Should it be illegal to have more than $10k in cash without government approval?

[I spent the winter writing songs about getting better]

No (Everyone who isn't J.J. or MODU)

[AndrewTX]

God no. It's my damn money, and I'll do whatever I want with it.

[David S]

It shouldn't be illegal and as far as I know it isn't.

[Verily]

Just stupid.

[Grumpier Than Uncle Joe]

You can withdraw any amout without government "approval".   Are you talking about bank reporting requirements?

Come to think of it WTF are you talking about?

[I spent the winter writing songs about getting better]

You can withdraw any amout without government "approval".   Are you talking about bank reporting requirements?

Come to think of it WTF are you talking about?

J.J. claims it's illegal to have more than $10k in cash without notifying the government.

[Grumpier Than Uncle Joe]

You can withdraw any amout without government "approval".   Are you talking about bank reporting requirements?

Come to think of it WTF are you talking about?

J.J. claims it's illegal to have more than $10k in cash without notifying the government.

I'll let my friend J. J. speak for himself but I'm sure he meant the banks must report withdrawls of over $10,000. taken out over a certain time frame (I don't know what it is cause I don't have the cash to care).

[The Mikado]

I'm pretty sure you can HAVE any amount of cash on you, but you need bank notification to withdraw more than 10k because of the risk of identity theft.  Once the bank has confirmed that it is you and that you do, indeed, want 10k in cash they'll give it to you.

[Grumpier Than Uncle Joe]

I'm pretty sure you can HAVE any amount of cash on you, but you need bank notification to withdraw more than 10k because of the risk of identity theft.  Once the bank has confirmed that it is you and that you do, indeed, want 10k in cash they'll give it to you.

Actually I think the reporting requirement is due to money laundering not identity theft.

[David S]

When my daughter graduated from college she decided to buy a new car. She used her savings from summer jobs and I kicked in the rest. Anyway she wrote a check for the whole price of the car. The dealer informed us that they had to notify the FBI (I think) because she paid cash as opposed to financing it, and the amount was over $10k. Apparently the government thinks only drug dealers can afford to buy a car without financing it. There wasn't really any problem doing it. Its just that the dealer had to notify the FBI.

But what a bunch of crap! Government doesn't trust people who pay cash. It used to be that paying cash was a sign of fiscal responsibility. But today our asshole government thinks its a sign that you're a dope dealer.  Same government that invented fiscal irresponsibility.

BTW if dope dealers can smuggle drugs into the country what makes government think the same people can't smuggle drug money out?

BTW 2 why the hell haven't we secured our borders if its so important to stop drug traffic? Government knows there are drugs being smuggled across the border daily. Could it be that there are people in our government who are profiting from it?

[Ebowed]

David is right.  The government hates it if you pay cash.  The government, as well as corporations, would prefer that we all used credit for everything, for obvious reasons.  Makes it easier for the government to spy on us, and easier for credit companies to track our every purchase and use it for marketing information.

The more people who use imaginary money to pay for what they want, the better for everyone in power.

[2952-0-0]

And of course, no one is smart enough to withdraw $9999.99 to get around this requirement. My parents paid for a used Nissan completely in cash, and no one ever complained.

[memphis]

When my daughter graduated from college she decided to buy a new car. She used her savings from summer jobs and I kicked in the rest. Anyway she wrote a check for the whole price of the car. The dealer informed us that they had to notify the FBI (I think) because she paid cash as opposed to financing it, and the amount was over $10k. Apparently the government thinks only drug dealers can afford to buy a car without financing it. There wasn't really any problem doing it. Its just that the dealer had to notify the FBI.

But what a bunch of crap! Government doesn't trust people who pay cash. It used to be that paying cash was a sign of fiscal responsibility. But today our asshole government thinks its a sign that you're a dope dealer.  Same government that invented fiscal irresponsibility.

BTW if dope dealers can smuggle drugs into the country what makes government think the same people can't smuggle drug money out?

BTW 2 why the hell haven't we secured our borders if its so important to stop drug traffic? Government knows there are drugs being smuggled across the border daily. Could it be that there are people in our government who are profiting from it?

Why are you taking this so personally? Financial transactions have the potential to be very shady. It's really important that the gov't is making sure nothing fishy is going on. You remind me of the people who get all pissy when asked for an ID when they pay with a credit card. It's just a standardized procedure to prevent improprieties. Geez, find something better to complain about.

[Tetro Kornbluth]

David is right.  The government hates it if you pay cash.  The government, as well as corporations, would prefer that we all used credit for everything, for obvious reasons.  Makes it easier for the government to spy on us, and easier for credit companies to track our every purchase and use it for marketing information.

The more people who use imaginary money to pay for what they want, the better for everyone in power.

Of course you do realize that money itself is a completely imaginary good.

Personally I always prefer to pay in Cash; but then again at my age you don't make too much big transactions.

[Nym90]

I think it makes sense to report transactions over $10,000. The probability of the money having been procured illegally definitely goes up the higher the amount in question.

[Queen Mum Inks.LWC]

Absolutely not.