Making a $2 million deposit in your checking account

[dragoncar]

Wow!  I don't believe I'll ever get a chance to do this, but it sure would be fun.  I'd make sure to put it down my pants first.

Question for everyone:  what is the most money you've ever had down your pants?  I top out around $15k, but have a friend who has had 6-figures down there.  We are all very mature as you can tell.

I had to carry about $20k in gold coins in downtown Baltimore once. It was terrifying.

Guys, I don't care how much was in your pockets.  It has to be touching your junk.

[psu256]

Wow!  I don't believe I'll ever get a chance to do this, but it sure would be fun.  I'd make sure to put it down my pants first.

Question for everyone:  what is the most money you've ever had down your pants?  I top out around $15k, but have a friend who has had 6-figures down there.  We are all very mature as you can tell.

I had to carry about $20k in gold coins in downtown Baltimore once. It was terrifying.

Guys, I don't care how much was in your pockets.  It has to be touching your junk.

I'm female. :)

[arebelspy]

Hah, dragoncar's money down the pants thing makes me laugh.

Guys, I don't care how much was in your pockets.  It has to be touching your junk.

I'm female. :)

What's that got to do with it?  You're eligible.

[dragoncar]

"Junk" is gender neutral in my book

[footenote]

If "junk" is gender-neutral, I stick with my $127k entry. If you could only see that sweet, sweet pile of crispy bonds as I flicked them over and over in my hot, frantic fingers.... #don'tjudgeme

[junebug1965]

 All I can say is WOW!!!!!!!!!!!!!!!!!!!!! and congrats, your  story is just making me smile and I am very,very happy for you.

[2527]

Congrats.  Can you tell us a little more of how you got to that point.  It is probably inspiring and edifying.

[GrayGhost]

So I walk up to customer service and say, "I'm trying to fill out a deposit slip but there aren't enough digits on the form".

Great story, OP. :)

[arebelspy]

(For those who don't recognize it, GreyGhost's post above is of the picture commonly associated with the "First World Problems" meme.)

[SMMcP]

I had $7,300 in cash in my pocket once.  I sold my car, and the buyer paid me in cash.

About 20 years ago, I sold my Jeep and the guy buying it asked to meet me in a public parking lot to complete the transaction.  He paid me $6,000 in cash.  I felt sort of weird about it, like I was participating in a drug deal or something.

[beyondhuman]

if it's in a regular checking account, is that full amount insured by FDIC?  I thought it only went up to $250,000 per person.

[arebelspy]

if it's in a regular checking account, is that full amount insured by FDIC?  I thought it only went up to $250,000 per person.

It is not insured, and OP is aware of that, but had to deposit it for a certain number of days until it cleared, then was planning on moving the money (see: earlier discussion).  I'm sure he has done so by now.

[Erica/NWEdible]

Good for you! That's wonderful!

[AlmostIndependent]

Totally awesome story. I would love to be there myself someday.

[Mrs3F]

Amazing story. 

[Numbers Man]

Great story. I just deposited a little over $10k in cash at a bank recently and was basically treated like a criminal. They wanted by driver license and took forever coding crap into their terminal to report to the government that I deposited over $10k in cash.

[Peter]

Awesome story! They really do roll out the carpet when big money gets involved.

When I was working as a co-op student I had to phone a pump manufacturing company to get a quote. I chatted with the salesman for a minute about my needs, and when I told him what we were looking for was 8 of the largest custom made pumps that they had (100k a piece), he got a bit nervous and confused and said he would refer me to another salesman...

5 minutes later the VP of sales called me and wanted to know if he should travel (fly) to my city so we could talk about things in person.

I thought this was all very exciting as an intern!

[rocketman48097]

That reminds me of when I went to my bank to get a $80k cashiers check for a down payment on our first and current house.  I made sure I didn't shower and wore a crappy T-shirt and had somewhat uncombed hair.  Why?  Because I wanted to see the look of the bank clerk's face when a possible homeless man is able to get an 80k check.  I live in the South, so they actually treated me pretty well in spite of my lack of hygiene.  Normally, I dress up a bit for work (though no tie thank God).

[Villanelle]

No, he has to make a rather large withdrawal to pay the capital gains tax!

Only if the sale price was half a mil more than he and his spouse paid for it.  And if it was, well that's just more reason to celebrate.

This is what I was going to mention.  As much of a pain in the ass as it might be, any of this money that is staying in the bank needs to be spread out among different banks (not just branches of the same bank).  Up to $250,000 per depositor is insured, so you could have $250k in your name and another 250 in your wife's name at the same branch.

-----

I remember how shocked the dealership was when I bought my first car.  It wasn't especially Mustachian, though it did get great gas mileage and was used.  I was an 19 year old kid and I paid the $12k via check, with the money sitting in my checking account. (This was nearly 20 years ago, so 12k was even more money then than it is now.)

[SJS]

LOVE IT!! Yeah, you know what they say...........the people who HAVE money (self-made millionaires) usually look like they don't have money.  When I go to the bank (not often as most is done electronically) I can feel them looking at me, Plain Jane, and wondering about me.    Good for you - it's important to keep your wits about you and remain true to yourself and your values/morals.  We have many many millions, but are really just "average" to the neighbors and friends.  And we wouldn't want it any other way. 

[dragoncar]

LOVE IT!! Yeah, you know what they say...........the people who HAVE money (self-made millionaires) usually look like they don't have money.  When I go to the bank (not often as most is done electronically) I can feel them looking at me, Plain Jane, and wondering about me.    Good for you - it's important to keep your wits about you and remain true to yourself and your values/morals.  We have many many millions, but are really just "average" to the neighbors and friends.  And we wouldn't want it any other way.

I'm pretty sure nobody in the bank gives much thought to you at all.  Unless you look like a bank robber, then security might "wonder."  Then again, sometimes I can feel the cashier at Taco Bell looking at me because I'm overdressed.  One time I went in for a free taco promotion after work and some 10 year old kid said "why would a businessman want a free taco?"  Duh kid, free tacos are awesome. Made me feel really old to be referred to as a businessman.

[mm1970]

This made me laugh thinking about how they probably totally freaked out at your just walking in like a normal everyday customer with THAT MUCH MONEY.

Congrats one the sale and profit - that is really, really cool!

Yeah...you know, when we were house shopping 9-10 years ago, there were a LOT of real estate agents at showings that wouldn't give us the time of day in our shorts and t-shirts.  It was really annoying.  I guess we don't look the part.

OTOH, now that I'm in my 40's, I've gone to open houses (just for fun, when I'm out walking with the kiddos), and they are so much nicer to me.  But then again, I'm so NOT interested in a $1.4 million dollar house.  Go ahead, be nice!

[girly mustache]

Just Awesome! I'm pea green with envy :)

[chasesfish]

Neat story.

As the banker on the forum, why in the world didn't you wire the money?  On the clothing, that's probably not an issue. Some of our richest clients come into the bank in muddy workboots.

[Bigote]

Well, the standard practice here in residential real estate transactions is to present checks at closing.  Perhaps I could have requested wires instead, but I just went with the flow.   I did scope out the nearest branch of my bank in advance, so I knew I just had to walk a block or two.

Also it was multiple checks (i glossed over that in the story telling for the sake of brevity).  I had 1.5MM from the buyers bank, another 450k or so from the buyer, and one from my attorney from escrow for the balance.  So three different people gave me checks that day.

[MrMoneyPinch]

I once walked around with my girl and 1.2 mil... Colombian pesos :-). Still felt nervous.  I was quite happy to pay that bill, just to stop feeling like that number was flashing in neon on my tourist back!
I remember that time I went to the new-car dealer with a bank draft for most of the amount and a direct-debit card for the rest. The cashier girl had no idea what that almost-check-looking thing was.

[AlexK]

Once I was buying a property and had to transfer funds to another bank so I had a casheirs check made out to myself for $46k. The teller (an older woman) asked me what I was doing with the money. I didn't think it was her business but since it was Feb 13 I told her I was buying something special for my lady for Valentine's Day. For months after that the female tellers in that bank were overly flirtatious and extra nice to me. Loved the attention!

[johnjm22]

Why would you turn down the banks offer to become a private client?

You can get all kinds of perks and benefits plus a higher rate of return on your deposits.

[MrMoneyPinch]

I haven't been presented with the option, but I would tend to assume that private banking would be like a high-roller casino card: a way to get you to spend more.
But them I'm a cynic ;-)

[AlmostIndependent]

I haven't been presented with the option, but I would tend to assume that private banking would be like a high-roller casino card: a way to get you to spend more.
But them I'm a cynic ;-)

Im skeptical about things like that too. I figure they do it so they can somehow dip their fingers into your wallet when you aren't looking.

[arebelspy]

I haven't been presented with the option, but I would tend to assume that private banking would be like a high-roller casino card: a way to get you to spend more.
But them I'm a cynic ;-)

Im skeptical about things like that too. I figure they do it so they can somehow dip their fingers into your wallet when you aren't looking.

Or, in most cases I'd think, not when you're not looking, but when you are but just don't know any better.   

[Megatron]

great story!

[infogoon]

I haven't been presented with the option, but I would tend to assume that private banking would be like a high-roller casino card: a way to get you to spend more.
But them I'm a cynic ;-)

I've got the "premium" account status with my bank -- there are some nice perks (free checks, slightly higher interest rates on certain accounts, better credit card rewards, that sort of thing). I think that the reasons for offering it are at least twofold: one, to get their hands on more depositor money to work with, but perhaps more importantly, to determine a population to target for upselling on services like IRAs and financial planning.

[suntailedshadow]

"Excuse me, these deposit slips need more spaces to hold my badassity..."

X-D

Awesome

[RootofGood]

That's awesome, and congrats on keeping your latest real estate acquisition under 7 figures.  Should make filling out the next deposit slip a little easier unless the housing market takes off. 

Similar story, with 1 less zero.  I paid cash for my last house purchase (10 years ago).  I walked in and requested a cashier check drawn on my account in the amount of $108,000 or so to buy my house.  This was at the credit union branch at the university I was attending, so ample poor college students patronized the place.  Multiple tellers started staring at me immediately and I was quietly asked if I would like to be seated in a back room to complete the transaction.  I said, "Nah, I'm in a hurry.  Gotta run and grab a bite and get back to class".  I think I was wearing ratty cargo shorts and a stained t-shirt at the time.  Ballin'

[Bigote]

Why would you turn down the banks offer to become a private client?

You can get all kinds of perks and benefits plus a higher rate of return on your deposits.

Sorry, just saw this.   

Maybe I should look into it, I assumed they just want to manage my investments, put them in high-ER funds, and charge a wrap fee of 1-2%, all while giving me certain perks like free wire transfers and coffee when I come in to the bank (which is usually never). 

[arebelspy]

Why would you turn down the banks offer to become a private client?

You can get all kinds of perks and benefits plus a higher rate of return on your deposits.

Sorry, just saw this.   

Maybe I should look into it, I assumed they just want to manage my investments, put them in high-ER funds, and charge a wrap fee of 1-2%, all while giving me certain perks like free wire transfers and coffee when I come in to the bank (which is usually never).

Yeah, that's basically it.

How is your ability to say "no"?

[Bigote]

It's pretty good.   I've twice declined private client invites.   

Are you suggesting maybe I could become a 'private client' account and say no to the investment help, yes to the checking perks?    I hadn't thought of that.

[arebelspy]

It's pretty good.   I've twice declined private client invites.   

Are you suggesting maybe I could become a 'private client' account and say no to the investment help, yes to the checking perks?    I hadn't thought of that.

Correct.  Some will allow that (for the chance to convince you to let them manage your assets in the future), others won't (will want X dollars under their management).

[gimp]

I'll have about $20-25k in my account at the end of this year. So about two orders of magnitude less.

(I'll immediately have to spend it on tuition, rent, driving cross-country, etc etc; hence cash, instead of proper investments. Six months work, six months school. On the plus side, my savings rate during work post-tax is just under 70%!)

[dude]

Bigote, I would have left that ATM receipt prominently at the ATM counter!  Because you KNOW some customer would find that thing and freak the fuck out!  Probably would have taken it and posted it on Facebook or YouTube!

Yes, I have a habit of picking up discarded receipts in ATM vestibules and checking balances.  On occasion, I seem some pretty high balances -- though never anything approaching $2M! -- and think, "daaaaaaamn."  Shit, I might even have been the one to post that receipt on Facebook if I found it!

[Lina]

I haven't seen a check since I studied in France about 15 years ago. Do people still use them in US? I can transfer money between banks in Sweden in couple hours using my internet bank.

Last year when I sold my car for about 20 000 USD, I went to the bank with the buyer and the transfer of money between our accounts was made in a couple of minutes. Thereafter we transferred the ownership of the car by using an app on the cellphone that the transport agency (handles the registration of car ownership) provides. The whole transfer was made in less than 20 minutes.

[lizfish]

Definitely going to try having cash close to my nether regions. Seems like a bucket-list thing to do. I reckon 10k would do it.

On a different note, this thread has made me think. I recently inherited over 100k GBP and it was sat for two weeks in our joint current account. (I know i know. The limit is 85k here but most of it's safely in the mortgage now while I work this investing thing out) Not a sales call from the bank, nowt. I wonder how much I need to warrant being sold to aggressively?  500k? 1 mil?  It was direct deposited by CHAPS so I didn't get to see anyone's face. Shame.

Both DH and I are pretty unassuming to look at. We're tired of having to explain that we're not 'rich' as friends put it, because we earn a lot,but because we don't spend it like some IDIOTS WE CAN MENTION. Sorry, back now.

[Self-employed-swami]

On a different note, this thread has made me think. I recently inherited over 100k GBP and it was sat for two weeks in our joint current account. (I know i know. The limit is 85k here but most of it's safely in the mortgage now while I work this investing thing out) Not a sales call from the bank, nowt. I wonder how much I need to warrant being sold to aggressively?  500k? 1 mil?  It was direct deposited by CHAPS so I didn't get to see anyone's face. Shame.

I think the way they identify people with large balances, is at the branch, when someone actually looks at your account, to do something.  I've run $200,000 and $135,000 cheques through my chequing account, and it was at or shortly after those transactions, that I got the 'preferred customer' people calling me/harassing me at the branch with a surprise ambush meeting with a wealth manager who didn't even have my house or mortgage on my 'asset list'.

[Roland of Gilead]

Why do people pay 2.15mil for a condo in NYC???

[dragoncar]

Why do people pay 2.15mil for a condo in NYC???

Because they make a lot of money in NYC?

[Bigote]

Yeah, that and they prefer the place to all the 2.1MM apartments they saw. 

[Goatee Joe]

Badass, dude!  Hope you find a place to invest that $1.3M soon... that kinda dough could start piling up some serious interest or investment gains in a hurry.  Congrats!

[RootofGood]

Why do people pay 2.15mil for a condo in NYC???

They make a lot of money and can service the debt.  And their time is valuable enough that they don't want to commute 2-3 hours a day from cheaper housing.

[ichangedmyname]

I just wanted to say I <3 this story. Thanks for sharing.