The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: Bigote on July 05, 2013, 03:50:13 AM
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Gotta tell this story somewhere....
We sold our NYC condo for 2.15MM. There was no mortgage on it. So I came out of closing with a check for a little over 2 mil. Walked it down the block to the closest bank branch and went in to deposit it.
I grab a deposit slip and notice they only have space for 6 digits to the left of the decimal point. I'm thinking WTF??? Don't they know there are Mustachians about? :)
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". She says "here let me see" and takes the slip and the check from my hand. No doubt she figured I was confused or something. I should point out I was wearing jeans and a polo shirt from Old Navy.
Then she sees the check, and next thing you know I'm seated and someone's bringing me coffee while they process the deposit, make me a photocopy of the check, etc all on my behalf. They bring back an envelope with all my paper work, and ask me if I'm interested in becoming a private banking client. No thanks, I say, my regular old checking account serves me well.
On the way out I had to get cash out of the ATM, it was cool seeing the printed receipt showing the balance.
Oh, and the place we bought? Less than 800k. So we basically upgraded our housing (condo in the city to a house in the burbs) while pulling out 1.3MM to add to the retirement kitty.
Thanks for being the only people I can tell that story to...
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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!
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Hahahaha amazing story. I'd loved to have seen the look on the customer service woman's face :-)
So did you keep the ATM printed receipt? Or did you just "meh" and then walked past Starbucks and NOT get yourself a nice cup of coffee? :D
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So Cool, I love it.
and congratulations on the stash
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I used to work at a bank in Soho and they people that wore Polo Shirts and Jeans on weekdays were usually the richest
Congrats on the sale.
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Good on you! What a fun story. And you're right - this is one of the few places you can tell it. : /
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Thanks for being the only people I can tell that story to...
Your welcome :-)
...and congratulations, sounds like you had an awesome day!
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Just be careful. I imagine I would be freaking out if I had that much money for someone to steal.
Good story, thanks for sharing!
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Such an awesome story. Love it!
And congrats on the badassity. Downsizing to a place that will fit you better, adding a large chunk to your stache.. awesome.
Thanks for the inspiration. :D
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Congrats!
Being able to cut a check for $800k can't have been bad either!
Hope you still got a small 30 yr mortgage... ;-)
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That is wonderful and badass. Thank you for sharing the story. :-)
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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.
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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.
Damn it. I've never put money down my pants and I feel like I've really missed out.
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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.
Damn it. I've never put money down my pants and I feel like I've really missed out.
It's never too late to start.
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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.
HA I can't say I've had more than a couple thousand on me, but I didn't put it down my pants. :(
To the OP-awesome story, thanks for sharing!
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That's excellent! You're retiring today, correct?? ;-)
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No, he has to make a rather large withdrawal to pay the capital gains tax!
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I've never had that kind of money to deposit, but on the couple occasions when I went to deposit "just" ~25k in person (inheritance, etc) the red carpet already gets rolled out, and usually the poor new teller (always seems to be on someone's first day) ends up with shaky hands and calls their manager over for help. :) I've actually wondered if the bank has me flagged now in some way. Unless they've just really stepped up their customer service game, seems anytime I go in for something as soon as my card is scanned I have like three or four people hanging around chatting with me and asking if there is anything they can do for me. I live in a pretty high income area, seems like they would see big numbers all the time but maybe most people take their bigger checks straight to the Tesla dealer and bypass the bank...?
If they go to those lengths just for the amount I've had, I can only imagine the response to OP with a couple million! "Excuse me, these deposit slips need more spaces to hold my badassity..." :)
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
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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.
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That is an excellent story! Thank you for sharing, made my lunch break! :)
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Wow that is awesome! I can't imagine having a $2 million check.
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Lots of greedy people with their fingers in this pie. In addition to the Feds, two states have an interest, and NYC will want a share. I'm guessing the 3.8 percent Medicare tax will apply as well. However, this is a good example of why you should not let taxes be the deciding factor when it comes to quality of life choices.
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Congratulations! I just had a similar (albeit smaller) experience when I sold my house and walked away with a $161k check. Of course I'm putting a bit toward the 20% down payment (Yes I'm taking out a 30 year mortgage) on a patio home and throwing about $100 k in my investment account. Congrats again!
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Great story. Congratulations!
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You sold your condo for 2.15MM! Ha! Only in NYC! Congratulations on your big win!
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Great story OP! It's always nice to hear about good things happening to good people.
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 think the most I've ever had was around ¥600,000 or about $6,800 US at the time. It was my first paycheck from my new job and included not only salary but also travel reimbursement. They paid me in cash because my bank account hadn't been set up yet. That's pretty common in Japan and a very awesome feeling. Took it straight down to the bank and paid off debt with it. Not surprisingly two years later I'm out of debt and worth about 40K!
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This story made my day!! I am too vain though to stuff money in my pants...wouldn't that make me look like I had gained 5 strange looking pounds? ;)
A friend used to work for a Mercedes Benz dealership (in Oklahoma) and he told me about the older man wearing a work shirt and overalls who walked into the showroom and the finely dressed (male) salesmen ignored him. A woman salesperson went over to him and he bought a car with cash that he was carrying on him AND came back a few months later and bought another car for his daughter from the same saleswoman. I suspect those salespeople learned to approach everyone regardless of how they look. He must have been an early mustashian!
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LOVE this story!!! And way to go on your sale. :)
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I really love this story. Kudos to you! I am currently reading Nassim Taleb's book Antifragile and he says that the people who are dressed down tend to be antifragile while a mid-level bank manager with a yearly trip to Barbados who wears a suit every day tends to be fragile and very, very averse to change and risk. Congratulations on pocketing huge gains from your condo and ALSO having the wisdom to buy a $800k home instead of spending all you've got.
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Cool. Must have been some pucker factor walking around with that check. I would have been puckered until it was split up and fully covered by FDIC or invested.
When they sit you down and bring you coffee, it means they have to make some calls because they don't know what the crap to do.
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So did you keep the ATM printed receipt? Or did you just "meh" and then walked past Starbucks and NOT get yourself a nice cup of coffee? :D
In fact I did walk by a starbucks, NOT get a coffee, then got into my 15 year old compact car and drove back to my new house in the burbs.
Oh, and I did keep the receipt but since tossed it. I thought I'd post a photo of the deposit slip though. (with acct # ref covered!). They've sequestered the funds for a while, the bastards.
(http://img585.imageshack.us/img585/623/turs.jpg)
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Being able to cut a check for $800k can't have been bad either!
Hope you still got a small 30 yr mortgage... ;-)
Well, we paid cash for the new property a couple months back, but I had to finance a portion of it with a margin loan, as discussed here: https://forum.mrmoneymustache.com/welcome-to-the-forum/how-much-credit-do-you-have-access-to (https://forum.mrmoneymustache.com/welcome-to-the-forum/how-much-credit-do-you-have-access-to)
But I closed out the loan last week.
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That's excellent! You're retiring today, correct?? ;-)
I retired a while back!
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
Yep, got two more days. Or, in mustachian terms, those millions of dollar bills have two more vacation days laying around in the checking account spa, then I put them all to work. :)
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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.
Bought the place for 985k a decade ago. So we made 1.165MM gross profit. Net-net we'll owe ~150k in taxes on it, thereabouts. First world problems, I know....
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I took a cheque for $200,000 into the teller, and put it into my chequing account once. The manager had to come approve it.
The next time I went in (to sign papers for my $5,000 personal LOC a few weeks later, after the $$$ was out of my chequing account), they invited me into an office, and wanted me to meet with a planner, to talk about my financial plan. I had sort of snuck out of work to go down to the bank, and I only wanted to be there for 5 minutes, to sign, and get back out. They'd made up a whole folder of things for me, like an ambush.
I wasn't impressed with the ambush. And they were kind of pushy as well.
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Gotta tell this story somewhere....
We sold our NYC condo for 2.15MM. There was no mortgage on it. So I came out of closing with a check for a little over 2 mil. Walked it down the block to the closest bank branch and went in to deposit it.
Awesome! Nice job.
I assume you'll be moving the cash to other accounts, still worth noting the FDIC insurance limits, generally 250K per account holder.
http://www.fdic.gov/deposit/deposits/dis/
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Great story! It is fun to play with people's expectations, isn' it?
I opened a new checking account on short notice last year because my bank failed & I didn't like the bank that took it over. By pure luck, I drove past the failing bank an hour before it was going to close permanently. (The full parking lot and sheriff's cars were a giveaway.) So I pulled into the bank and withdrew $10,000 to open a new account. I wanted cash because I wasn't sure how long the new bank would put a hold on a check from a failed bank. Took the old bank quite a while to assemble all the cash, as they had been depleting their stash in advance of the closure.
Then I drove to the new bank & began the interrogation process of opening a new account. Finally we got to the question of "how will you be opening the account?" and when I responded with "cash", there was a dramatic pause. But the account manager recovered nicely, and I handed her two stuffed envelopes and sat back to wait as they counted it all. (The old bank had to give me a significant amount of ten dollar bills as they scraped together the last of their cash.)
I was a tad nervous on the drive between the banks, but then, my 14-year-old Totyota doesn't draw much attention.
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I retired a while back!
Excellent! I couldn't remember if that's the case, glad to hear you've already made the jump.
I'm sure a guy that sold a $2 million place in NYC doesn't need advice from me, but hopefully you're already doing everything you can to step up the basis on that place to minimize taxes (taking into account any improvements made along the way, and so on). Either way, not such a bad tax bill on such a great profit.
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I love this story! Thank you for sharing and way to go!!!
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Lol awesome
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Congrats on the sale and the chance to mess with people's expectations!
wrt the important issue of "most money down pants", I used to play in a touring band (paid in cash) in the days before easy multi-branch banking, and we used to sleep on the Greyhound with $5K down our pants!
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I had $7,300 in cash in my pocket once. I sold my car, and the buyer paid me in cash.
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Congratulations!
I've had some big checks for commissions for work in my pocket that my boss entrusted me to deposit, it was about $15k. Personally I've had a $10k check that was a gift from my parents for my wedding.
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Nice.
I've paid cash for properties in the past and the brief pause on the other end of the phone when you say not to bother contacting your bank is satisfying.
This place is so cool. I love stories like this.
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Just wanted to say that this is awesome!
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That is an awesome story!
I remember looking and smelling like a hobo (I had been up for 3 days straight and was probably on the verge of a nervous breakdown) when I stumbled into my local bank with our check from closing. It was only a 5-figure check, but I bet it still seems odd when someone who can barely hold themselves upright comes in with enough money to live off of for a year or two. I wish I had been lucid enough to notice what the reaction was.
On second thought, bankers probably see big checks from insurance payouts, legal settlements, & real estate transactions all the time. But I think your $2M would definitely stand out, and probably got brought up at the bank employees' dinner table discussions that night. :-)
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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.
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Most money in my hands at once: $127k in bonds. Largest single denom was $5k.
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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.
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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. :)
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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.
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"Junk" is gender neutral in my book
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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
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All I can say is WOW!!!!!!!!!!!!!!!!!!!!! and congrats, your story is just making me smile and I am very,very happy for you.
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Congrats. Can you tell us a little more of how you got to that point. It is probably inspiring and edifying.
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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".
(http://evangelicaloutpost.com/images/firstworldproblemsgirl.jpg)
Great story, OP. :)
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(For those who don't recognize it, GreyGhost's post above is of the picture commonly associated with the "First World Problems" meme.)
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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.
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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.
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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.
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Good for you! That's wonderful!
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Totally awesome story. I would love to be there myself someday.
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Amazing story.
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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.
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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!
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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).
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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.
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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.)
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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.
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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.
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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!
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Just Awesome! I'm pea green with envy :)
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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.
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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.
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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.
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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!
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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.
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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 ;-)
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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.
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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.
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great story!
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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.
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"Excuse me, these deposit slips need more spaces to hold my badassity..."
X-D
Awesome
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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'
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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).
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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"?
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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.
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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).
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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%!)
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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!
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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.
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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.
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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'.
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Why do people pay 2.15mil for a condo in NYC???
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Why do people pay 2.15mil for a condo in NYC???
Because they make a lot of money in NYC?
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Yeah, that and they prefer the place to all the 2.1MM apartments they saw.
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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!
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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.
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I just wanted to say I <3 this story. Thanks for sharing.
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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 used to be a musician back in the days before widely available bank machines and such. We toured by greyhound. Sometimes I'd be in the back of the bus with the fruit pickers with $5K down my pants... uncomfortably often in fairly small bills. Probably some of the fruit pickers had even more.
edit: Man, just realized I posted roughly the same story twice in one thread. I must be more absent-minded than I thought...
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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.
Do diamonds count?;)
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I have been using the same bank branch for many many years and the service was always polite, efficient and understandably impersonal. I live in a beach town so my uniform is rather casual, board shorts and a tee shirt. A couple years ago I deposited a check for several hundred thousand dollars. Now, every time I go into the bank I am greeted by name, usually by more then one employee and sometimes the manager shakes my hand. It kind of feels weird and I thought about changing branches but the people are so nice I can't leave.
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My story, only 0.5% as good as this one, is when I needed physio and thought my healthcare plan covered it. When it turned out it didn't cover all of it, I said I'd go in and pay the $1000 balance in cash that afternoon. anyway, I got about seven reminder calls that day to go and pay from the receptionist. When I went in with the cash, I asked to see the manager, laid down ten $100 bills, got the receipt and walked out.
I subsequently got an email from the practice head apologizing for their behaviour but explaining that "few of our clients have the means to settle such a large bill for cash..."
:-)
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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.
Do diamonds count?;)
Extra points for diamond studded genital jewelry... But you have to use the real market value, not an inflated retail or appraisal prices
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LOL I guess the boobs will have to do:)
I'd just be grateful to have it all, the new house, the cash and the money to pay the taxes. CONGRATS!
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I am right now walking around with the following bills in my pocket
- 50 Billion Dollars
- 20 Billion Dollars
- 500 Million dollars
Unfortunately, these are all Zimbabwe dollars and must be worth a few cents. (1 USD -> 35 Quadrillion Zimbabwe dollars).
And dragoncar, I am not putting them against my junk ;-)
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Here's a money in the pants story. DH was called for jury duty. Since he normally starts work early, he just headed straight to the courthouse and people watched. He wears steel-toed shoes to work, but after the first day, the deputies remembered him and didn't make him take them off. On about day three, he notices a very different crowd of people passing through courthouse security. He watches as a very pants-on-the-ground type guy passes through the metal detector ahead of him.
Deputy: Is that your wallet in your pocket?
POG: No, I put it in the bin.
Deputy: What about your other stuff?
POG: It's all in the bin, man.
Deputy: Then what do you still have in your pants?
POG: Oh, that's my money.
With that, he wrestles a softball-sized roll of cash out of his front pocket.
Our conclusion is that the reason they collect potential jurors into big windowless rooms and keep them there for ages when is so they won't see all the crazy shit the defendants coming for trials are up to. Sure, everyone carries around huge balls of cash!
And, while I didn't see it personally and didn't think to ask DH, I'm pretty sure it must have been touching his junk. OTOH, his pants were so low, maybe it was his knee...
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Here's a money in the pants story. DH was called for jury duty. Since he normally starts work early, he just headed straight to the courthouse and people watched. He wears steel-toed shoes to work, but after the first day, the deputies remembered him and didn't make him take them off. On about day three, he notices a very different crowd of people passing through courthouse security. He watches as a very pants-on-the-ground type guy passes through the metal detector ahead of him.
Deputy: Is that your wallet in your pocket?
POG: No, I put it in the bin.
Deputy: What about your other stuff?
POG: It's all in the bin, man.
Deputy: Then what do you still have in your pants?
POG: Oh, that's my money.
With that, he wrestles a softball-sized roll of cash out of his front pocket.
Our conclusion is that the reason they collect potential jurors into big windowless rooms and keep them there for ages when is so they won't see all the crazy shit the defendants coming for trials are up to. Sure, everyone carries around huge balls of cash!
And, while I didn't see it personally and didn't think to ask DH, I'm pretty sure it must have been touching his junk. OTOH, his pants were so low, maybe it was his knee...
I've heard that walking around with a wad has beneficial psychological effects
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I love these stories! I think it's because you never really know what people are about. Sometimes we actually do play against type.
We are well off, but not what I'd consider spanking rich. But my dream upon reaching FIRE is to gad about town while others speculate why/how I have all that free time. Maybe they'll decide I'm some rocker's love child. Or a Kennedy. Or maybe both!
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Bravo. You, sir, are a hero. I hope to do the same thing one day while holding my skateboard in my hand.
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Dh and I just flipped our first house and it finally closed today! Too late in the day,so it's not in our account yet, alas. Instead of taking a check to the bank, we're just having it wired into our account. No shorts and flip-flops for us, not gonna walk into the bank at all. And yeah, it falls somewhat short of $2 mil, but it's still nice to put back a big chunk more than we took out to buy the place.
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While I'm no where near close to that amount, I had a fun time in the bank after receiving back-pay for my military disability. (to the tune of $22k for 18 months of waiting on the VA).
I went to my local bank (high crime, low cost of living but closest to my house) to withdraw money to buy a work truck and a trailer from CL (yay money maker). We have about 8 accounts with this bank (organized by use, free checking accts makes online banking easy) so the teller only saw my primary checking and savings on their screen, so when I said I needed to withdraw $3000 they looked at me funny (ripped greasy t-shirt and jeans from working on truck) and asked which account I'd like to withdraw the money from. Fair question, as I had the required $5 in the savings account (required account) and about $200 in my primary checking. So I told her "the bigger one". With that, she scrolled down and audibly gasped seeing the other accounts (various amounts) and the one that my disability check went into. She was instantly much nicer to me and asked if I wanted an envelope for my money which I declined. Apparently she signaled someone because the cop that stands by the door walked me out to my car :D
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Congrats! As a teen and young adult Occasionally I would close up the tills at my mums shop and take the days takings. It would be about 6k to 8k depending on how busy it got and put in a plastic supermarket bag. My mother would actually keep about 10k in her bag to pay for goods at market, since everyone prefers cash. When I was an exchange student in Japan my home room teacher was aghast at my mothers shabby handbag and lack of wallet so she bought my mother a new set but of course my mother never used it because she didn't want to attract attention and a wallet would never fit the wads of cash she kept anyway. Us kids usually did the banking and of course we just looked like a bunch of street urchins. The bank managers knew us but it was always funny when a new teller serves you and you pull out a bag of cash and start counting through wads of cash like a seasoned pro.
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Whenever my next trip to US will be, I'm not sure. However after this thread I won't ever look at a greenback without wondering where it might have been!
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I love this thread. My husband once had a client pay off a large lawyer bill in cash and we definitely made it rain inside our 8 year old Honda before we manually rolled down the windows and deposited the money.
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Wow, a year or so ago I went to my local bank to deposit a 6 figure check and thought that the tellers were somewhat unpolite. The lady there looked at me and unfriendly said, "Just so you know, it may be take up to 5 business days for this check to clear," and obviously had the impression that me, as a 25 year old then, couldn't possibly come by this with honest means. Thankfully, it actually cleared in 2 days and I moved it to Vanguard.
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Why would you put money in your pants? There's always the possibility that it slides down your pant leg and you have to somehow wrestle your money into a secure location again without anybody noticing what you are doing...
I don't think I could ever put money in my pants unless it was in my boxers. I would be too afraid of it falling down...
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I would never voluntarily have a lot of cash on my person. At least not with asset forfeiture laws in place. It's just not worth the risk, or the hassle (my business does get paid in cash from time to time, which we will deposit as soon as we can).
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Why would you put money in your pants? There's always the possibility that it slides down your pant leg and you have to somehow wrestle your money into a secure location again without anybody noticing what you are doing...
I don't think I could ever put money in my pants unless it was in my boxers. I would be too afraid of it falling down...
I'd wear bloomers if I really wanted to store it down there.
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Bigote- I think I'm in love with your post.
Definitely one of my favorites. :)
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Congrats and a great story.
This happened to me this past January, although my check was a lot less (only $360k).
Upon presenting the teller with my check and deposit slip I was ushered to where the free coffee and comfortable chairs were located and visited by a private banker while the teller processed my deposit. They asked if there would be similar such checks coming in the future. When I shared with them that the money would only be here for a week until it cleared - at which time I would pay off my mortgages on my two homes and move the remaining money to another account at another institution - they began to question my plan to pay off my mortgages and instead attempt to lure me to let the money "ride" with them on promises of greater return. I told them that paying off my mortgages would enable me to live on less income so greater returns would never win out over the security of not having mortgages on my two homes as I would be FIRE the following week.
The private banker was stunned by this comment, had no comeback and I have not heard from them since.
The two houses where I live (different states) are now paid off and I am living comfortably on my savings, having fun, without stress and Corporate B.S.
Happy Days!
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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 a check for $65K down my pants. I swear it felt warm, too!!
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I got the whole "private banking" rigamarole at Chase when I went in to make my measly $15k deposit for their cash back offer. Didn't realize before I went in that they would ask me a whole slew of questions about our finances. So as I'm listing off my (just my) retirement accounts, I could see the dollar signs starting to glow in the bank lady's eyes. She eventually handed me the "our services" brochure and went off to get the private banking rep to introduce me in person. They were nice about it, not pushy, but man, they want their hands on my money. They followed up with both a handwritten note and a phone call a few days later. I just politely told them I was happy with my financial setup as it was. I'm kind of dreading going in on Jan 2 (the day my $200 signup bonus posts) to close the account. I guess there are some people who will leave the money there just to avoid the awkwardness. Not me. I'm getting a nice 5% return right now with this bonus, but it would drop to their standard .01% rate on Jan 2. Even my credit union beats that.
Yeah, we bank at Chase too. We just purchased another rental and decided we wanted a mortgage to lock up some cheap money before it goes away. Their rates were good, but the process was a complete pain in the ass. We had 25% down and 2.5x the mortgage amount in our accounts with them, but it was still a nightmare. We're FI Mustachians and DH still has steady employment (awesome pension pending). It was still a complete cluster fuck. Just awful. It finally closed (two+ weeks late) and Chase is a good servicer, but oy vey!
And they kept trying to push us into their private banking program. Yeah, we have enough to qualify for it but we didn't get it by paying retail for our investments and we're sure as hell not going to lock it up with them. Finally told them not to ever, ever approach us with that pitch again. We'll see...
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If I had that kind of money, the first thing I'd do is take out about $100,000 out in cash, bring it home, and spread it all over the table. Just to see what it looks like.
This is a great thread.
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Lol, last week I was madly searching for something I'd misplaced. I stumbled on an envelope of cash with DH's name on it in my dresser drawer. Seems he'd sold some equipment to a friend, who paid in hundreds. He'd slipped it in my drawer when he got home but forgot to tell me. It was nowhere near 100k, but it was still fun to discover. BTW, DH has a lovely habit of buying his gear used on CL and then selling it when he's done with it. He always cleans it up nicely, takes good photos and writes a complete ad. I'm surprised at how often he turns a profit.
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Great story, Bigote. I happened to read it just before we sold our NYC apartment last year, so I was hoping for a similar story. We ended up with a check for 1.63 million dollars, which I deposited it at our local bank (Chase). But unlike your deposit form, mine had enough digits. When the teller saw the check, his eyes got wide and he mumbled something about "that's a large check", but (unlike your bankers) he didn't offer me free coffee or anything. Oh well. I guess I'll just have to be satisfied with the money. :-)
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I looked like a homeless person when we found our house until I wrote a check for over 100k, got some interesting looks :)
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Great story, Bigote. I happened to read it just before we sold our NYC apartment last year, so I was hoping for a similar story. We ended up with a check for 1.63 million dollars, which I deposited it at our local bank (Chase). But unlike your deposit form, mine had enough digits. When the teller saw the check, his eyes got wide and he mumbled something about "that's a large check", but (unlike your bankers) he didn't offer me free coffee or anything. Oh well. I guess I'll just have to be satisfied with the money. :-)
I think in NYC tellers are used to people dealing with such large amounts of money. If you had deposited the same cheque in a small town in a flyover state, then their reaction would be very different.
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Great story, Bigote. I happened to read it just before we sold our NYC apartment last year, so I was hoping for a similar story. We ended up with a check for 1.63 million dollars, which I deposited it at our local bank (Chase). But unlike your deposit form, mine had enough digits. When the teller saw the check, his eyes got wide and he mumbled something about "that's a large check", but (unlike your bankers) he didn't offer me free coffee or anything. Oh well. I guess I'll just have to be satisfied with the money. :-)
I think in NYC tellers are used to people dealing with such large amounts of money. If you had deposited the same cheque in a small town in a flyover state, then their reaction would be very different.
Not sure you should discount the "flyover" states, warren buffet lives in Nebraska after all 😃
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If I had that kind of money, the first thing I'd do is take out about $100,000 out in cash, bring it home, and spread it all over the table. Just to see what it looks like.
This is a great thread.
Ever watched the movie Dodgeball? (note, the stack shown is not big enough for $100k)
I don't know if you've ever seen 100,000 dollars, except in the movies. But, I assure you something gets lost in the translation.
(http://static.tvtropes.org/pmwiki/pub/images/dodgeballmoney2.jpg)
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If I had that kind of money, the first thing I'd do is take out about $100,000 out in cash, bring it home, and spread it all over the table. Just to see what it looks like.
This is a great thread.
Ever watched the movie Dodgeball? (note, the stack shown is not big enough for $100k)
I don't know if you've ever seen 100,000 dollars, except in the movies. But, I assure you something gets lost in the translation.
(http://static.tvtropes.org/pmwiki/pub/images/dodgeballmoney2.jpg)
Yeah, it's not that much. This site is fun:
http://www.pagetutor.com/trillion/index.html
here's a million:
(http://www.pagetutor.com/trillion/pile.jpg)
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Yeah, it's not that much.
For a more impressive stack of cash, you need to ask the teller for smaller denominations. A pile of one million singles would be a hundred times bigger.
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As a side note: I greatly enjoy that this thread is immediately adjacent to a discussion of dumpster diving for food in the forum feed.
Nice job, Biogte and a fun story to boot!
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Yeah, it's not that much.
For a more impressive stack of cash, you need to ask the teller for smaller denominations. A pile of one million singles would be a hundred times bigger.
Good luck finding a bank that has one million in singles in their vault ;)
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If I had that kind of money, the first thing I'd do is take out about $100,000 out in cash, bring it home, and spread it all over the table. Just to see what it looks like.
This is a great thread.
Ever watched the movie Dodgeball? (note, the stack shown is not big enough for $100k)
I don't know if you've ever seen 100,000 dollars, except in the movies. But, I assure you something gets lost in the translation.
(http://static.tvtropes.org/pmwiki/pub/images/dodgeballmoney2.jpg)
Yeah, it's not that much. This site is fun:
http://www.pagetutor.com/trillion/index.html
here's a million:
(http://www.pagetutor.com/trillion/pile.jpg)
Awesome link. I'd still do it for the hell of it.
Here's another similar link: http://demonocracy.info/infographics/usa/us_debt/us_debt.html
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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.
That was my concern as well. Amazing story!
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That's an amazingly awesome story... but 2 yrs ago. Is he/she still around on the forums?
Have never thought about putting $$ anywhere near my nether regions... too worried about the germs on it from someone ELSE putting it where it doesn't belong!!! ewwww $ bills are nasty. But then again, $2M can make you do crazy things!
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That's an amazingly awesome story... but 2 yrs ago. Is he/she still around on the forums?
Last login was only three days ago. Though his last post was in March of this year.
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
The process of bankruptcy is pretty efficient... First the shareholders are wiped out... Then bondholders... Then suppliers... And only then depositors.
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
The process of bankruptcy is pretty efficient... First the shareholders are wiped out... Then bondholders... Then suppliers... And only then depositors.
Except for all of the bank failures administered by the FDIC in 2008 and 2009 to the point at which they were running into reserves.
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
The process of bankruptcy is pretty efficient... First the shareholders are wiped out... Then bondholders... Then suppliers... And only then depositors.
I found this, but I'm not exactly sure what it means:
https://www.fdic.gov/bank/individual/failed/banklist.html
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
The process of bankruptcy is pretty efficient... First the shareholders are wiped out... Then bondholders... Then suppliers... And only then depositors.
I found this, but I'm not exactly sure what it means:
https://www.fdic.gov/bank/individual/failed/banklist.html
Even if the FDIC did not have to reimburse any depositors at those failed banks (because of the lineup listed above), the FDIC insurance prevented people from panicking and therefore prevented a run on the banks. A run on banks does cause very legitimate problems. The FDIC insurance was used in that sense across the board by providing at least some faith in the banking system in dark times. As a practical matter, the FDIC did spend a lot of money on banks in 2008 and 2009, I'm just too lazy to look up the references.
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Even if the FDIC did not have to reimburse any depositors at those failed banks (because of the lineup listed above), the FDIC insurance prevented people from panicking and therefore prevented a run on the banks. A run on banks does cause very legitimate problems.
I think there are two different issues here. One, that FDIC-type insurance is useful to stabilize the banking system, whether it's ever needed or not. That's a macro thing.
At the micro level, the fact it's never been used is useful data for me as an individual. In Canada, banks pay higher rates on deposits over the insurable limit. If I can get those higher rates knowing that the risk is infinitesimally small, I might as well.
At the *practical* level, I don't care, because the "higher" rates are still a tiny fraction of what I would earn in almost any other investment!
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Even if the FDIC did not have to reimburse any depositors at those failed banks (because of the lineup listed above), the FDIC insurance prevented people from panicking and therefore prevented a run on the banks. A run on banks does cause very legitimate problems.
I think there are two different issues here. One, that FDIC-type insurance is useful to stabilize the banking system, whether it's ever needed or not. That's a macro thing.
At the micro level, the fact it's never been used is useful data for me as an individual. In Canada, banks pay higher rates on deposits over the insurable limit. If I can get those higher rates knowing that the risk is infinitesimally small, I might as well.
At the *practical* level, I don't care, because the "higher" rates are still a tiny fraction of what I would earn in almost any other investment!
Except that some depositors did lose money. It was limited because most banks were acquired by other banks that took over the deposits. Most accounts were below the FDIC threshold, so the uninsured deposits accounted for a small percentage of the total value of the bank. There is a real risk to having deposits in excess of $250k, even if small.
Here are a few links in that vein:
http://latimesblogs.latimes.com/money_co/2009/10/fdics-bair-delivers-bad-news-to-uninsured-indymac-depositors.html
https://www.depositaccounts.com/blog/review-of-2009-bank-failures-and-what.html
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Except that some depositors did lose money.
Good to know. Thanks.
The math might be different for me here in Canada... the insured cutoff is lower (100K), and we have far fewer "real" banks (6, basically).
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
Wrong. It has been used hundreds of times. I used it personally when IndyMac bank failed and I had several hundred thousand dollars on deposit with them. Because I was aware of the limits I structured my deposits in such a way that all of my deposits were insured, but the risk of loss is actual and real if small.
As someone else alluded to above, the FDIC took over hundreds of banks in the 2008-2009 time frame. Even more failed during the S&L crisis.
Every year there are usually a few bank failures.
Here's a decent looking article:
http://www.davemanuel.com/history-of-bank-failures-in-the-united-states.php
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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).
I used to work for one of the major banks, and my branch personally serviced Tiger Woods and several high net worth individuals. The Private Banking Client status for this particular bank basically got you a dedicated banker. We were not allowed to approach them with any sales pitches at all, everything had to come from their private banker. They also got certain other perks: free tickets to sporting events, even in cities 4.5 hours away, pretty much whatever you wanted (within reason) the bank did what they could to provide it for you. If you needed cash (to buy a car, or whatever) they would have the money personally delivered to your home. The only requirement I know of to qualify was to have $1 million or more on deposit with them. It could be spread among deposit accounts and investment accounts, but the sum total had to be $1 million. I don't know the fee structure associated with that status though.
We had several interesting clients, some of the nicest people you will ever meet with gobs of money. We serviced the gentleman who owns all of the Mercedes dealerships in our region. There was a young rap artist. It was a pretty diverse clientele. It was fun to talk to them and look at all of the zeroes.
But the pay was shit, and the sales requirements were far too stringent to stay. The sales quotas ran a month a time, and each teller had to get the equivalent of 3 new checking accounts every single day. And if the person walked in and said they wanted to open a new account, you weren't allowed to take credit for that new account. Luckily, we had pretty good bankers who gave us credit anyway. Other than the people, I hated that job.
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Just a quick reminder to the OP that the FDIC insurance limit on accounts is generally $250K, so if the bank were to fail you could lose $1.75M. If it's one of the big guys and it's only a couple of days, probably not a big deal, but something to think about.
FDIC had been in existence since the depression... So you know how many times has it been used? I believe is zero times.
Wrong. It has been used hundreds of times. I used it personally when IndyMac bank failed and I had several hundred thousand dollars on deposit with them. Because I was aware of the limits I structured my deposits in such a way that all of my deposits were insured, but the risk of loss is actual and real if small.
The FDIC has definitely been used. From the list in the link RWD posted above I looked at the press release for the first one (Hometown National Bank, Longview, WA). From the press release, the bank had $4.9m total assets and $4.7in deposits and the purchasing bank aquired $3.8m of the failed bank's assets. The FDIC retained the remainder for disposition and estimated a cost to the Deposit Insurance Fund to be $1.9m.
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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.
Damn it. I've never put money down my pants and I feel like I've really missed out.
Read this and got major FOMO. These coins in my sweats do feel nice. Glad I didn't wait any longer to jump in on this.
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That's an amazingly awesome story... but 2 yrs ago. Is he/she still around on the forums?
Last login was only three days ago. Though his last post was in March of this year.
Here I am! Glad the story still entertains or inspires two years later..,