stuck holding the $$

[salmonee]

Okay, here's my scenario. Buyer wants cash for boat only. Bank A is my credit union and has the cash. Bank B is my checking and is available local to where the boat is located. My plan: Take $ from Bank A and deposit into Bank B. Then get $ from Bank B for seller as suggested by iboaters. WRONG! Some kind of new federal law states Bank B must freeze large sums of cash deposited into their bank for X days. Can't do a casheir's check to Bank B either because it takes X days to clear. Now I'm stuck with the $.

 

[Bondo]

Re: stuck holding the $$

Now I'm stuck with the $.

Ayuh,.... So Go Buy the Boat......

 

[sschefer]

Re: stuck holding the $$

Okay, here's my scenario. Buyer wants cash for boat only. Bank A is my credit union and has the cash. Bank B is my checking and is available local to where the boat is located. My plan: Take $ from Bank A and deposit into Bank B. Then get $ from Bank B for seller as suggested by iboaters. WRONG! Some kind of new federal law states Bank B must freeze large sums of cash deposited into their bank for X days. Can't do a casheir's check to Bank B either because it takes X days to clear. Now I'm stuck with the $.

Hind site is 20/20 but that law is not new. Should have done a bank to bank transfer. The money would have been there in 4 hours.

 

[salmonee]

Re: stuck holding the $$

Hind site is 20/20 but that law is not new. Should have done a bank to bank transfer. The money would have been there in 4 hours.

Can't do that between Bank A and B. I asked. I never heard of the law but then I never took out large sums of cash either.

 

[sschefer]

Re: stuck holding the $$

Go to western union and have them wire the money to your checking bank. The funds are guaranteed through Western Union and should post immediately.

 

[TheWoodCrafter]

Re: stuck holding the $$

Bank A can't wire funds anywhere/somewhere???

Get a new bank.

The law about large sums is more of a bank rule I believe.
Anything over $3500 takes X days. Also anything over $10,000 the IRS
gets notified of the transaction.

So if you have cash in hand why don't you go buy the boat?
Are you afraid to carry the cash in you pocket?

Western Union gets 10% I think.

 

[buckeyboy]

Re: stuck holding the $$

OMG:
and your going to operate this vessle.