Earlier this week, I received the final payment for the boat I just sold - in cash. 186 brand new looking 100 dollar bills. It being MLK day, the bank was closed so I took them all back to the boat and hid them away in what I hoped was an inconspicuous spot.
A couple of days later, I rode my trusty bike to the bank hoping that I wouldn't get robbed or get hit by a car or fall down and have cash flying all over the street. I made it - no problem.
I walked into my bank and laid the cash on the counter. The teller's eyes got big. "How much is there?"
I told her. She looked flustered and excused herself to speak to her supervisor. When she came back, she explained that this was going to take a while. There is special paperwork to be done for transactions over $10,000.
But, before we even got to the paperwork, she had to count it - very carefully. Then she had to go back through it and mark each bill with a special pen. The ink shows up brown on a genuine bill, black on regular paper.
All was in order at that point, so she started in on the paperwork. I had to present identification, SSN, and sign a receipt. Then I had to wait another 5 - 10 minutes while they did something online and got a response back.
All in all, the transaction took almost half an hour. A check would have been way simpler.
Then I got to thinking...
What if some of the bills had been counterfeit? Maybe the boat buyer would make it good - maybe not.
What if someone came in to rob the bank just as I laid the money on the counter. Would the bank make good? I doubt it.
Cash is simple? I don't think so. I will think at least twice before I do any more large cash transactions.
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