Deposit 10k In Cash - Dangerous?
Hello All,
I'm about to buy my first property. A friend of mine is going to lend me 10k. My question is this. I want to deposit the money in my Business Bank Account before closing. But this takes 5 business days and I need to close before that. What can I do? Deposit the cash? Is that dangerous in any way?
Please help! I need to make a decision very soon.
He's sending the 10K in cash or in a check. There is no reason for cash to take 5 days to clear. If its a check have him send cashiers or certified which will clear the next day.
Or the easiest solution of all, have the money wire-transfered.
There are definitely other methods that are quicker.
Ask your bank for the ways they suggest.
There are charges for certain methods and they can tell you what the costs are.
john
[addsig]
Watch out for the red flag caused by a 10K or greater cash transaction if you are concerned.
Also be prepared to explain the source of the 10K to the lender. "Was that a loan?"