Best way to launder (I mean deposit!) $6k?

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Caliman

Guest
I sold my beloved Disco I tonight :( to a lovely couple and their 2-yr old son. I thought they would give me a check or a cashier's check for the $6000, but instead they came with an envelope full of cash. Fine with me (and yes, I checked for watermarks, and I'm pretty sure it is legit. I know their address/phone/e-mail/etc. and have been to their apartment), but what is the best way to deposit it in my out-of-state bank? I generally mail deposits, but they don't want cash (duh, and certainly not $6000). I've got it stashed under the front door mat (where I also keep my housekey--might as well keep it simple, eh?) for now, but where can I go to get a cashier's check? I'd like to minimize fees, but if it is $10 or less, no problem. Thanks!

-Caliman
 
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dsstephens

Guest
uh, hey - what's the address of that doormat again...?

try one of the wire services (western union), maybe, and have it wired directly into your account through wire transfer. will cost some $, but not $$, and give you peace of mind - plus cash in the bank earning interest quite quickly. That's what I do, at least. Not sure if there is a limit for those guys - I've certainly never reached it.

or, give me your address and you won't have to worry about it...

:D
 

RoverChic

Well-known member
Apr 19, 2004
1,446
0
den Haag
Thats the same thing I was thinking DStephens... Hey try taking it to a local bank and see if they can convert it over to C Draft/Certified Funds. I am not sure if they will or not but its worth a shot. I used to be in the financial industry and we used to often convert things for non members at a 1% rate.
Good Luck.
 

Porter

Well-known member
Apr 20, 2004
124
0
Will your bank take a money order/cashier's check from you. If they do you could deposit it that way.
 
C

Caliman

Guest
Porter said:
Will your bank take a money order/cashier's check from you. If they do you could deposit it that way.

The bank will take a money order/cashier's check (made out to me, of course), but the question is, where do I get one cheaply? I don't think (but could be wrong) that Long's Drug (but maybe the post office?) will make a money order for $6000. Hmm. I think I'd get reamed at Western Union, and it isn't worth it. I'll check the banks...

-Caliman
 

skydiver

Well-known member
Apr 20, 2004
801
0
50
Central VA
Caliman said:
I sold my beloved Disco I tonight :( to a lovely couple and their 2-yr old son. I thought they would give me a check or a cashier's check for the $6000, but instead they came with an envelope full of cash. Fine with me (and yes, I checked for watermarks, and I'm pretty sure it is legit. I know their address/phone/e-mail/etc. and have been to their apartment), but what is the best way to deposit it in my out-of-state bank? I generally mail deposits, but they don't want cash (duh, and certainly not $6000). I've got it stashed under the front door mat (where I also keep my housekey--might as well keep it simple, eh?) for now, but where can I go to get a cashier's check? I'd like to minimize fees, but if it is $10 or less, no problem. Thanks!

-Caliman

Walmart can do moneyorders up to $1000/ea, and they cost 40cents. So, you could convert this cash to 6 $1000 mo's for $2.40.

-Tommy
 
C

Caliman

Guest
skydiver said:
Walmart can do moneyorders up to $1000/ea, and they cost 40cents. So, you could convert this cash to 6 $1000 mo's for $2.40.

-Tommy

That sounds like a plan. While I'm there, I can try to buy something with the extra million dollar bill I found in the envelope--it must be my lucky day! (anyone remember that story? :)

-Caliman
 
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smenzel

Guest
You might try the closest bank to get a certified check made out to you. Your local Post Office will do a money order but you should probably avoid these as they're almost as liquid as cash.
 
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AdrianS

Guest
Just keep it under your mattres and use it for gas, lunch money, pay bills w/MO's. Won't have to explain to anyone where it came from!! ;)
 

MUSKYMAN

Well-known member
Apr 19, 2004
8,277
0
OverBarrington IL
dude ....join the new millenium and get a debit card!

then find anyone of the 6 million ATM's around this country and make a deposit.

oh...and launder is a bad word :)
 
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Caliman

Guest
MUSKYMAN said:
dude ....join the new millenium and get a debit card!

then find anyone of the 6 million ATM's around this country and make a deposit.

Hmm...I've never seen a debit card that allows you to deposit at an ATM that isn't at your bank. Maybe I'm wrong (and I'll call my bank to find out), but I'd be surprised if it works. Thanks for the tip, though.

-Caliman
 
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BrettinSanAntonio

Guest
American Express now has those check cards that work like credit cards/travelers checks. They look pretty easy to use and have the protection of travelers checks. They also work like an ATM card so getting cash is easy.
 

rmuller

Well-known member
Apr 28, 2004
4,452
1
Northern NJ
www.njlr.org
Caliman said:
Hmm...I've never seen a debit card that allows you to deposit at an ATM that isn't at your bank. Maybe I'm wrong (and I'll call my bank to find out), but I'd be surprised if it works. Thanks for the tip, though.

-Caliman

Depends on what you mean by <i>your</i> bank. I have fleet, and I know that I don't have to deposit money at the branch that my account is housed at, any one of their 16k ATMs will take a deposit from me.
 
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Caliman

Guest
rmuller said:
I don't have to deposit money at the branch that my account is housed at, any one of their 16k ATMs will take a deposit from me.

Well, my bank is USAA, and the only branches they have (as far as I know) are in Texas and Las Vegas. Both are a bit far (from Northern California), and even if I did decide to go to Vegas, the last thing I'd do is bring $6000 cash...too tempting to blow it at the craps tables!!!

-Caliman
 

MUSKYMAN

Well-known member
Apr 19, 2004
8,277
0
OverBarrington IL
cirrus,tyme,mac,cash station...ect ect are all linked up through the fed with electronic data capture transactions.

you can deposit into any ATM and the transaction will go through as long as the ATM is a deposit recieving station.

most of the new small units do not take any deposits . but any bank based unit will and that bank has a federally insured responsibility to complete the transaction.

they will charge you a fee for the transaction and that will very depending on state laws.

money...aint it cool

MM :cool:
 
C

Caliman

Guest
Figured out a relatively cheap way

I decided to go with the Postal Money Order. They cost $1.25 per $1000 MO, so the total cost was $7.50. Not bad. I filled them out (to myself) at the post office, and then mailed them to my bank. I have the receipts, which I can cancel if the mail gets lost. My bank is cool with cashing the money. The post office clerk didn't even bother checking the 60 $100 bills for authenticity, but he did have a good story about his dad paying for a new car at a dealership with $15000 worth of fives and tens because the dealership treated him badly. The clerk was actually happy it was $100s because it didn't take long to count.

Thanks again for the tips!

-Caliman
 

Pugsly

Banned
Apr 20, 2004
382
0
www.roverautomotive.com
Sounds like you found a good solution, should work out fine for you.

Interesting how cash has become an undesirable way to do (legitimate) business these days. Somebody pays us in cash and we can't figure out what to do with it!
 

Ron

Well-known member
Jun 15, 2004
1,820
0
Main Line
Spend it!!!!

And get a local bank while you are at it.

The wal-mart or grocery store money order is a decent idea.

Personally I would find the nearest bank branch I could and take it there.

Paying in cash -- less than 10k -- is a common way to avoid taxes.

You have a business, you get paid in cash, you pay everything with cash and don't report it as income. I am sure the US loses billions this way.
 
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Caliman

Guest
Ron said:
And get a local bank while you are at it.

I don't need a local bank. This situation was an anomaly, and my bank (USAA) is fantastic. They pay me back for my ATM fees, no matter what ATM I get the money out of. I get free "BillPay," they send me postage-paid deposit envelopes, the rates are great (my used car loan is 5%), and they're very helpful on the phone. And that's not even mentioning the Insurance options through the same company. Very convenient.

-Caliman