NT - My lovely bank

[kcjenkins]

I was actually not thinking of small amounts like to pay window washers, etc. We all do use collected cash that way. But Marilyn was talking about a business with large cash receipts, 5K to 10K or more. And I have seen auditors who start by asking if all amounts received are deposited, and if the answer is 'no' they then are very suspicious of the client's records unless they have been very careful, like numbered receipts, etc.

[mcb39]

Several years ago my husband's auto business had a state audit because the state is stringently involved with auto dealers. The gal who came in for the audit and I spent half a day going through every sale and deposit for the entire year. In truth, she was looking for large deposits of cash and where the cash came from. We are required by law to fill out paperwork for cash payments in excess of $10,000 and preferably $5000 at the time of sale. Then, on the other hand, the CU does their scrutiny when we deposit it. Since we are a small dealer, we rarely, if ever, have those kinds of sales or receipts. We did have to pass the CU scrutiny once when we combined two smaller receipts into one deposit that went over the line of allowable cash deposits.

In the case of the "audit" we clearly passed and all of our records were in order. Just a good example of keeping good records and they have never come back.

It would be unlikely that anyone in our business would have deposits that large of cash, even in combined payments. As I said before, I stash away my few hundred dollars in cash payments for spending money, but only after it has been duly recorded as income in my records.

[SFA]

Went to the post office recently, and the Postmaster checked my $100 bill with her counterfeit pen.

I asked her what she would have done if the pen color indicated forgery. She said, she would confiscate the money.

We now stripe $50 and $100 bills BEFORE accepting or using them. I don't deposit cash in the ATM night depository for the same reason. The reader may detect forgeries that we have missed.

[michaelmars]

I once had a cashier that tried to keep my $100 saying it was fake, I asked her if she passed a certification class at the us treasury and if she was certified as a forged document tech. blah blah blah. No way would I let a kid that is using a $20 pen say my money is fake and keep it. They don't have to accept it but they can't keep it, who says they are right.

I told her the only way she can keep it is if she replaced it. And since I probably came from my prior transaction at that store then I was going to charge them with passing counterfeit money. And if she didn't hand it back then I am calling the police to report a theft.

[Jack from Ohio]

Only a bank is allowed to confiscate "counterfeit" money.