morning you can go online and transfer your funds out of it. Most of your wealth should be in gold or silver, cash and carry, insured by Smith and Wesson.

    Re safes: If you can transport it in a car it's too small to be safe. A safe may as well be a billboard saying "STEAL ME!" Be sure it's up to the challenge. For small stashes of a few thousand ounces, use a cardboard box with Christmas ornaments on top. Or a bucket with nuts and bolts on top. Or a soap box behind your washer. Do not stash anything inside any piece of furniture.
     
    Nickelless likes this.
  25. Goddess

    Goddess New Member

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    Umm I suppose you should keep large amounts of cash if you have a need for toilet paper. Otherwise I would keep gold and silver. And empty coke can in the fridge makes a nice hiding place.
     
  26. Gordon Gekko

    Gordon Gekko Seeker Seeker

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    You do realize that just because they do not disclose they are filing a SAR, doesn't necessarily mean they aren't, right?
     
  27. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    I gotta think that even for a short while, cash will be king. That short while might be a week, month or year. Who knows at this point. But I sure as heck would not want to be cashless in that time period and be forced to use the real stuff unneccessarily.
     
    DrillAndFill likes this.
  28. Fullpower

    Fullpower Seeker Seeker

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    Do BOTH.
    Calories and BTU's ..
    Energy will be the new money
     
  29. DrillAndFill

    DrillAndFill Silver Member Silver Miner

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    I have withdrawn and/or deposited between $5K and $10K many times, and I have never heard a peep from the IRS or any other agency. I wouldn't doubt that an SAR or two has been filed - I'd bet they checked my tax return that year to see some reporting of capital gains, but there has been no other sign of any interest in my doings.

    The manager at one branch knew me from signing off on some large cash withdrawals, and he saw me make at least three big cash deposits in a two-month span. He could not have cared less. If they were filing SARs on me, they were probably pissed, more than anything else, at me for creating another form for them to fill out at the end of the day.

    You should probably avoid doing so multiple times per month. If you end up with a fat stack of cash, and have already made your big deposit this month, you might want to sit on that cash or use it to buy other assets instead of depositing it.

    If you were constantly withdrawing or depositing large cash sums throughout the year, you could become a person of interest.

    These days they seem to push you harder to take a cashier's check, but my evidence is purely anecdotal.

    I'm interested in how often banks see deposits of $2K-$10K cash on a given day. Anyone have any experience in a bank?
     
  30. Abobo

    Abobo New Member

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    Sure maybe they are filling a form somewhere, but what I'm saying is that nothing has ever come of it. Maybe somewhere, my name is on a list saying I withdrew a large sum of cash. But I'm more concerned about my name being listed as a contributor to Ron Paul.
     
  31. Avalon

    Avalon Lawn Protected by Guns Of Avalon Platinum Bling

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    I would like to hear more about your training and what the flags are..
     
  32. Avalon

    Avalon Lawn Protected by Guns Of Avalon Platinum Bling

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    I withdrew 10k in cash one time and bought the IRS audit from hell..
    the one reserved for drug dealers..
     
  33. BUZ

    BUZ New Member

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    Very important, get a quality safe and bolt that sucker to the ground!

    http://www.youtube.com/watch?v=nBhOjWHbD6M
     
  34. latemetal

    latemetal Platinum Bling Platinum Bling

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    Keep in mind that inflation robs you whether your money is in the bank or your attic, also that from time to time old hoards of cash are found that have been forgotten by the owners, leave gold/silver instead.:36_2_36:
     
  35. DuaneLuk

    DuaneLuk New Member

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    Well I had no problems withdrawing it - yet. The teller asked me if I was going shopping and I said I am going to an auction and a casino and that each are funny about not gettting cash. When I left she said good luck on my shopping. I just smiled and left. It's amazing to feel guilty about taking out your own money.
     
  36. Gordon Gekko

    Gordon Gekko Seeker Seeker

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    Pretty sad isn't it?

    My point earlier was that banks file SARs with regards to the thresholds I posted earlier. Now, what exactly they do with those stupid reports is beyond me. The problem is, we live in a cashless society. Thus, when a bank sees somebody withdrawl/deposit a decent chunk of money, it is deemed as "suspicious".
     
  37. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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  38. Mujahideen

    Mujahideen Black Member Midas Member

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    I would get a big safe, put it in the basement and just keep documents in there, no cash... This would be the decoy safe.

    As for where I would put my cash and PMs, I dont have any.
     
  39. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    I have made many cash deposits and withdrawals..........i have been asked questions on cash withdrawals as low as $2500(started after 911)(i use the going to vegas or buying some equipment line)..........i once asked a bank teller what level triggered these questions and was giving a verbal run around and very evasive dialoge..........i started doing one of two things on cash withdrawals......if it was large i would call my commercial bank loan officer and tell them i was going to make a large cash withdrawal that day and to please have the cash ready (many banks do not carry large sums of cash) ............the other way was to make weekly small withdrawals and work from a personally held cash pool....there seems to also be a strong adversion to $50-$100 bills so i keep plenty of cash in small denominations.....hiding cash is really easy if you use your imagination and dont put all your eggs in one basket.....

    thoughts on hiding cash.......in a frozen package in freezer...in electrical outlets...in HVAC...in/under/ontop of furniture...attics..crawlspaces...behind baseboards..in pictures...in pipes..in sewers...in yard...inside appliances...under floor coverings...etc......and my favorite in a container inside the septic tank....
     
  40. Mr. Shiny

    Mr. Shiny Silver Member Silver Miner

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    This pertains to MSB's (money service businesses), not banks, do you really think every time someone pulls 2k bux out of an account the red flags go up?
    Those nefarious persons in question tend to avoid banks and such and stick to currency exchanges, Western Union offices, etc.

    Of course, converting your cash to PM's would prevent this..........ooops, no it won't
    you're all F'd.

    Oh, I know, bury/hide your large cash stash, that's it.......ah sh!t, F'd over again
    DAMNIT!!
     

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