I'm curious (please don't answer if you don't want...
# general
n
I'm curious (please don't answer if you don't want to (obviously), and please remember this is a public forum before answering), but what is the use case for depositing cash? I have never in my life deposited cash, nor can I picture a scenario in which I would. If it's a small amount, why bother, and if it's a large amount, it seems like an invitation for regulatory scrutiny.
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m
Selling something on the black market is the best thing I can think of... Or receiving a gift from your grandmother?
r
If you withdraw too much cash and don't want to have so much on hand
b
Lots of people get paid in cash - tutors, babysitters, sheitel machers, electrician, anything in retail and so on. Why do people prefer to pay cash and not check or Zelle is a different question but it’s the realist
m
Besides for tzedaka, I don't ever withdraw cash...
@bright-restaurant-33087 people want to get paid in cash to avoid taxes (which is why I personally won't work with those people) Harder to avoid taxes with zelle.
b
Even if you pay taxes, if you tutor etc you will end up getting paid cash by those who prefer to pay in cash. (Not me!) cant exactly reject cash so you deposit it.
m
Lol I reject cash payment all the time πŸ˜‚ but I understand not wanting to do that.
b
Also, ime, the older someone is the more likely they use cash or check than Zelle or credit card. I Zelle my sheitel macher, I’m sure my grandmother gives cash or check.
p
OOPS wrote too many checks today! Not enough cash in the account to cover them. Don't want to risk checks getting deposited before a transfer from my other bank account clears. I head to the ATM get cash out of my other bank account then head to my bank branch for my check writing account and deposit the cash
Of course I never actually write checks. But I'm not the only one on the account with check writing privileges πŸ™‚
t
My younger brother just turned 18 and has to deposit cash because he’s a waiter and gets tipped in cash. What other options does He have? Money order?
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m
i used to tutor and get paid in cash ( i preferred it when i was young so i could see tangibly what i had and didnt have good internet banking options) so regularly would deposit cash.
b
I just went to the bank for the first time in a while to get tzedaka pennies. And I’m sure there will be lots of requests soon for $1.50 for a Siyum or $2 for a project and so on. So teachers and those who take care of pushkas probably deposit cash.
g
Here in brooklyn almost any p2p service is cash only (haircuts, babysitting, tutoring, sheitels, etc)
w
My use case is - my son collects large amount of tzeddaka (in cash donations, outside the mikveh or at the store erev shabbos etc.) and then wants to mail it in to the organization that he collected for, so he hands me $872.63 and I write a check to the organization and mail it to them. Now I have $872.63 that I don't plan on spending.
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r
My daughter got cash tips in camp which we wanted to deposit into her checking account
n
Cool, lots of food for thought πŸ˜„ People requiring payment in cash are generally not reporting it (unless there's some legitimate reason for this?), in which case it should never be put into a bank account. If someone is paid in cash without requesting cash and is reporting it, then I can understand depositing it, although depending on the amounts, my gut tells me it raises red flags and increases audit risk, even if 100% legitimate. Similar to claiming a deduction for home office use. Unless it's really not feasible, I would just use it for purchases, but that's just my preference. @proud-waiter-61863 you win the prize for the most original use case for cash. Wouldn't it be easier to have just one bank?
t
Interesting. Should I ask my brother why he is putting it in a bank account then lol?
n
Good idea πŸ˜‰
r
We get cash donations for our shul and need to cash them 😁