Re:Currency (Restrictions on the Use of Cash) Bill 2019
by phonebanshee on Monday July 29, 2019 @10:01AM
(#20554665)
There's no waiting period if you pay by check. (Yes, real world personal experience.) Don't forget they're happy to let it go with just a promise to pay later.
Re:Currency (Restrictions on the Use of Cash) Bill 2019
by jsjohnst on Monday July 29, 2019 @11:12AM
(#20555372)
I’ve paid by personal check before too without a waiting period, but I also have first hand knowledge that it’s not the norm, at some dealerships anyway. Obviously every place will likely be somewhat different.
Re:Currency (Restrictions on the Use of Cash) Bill 2019
by sokoloff on Monday July 29, 2019 @09:14AM
(#20554247)
The beauty of cash is that everyone knows "it's good" (ignoring counterfeiting for the moment). There's no "stop payment" on cash.
If I'm buying a car from a dealership, ACH/e-check or regular check is fine. If I'm buying a classic car or a boat from a private seller on a weekend, cash is still king. A dealership may prefer a check over cash, but a private seller who is on the fence about taking your semi-lowball offer is often somewhat motivated by seeing physical cash and imagining (even if subconsciously) having the cash and being done with the transaction.
Physical cash's non-recourse is a security problem for theft, of course.
Re:Currency (Restrictions on the Use of Cash) Bill 2019
by jsjohnst on Monday July 29, 2019 @11:16AM
(#20555428)
Try going and depositing $50k in cash at a US bank (let alone orders of magnitude more) and tell me it was a pleasurable experience. As someone who’s withdrawn and deposited multiple large amounts of cash (largest being in 7 figures range), I can say it’s a real pain.
I think you’ve not done this in the past twenty years, or just heard the phrase and misunderstood it.
“Paying cash” at a dealership for a new car doesn’t mean literally bringing in paper currency. Generally you pay via cashiers check or wire transfer (rarely via personal check, but with a waiting period most of the time then). Saying “paying cash” at a dealership means “not financing the vehicle.”
I’m not saying it’s not possible to use paper currency, I’ve done it myself. For anything of value though, you’ll generally get a less enthused recipient (as they’ll have hassles depositing it), not to mention the hassle you’ll get just to withdraw the money. As an example in the US, withdrawing over $10k in cash requires filling out paperwork. Withdrawing much larger amounts will generally involve even more scrutiny. Trying to break up the withdrawals to stay under $10k will very likely set off red flags with the bank and lead to inquiries from their compliance department at best (usually much worse).