How To Validate Cash?

[vdphoto]

To those who sell watches for large amounts of cash, how do you validate the authenticity of it? Are you able to do the transaction at a bank and have them take a look at it without depositing it?

[GB-man]

Originally Posted by vdphoto

To those who sell watches for large amounts of cash, how do you validate the authenticity of it? Are you able to do the transaction at a bank and have them take a look at it without depositing it?

Simple. I don’t. Wire only.


If you must, meet inside your bank and have the buyer hand it over to the teller on the spot. Get there early.

[brandrea]

Originally Posted by GB-man

Simple. I don’t. Wire only.


If you must, meet inside your bank and have the buyer hand it over to the teller on the spot. Get there early.

This is the only way I’ve ever done deals

[vdphoto]

I see, are the tellers allowed/obligated to verify cash for you? Is this a service they can deny?

[tyler1980]

Originally Posted by vdphoto

I see, are the tellers allowed/obligated to verify cash for you? Is this a service they can deny?

im sure they will deny you if you are not prepared to fill out the required paperwork like currency transaction report for the IRS. They need to make sure the money is legitimate and not laundered. Plus who really wants to be on the IRS's radar even if you are not doing anything wrong. I would have the money wired.

[CRM114]

Originally Posted by tyler1980

im sure they will deny you if you are not prepared to fill out the required paperwork like currency transaction report for the IRS. They need to make sure the money is legitimate and not laundered. Plus who really wants to be on the IRS's radar even if you are not doing anything wrong. I would have the money wired.

Everyone is on the IRS's radar, and not sure why a wired transaction would any less so than having cash authenticated.

[MonBK]

Easy, they are marked with numbers = $1, $5, $10 ............

[tyler1980]

Originally Posted by CRM114

Everyone is on the IRS's radar, and not sure why a wired transaction would any less so than having cash authenticated.

wire is easier to follow a paper trail. Cash is more anonymous and harder to track the source. Cash 100% gets more scrutiny.

[CRM114]

Originally Posted by tyler1980

wire is easier to follow a paper trail. Cash is more anonymous and harder to track the source. Cash 100% gets more scrutiny.

Cash transactions may be scrutinized differently in order to establish a source, but a wire transfer only means the scrutiny is easier in one facet of how they do so. That's not the same thing as a wire transfer being on the radar to a lesser degree, the IRS is still following the money. All money, electronic or otherwise.

Anyway, the OP asked about having cash authenticated without making a deposit, but a wire transfer involves a deposit unless you're talking about wiring money via Western Union or something. But I would hope everyone realizes those types of wire transfers are scrutinized as well.

[MILGAUSS88]

Originally Posted by tyler1980

im sure they will deny you if you are not prepared to fill out the required paperwork like currency transaction report for the IRS. They need to make sure the money is legitimate and not laundered. Plus who really wants to be on the IRS's radar even if you are not doing anything wrong. I would have the money wired.

You are not required to fill out paperwork.
Last time I looked it up, any transaction of $2,000 or more was reported to the IRS, cash, check, wire or other.
The report is the responsibility of the bank, not the account owner.
So, a notification of your bank wire is being sent to the IRS as well.

[Andad]

Only if it's in a new paper bag.......

Are you here to launder money?

[Danny83]

Smell it lol

[James K]

Originally Posted by Danny83

Smell it lol

Having worked in a bank and and as a main cage casino cashier that's probably the most feasible thing that I still do today. Fake money stands out easy but the really good ones smell like acetone. Those ones also pass the counterfeit pen/marker test although the pen mark will disappear after 10 seconds. I've even seen one that passed all the bill counters we had (at the bank) and I had to convince my branch manager that it was fake. Took a while but she finally saw what I was talking about. You can fake most of the security features on the bill, just not all of them. And as a rule, at least when I worked there, no we wouldn't verify your cash for you unless you were depositing it into your account. And CTR's (currency transaction reports) get submitted to the IRS with bank wires too, it's usually handled by someone on the corporate side. The fines are too large for the banks to ignore.

[77T]

Originally Posted by James K

Having worked in a bank and and as a main cage casino cashier that's probably the most feasible thing that I still do today. Fake money stands out easy but the really good ones smell like acetone. Those ones also pass the counterfeit pen/marker test although the pen mark will disappear after 10 seconds. I've even seen one that passed all the bill counters we had (at the bank) and I had to convince my branch manager that it was fake. Took a while but she finally saw what I was talking about. You can fake most of the security features on the bill, just not all of them. And as a rule, at least when I worked there, no we wouldn't verify your cash for you unless you were depositing it into your account. And CTR's (currency transaction reports) get submitted to the IRS with bank wires too, it's usually handled by someone on the corporate side. The fines are too large for the banks to ignore.

Yes the wire is reported just like cash or even large checks over $10,000.

At some banks, a large cash deposit will be accepted subject to verification.

The deposit is flagged, the currency is secured separately from the cashier’s drawer, and the main office scrutinizes the cash. Your account will be devoted for any bad bills.

I have done such a deal face-to-face with trusted sellers/buyers. Sure there was a risk - but not one much different than trusting the movement inside the watch is genuine.

For the OP, I’m guessing you’re going to be the seller. If so, your best bet is to meet at the buyers bank. When s/he has seen the watch, just have the buyer go to the teller’s cage and ask for a “cash count” in a manager’s office for security reasons.

This is a common practice for customers withdrawing large sums of cash (remember you’re at the buyer’s bank and he is the customer). After all, the bigger risk of a cash deal is your personal security as you walk away. Much greater risk than an odd counterfeit bill in the stack.


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[RHIII]

Originally Posted by Danny83

Smell it lol

Hahahhaha hahahhaha!!!! 🤣

I seriously laughed out loud - wife is driving and was like what the heck are you laughing at...


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[James K]

Originally Posted by RHIII

Hahahhaha hahahhaha!!!! 🤣

I seriously laughed out loud - wife is driving and was like what the heck are you laughing at...


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That really works on the good ones!!!

[vdphoto]

Thanks for the replies!

[Etschell]

dont accept cash. or meet at a casino and exchange it for chips to make sure.

[Knappo 1307]

Buy a counterfeit marking pen....

[mjclark32]

Originally Posted by Knappo 1307

Buy a counterfeit marking pen....

[AzPaul]

If it's a big concern, ask for the cash in $5's.

[scoobnoob1103]

Burn it like in rush hour, the fake ones burn red