How good is cash?

[Viper_99]

I blows my mind that it takes 3 days to get cash out of a bank. Then he goes to another bank and they don't want to take the cash.



U of T student tries to pay off a $114,000 student loan in cash
The banks were not amused.

Last week, a Reddit user posted a photo of a $114,000 student loan bill—paid in cash—that elicited thousands of comments and dozens more when we posted it here.

Since then, the anonymous alum has stepped forward as Alex Kenjeev, a 2009 law school graduate of the University of Toronto.

Kenjeev, who works for venture capitalist firm O'Leary Ventures, told Business Insider the $114,000 payment was the last chunk left of $190,000 in loans he took out during school.

He'd spent years dragging out his payments while pouring most of his income into a start-up. As for why he paid in cash, Kenjeev said he wasn't proving some point about the dangers of credit cards or trying to show off. He just thought it'd be really funny.

"It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it," he said. "Neither bank thought it was as funny as I thought it was."

In fact, when Kenjeev showed up at the Royal Bank of Canada to withdraw the cash, the management initially refused him. Then they told him he'd have to pay a transport fee to have it delivered by armored truck.

We reached out to an RBC spokesperson, who said that while the bank does take precautions for large cash withdrawals, it wouldn't order an armored courier unless a customer asked for specific denominations or had a strict timeline for receiving the funds.

In the end, Kenjeev dodged the fee but had to wait three days before he could pick up the cash.

"After so many years of carrying student debt, a few extra days didn't bother me," he said.

With the money stuffed into a canvas bag, he walked the two blocks over to Scotiabank, where his student loan was held.

"I just plopped the bag down (on the counter)," he said. "They also didn't know how to handle it. At first the manager didn't want to accept the money."

While Kenjeev waited, calls to higher-ups were made, his RBC withdrawal slip was reviewed, and tellers went to work counting the bills by hand.

"I was pretty naive," Kenjeev admitted. "I didn't really realize how much of a hassle I'd cause for everybody. You just look at things and you figure cash is simpler than anything else."

When all was said and done, he shook hands with the bank manager and walked out two-and-a-half hours later—completely debt-free. The idea to post a photo on Facebook came spontaneously, but he still doesn't know who posted it on Reddit.

"I was feeling very good about finally being debt-free," Kenjeev said. "Some people have taken it pretty offensively. I actually think they have a point. It hadn't really occurred to me."

Business InsiderBy Mandi Woodruff | Business Insider – Wed, 23 May, 2012 11:41 AM EDT

[harbl_the_cat]

$114,000 is about 75 1 oz gold coins...

I hate to say it but I yearn to see the day that I see people with duffel bags worth of cash going to the grocery store and coming out with a few handfuls of canned of tuna.

[II DALTON II]

I get hassled every time I make a fairly large cash withdrawal/deposit at my bank. Someone my age having decent savings is uncommon and that raises suspiscion. I've had to sit in an office and explain where my cash comes from, usually takes 45 mins - 1 hour to get what I want.

[II DALTON II]

(05-24-2012 03:47 PM)harbl_the_cat Wrote:  $114,000 is about 75 1 oz gold coins...

I hate to say it but I yearn to see the day that I see people with duffel bags worth of cash going to the grocery store and coming out with a few handfuls of canned of tuna.

Erm... What? You actually want hyper inflation?

[harbl_the_cat]

(05-24-2012 03:53 PM)II DALTON II Wrote:  

(05-24-2012 03:47 PM)harbl_the_cat Wrote:  $114,000 is about 75 1 oz gold coins...

I hate to say it but I yearn to see the day that I see people with duffel bags worth of cash going to the grocery store and coming out with a few handfuls of canned of tuna.

Erm... What? You actually want hyper inflation?

Now that I have swapped most of my cash savings for silver and have about a years worth of provisions stored... yes.

The entire monetary system is an abomination and I'm of the opinion that ALL of the problems we see in society stem from the fact that the fundamental measure of a person's labour has no intrinsic value and can be created in supply that destroys all of it's value.

[PM Montner]

(05-24-2012 03:51 PM)II DALTON II Wrote:  I get hassled every time I make a fairly large cash withdrawal/deposit at my bank. Someone my age having decent savings is uncommon and that raises suspiscion. I've had to sit in an office and explain where my cash comes from, usually takes 45 mins - 1 hour to get what I want.

And you still bank with them?

[II DALTON II]

(05-24-2012 05:11 PM)PM Montner Wrote:  

(05-24-2012 03:51 PM)II DALTON II Wrote:  I get hassled every time I make a fairly large cash withdrawal/deposit at my bank. Someone my age having decent savings is uncommon and that raises suspiscion. I've had to sit in an office and explain where my cash comes from, usually takes 45 mins - 1 hour to get what I want.

And you still bank with them?

Everywhere is the same. I plan on closing one of my accounts after the building society limited my withdrawals. They weren't happy with the frequency of large withdrawals and deposits and placed a £100 per day limit. If I need to make any big deposits or withdrawals I have to give 3 business days notice.

[Honey]

When the SHTF in 2008... I went to a local branch of my bank (rather large bank..) and tried to withdrawl 10K in cash. THEY DIDN'T HAVE IT IN THEIR SAFE!! They told me that they would have to request it from a larger branch and I could come back the next day. I did.. so... I acutally placed an order with my bank for CASH... I kid you not..

[nosirrahx]

This story is similar to mine involving trying to buy a house when I have lived almost a decade in the black. I wanted to finance a house that I can buy outright so that I could break my credit blacklist. I had to get a co-signer that has less than 10% of my assets and income yet has played the game their entire lives.

I was also not able to finance my truck even though I had enough $ in my checking account to buy 10 trucks.

The system is rigged to encourage you to stay as close to disaster as possible without defaulting unless what you are going to default on is valuable to them.

Proving that you are well off and do not need credit at all is worse in their eyes than being up to your eyeballs in debt.

[Honey]

(05-24-2012 05:57 PM)nosirrahx Wrote:  This story is similar to mine involving trying to buy a house when I have lived almost a decade in the black. I wanted to finance a house that I can buy outright so that I could break my credit blacklist. I had to get a co-signer that has less than 10% of my assets and income yet has played the game their entire lives.

I was also not able to finance my truck even though I had enough $ in my checking account to buy 10 trucks.

The system is rigged to encourage you to stay as close to disaster as possible without defaulting unless what you are going to default on is valuable to them.

Proving that you are well off and do not need credit at all is worse in their eyes than being up to your eyeballs in debt.

Of course!! You aren't worth anything to them if you don't finance it and pay them interest! Why the heck would they want to deal with you if you are going to pay outright? If they can't earn interest off of you... you are just creating work for them that they won't get paid for...

[II DALTON II]

On a side note, they are discussing introducing a fee to own a current account here in the UK. Don't know if it will be yearly or monthly but I hope the idea does not see fruition. THeir argument for it is that banking is not a free service, and that it is very expensive to open and maintain accounts. This may be true, but what they are neglecting to discuss is the fac that fractional reserve banking is one of, if not the most, profitable businesses in existence.

[EL34]

Hmm, recently, I went to a local Bank of America branch and got 10,000 in cash

All they did was look at some ID to make sure it was me and make me sign a piece of paper so they could compare my signature with the one on file

It was an easy in and out

[Honey]

It wasn't that they gave me the 3rd degree.. they just didn't have it on hand. I went to a small "branch" location. They apparently have little cash. If there ever is a "run on the banks".. you better be the first on in line at a branch location.. Just sayin'...



PS:: Never... ever... tell where you bank. period.. even on a private thread.

[EL34]

(05-24-2012 08:04 PM)Honey Wrote:  PS:: Never... ever... tell where you bank. period.. even on a private thread.

Why's that?

[Honey]

(05-25-2012 06:40 AM)EL34 Wrote:  

(05-24-2012 08:04 PM)Honey Wrote:  PS:: Never... ever... tell where you bank. period.. even on a private thread.

Why's that?

It's just always a good idea to keep anything related to your finances private even on forums where your personal information is not available. Just a good rule of thumb. Maybe I am a little over protective..

[EL34]

(05-25-2012 07:37 AM)Honey Wrote:  It's just always a good idea to keep anything related to your finances private even on forums where your personal information is not available. Just a good rule of thumb. Maybe I am a little over protective..

Well of course, but mentioning the name of a bank does not bother me

Now if I gave you personal info, yes
been on the web since 1996, so far so good

[Viper_99]

(05-24-2012 05:49 PM)Honey Wrote:  When the SHTF in 2008... I went to a local branch of my bank (rather large bank..) and tried to withdrawl 10K in cash. THEY DIDN'T HAVE IT IN THEIR SAFE!! They told me that they would have to request it from a larger branch and I could come back the next day. I did.. so... I actually placed an order with my bank for CASH... I kid you not..

There was a run on a bank in Spain last week and they shut it down - the government stepped in said, it is okay we have partly Nationalized the bank. In the TV interview people were saying, "I trust the government, my money is safe". These people are crazy and Honey is correct there is no cash in these banks, they are store fronts.

[II DALTON II]

I'm not sure what the laws surrounding cash/currency are in other nations, but here in the UK you do not actually own your cash, you are the legal bearer. That means that your cash can be taken from you under the command of the Monarch at any time. This si what will happen here if/when the nation suffers a currency crisis. The Courts are run by the Crown and they will issue statutes that will demand it.

[EL34]

(05-26-2012 10:04 AM)II DALTON II Wrote:  I'm not sure what the laws surrounding cash/currency are in other nations, but here in the UK you do not actually own your cash, you are the legal bearer. That means that your cash can be taken from you under the command of the Monarch at any time. This si what will happen here if/when the nation suffers a currency crisis. The Courts are run by the Crown and they will issue statutes that will demand it.

Crap Dalton
No right to bear arms, your cash does not belong to you and security cameras on every street corner?
I would be thinking about moving out of merry ole England.

Just my .01
I understand it would be hard to pack up and leave the homeland

[juslen]

It can't hurt to keep a few thousand dollars in cash in a safe at home. That few thousand dollars might not be able to get you far, but the alternative during a financial crisis is that you won't be able to withdraw money from the ATM's and the banks might be on a "Holiday."

[Dom2012]

how good is cash .....?! ..... pretty bloody great I've been using literally every day for the past 30 odd years lol

[Kapten hörntand]

I can confirm that over "here" you have to call upon youre local bank office
with any withdrawal over 2000usd (about), and then they might ask you what you
gonna do with youre money also.. It usually takes 3 days to get them.

On the other hand the bank people at my local office are gentle and polite and always perform well.

[slow to learn]

Matthew 22:15-21

15 The Pharisees went away to work out between them how to trap Jesus in what he said. 16 And they sent their disciples to him, together with the Herodians, to say, ‘Master, we know that you are an honest man and teach the way of God in an honest way, and that you are not afraid of anyone, because a man’s rank means nothing to you. 17 Tell us your opinion, then. Is it permissible to pay taxes to Caesar or not?’ 18 But Jesus was aware of their malice and replied, ‘You hypocrites! Why do you set this trap for me? 19 Let me see the money you pay the tax with.’ They handed him a denarius, 20 and he said, ‘Whose head is this? Whose name?’ 21 ‘Caesar’s,’ they replied. He then said to them, ‘Very well, give back to Caesar what belongs to Caesar – and to God what belongs to God.’

The central banks created this ponzi scheme, they own the system of debt and everyone who participates in it! If you want to stop feeding the beast stop using credit! With out nations using credit the beast would starve and the system colapse around itself!

As in the video that Honey posted ''The Secret of OZ... '' When Andrew Jackson said that it should be made law that goverenments not be allowed to barrow money or go into dept!

The saying ''cash is king'' is a very true staement as long as the cash is debt free! We dont need gold or silver, all we need is a currecy created without debt!

[II DALTON II]

(05-28-2012 08:33 AM)slow to learn Wrote:  Matthew 22:15-21

15 The Pharisees went away to work out between them how to trap Jesus in what he said. 16 And they sent their disciples to him, together with the Herodians, to say, ‘Master, we know that you are an honest man and teach the way of God in an honest way, and that you are not afraid of anyone, because a man’s rank means nothing to you. 17 Tell us your opinion, then. Is it permissible to pay taxes to Caesar or not?’ 18 But Jesus was aware of their malice and replied, ‘You hypocrites! Why do you set this trap for me? 19 Let me see the money you pay the tax with.’ They handed him a denarius, 20 and he said, ‘Whose head is this? Whose name?’ 21 ‘Caesar’s,’ they replied. He then said to them, ‘Very well, give back to Caesar what belongs to Caesar – and to God what belongs to God.’

The central banks created this ponzi scheme, they own the system of debt and everyone who participates in it! If you want to stop feeding the beast stop using credit! With out nations using credit the beast would starve and the system colapse around itself!

As in the video that Honey posted ''The Secret of OZ... '' When Andrew Jackson said that it should be made law that goverenments not be allowed to barrow money or go into dept!

The saying ''cash is king'' is a very true staement as long as the cash is debt free! We dont need gold or silver, all we need is a currecy created without debt!

Exactly! Well said my friend.

[97guns]

i took my funds out last year and my bank wanted me to place an order also, i passed and went with their daily maximum of $2000 and just kept going back. i didn't want any kind of reporting on me.