Anyone else ever had this happen? Our church was just charged a fee of $1 per $100 over and above $20k in one month. The reason given was that the Fed charges the bank to pick up the cash. Just stumped over this one. (I'm the financial secretary.)
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Looks like you need a new bank.
I was thinking the same thing
me 3
Or to pay more bills in CASH with receipts. Problem solved WIN _ WIN
Yes, my daughter’s have a cash only business and about 6 months ago they started getting charged for cash deposit. Some banks charge for depositing too many checks. It is all about fee income and they keep coming up with new ways to make money for their shareholders.
Change to a local credit union.
It is a known cost of business for many cash-intensive operations like check cashers, currency exchanges and laundromats. I worked in similar businesses years ago.
I always assumed this cost was the reason they introduced Disney dollars and similar scrip.
The banks are out to get you, coming and going.
Their excuse is true in that it's a real cost, but it's their decision to charge you for it. They could waive it if they wanted to. There is also a real internal cost to the bank in terms of their time, reporting and recordkeeping. But unless this happens regularly, you might be able to get an exception. Good luck! (I wish my church had that problem...)
Start paying for goods and services with that cash, deposit less of it.
Last I checked, cash was legal tender for all debts, public and private. Are they asking us to keep cash out of banks? Ok then, I can comply....
https://youtu.be/V66XdulPrBM?si=CrebbhuCxjJ39rn0
Deposit max in bank, put the rest in precious metals. The church is the kind of institution that can benefit greatly hoard gold. Hope your congregation continues to be blessed.
We swapped banks 4 years ago for the same reason. We just found out this past week they too are now charging us to deposit cash. So we are going to act like Fanni Willis and stash it in the house.
Why on earth are you depositing cash rn
Watch Yankee Stacking on YouTube. His bullion dealer gets charged ridiculous fees for depositing cash so he can buy inventory for his business.
Time to buy a big safe to keep on site at the Church.
Store your value in bitcoin and use a cold storage wallet free from banks and governments
crazy i went to bank and dropped 1000 on the principal to our business commercial loan.....they wanted my driver license i ask the teller what for ...she said they want to know who is giving them cash...i asked who is they......the gubmint was the answer.......
It's good to be a church.
All the more reason churches need to start utilizing crypto and even keeping some gold and silver of their own to be ready for a rainy day.
Sounds like you may need to invest in a safe to store that cash until it can be used