Two Letters Re: Keeping Cash and Tangibles at Home
Sir: We have had cash on hand since Y2K, which became 9/11 cash, then 2008 crash cash. I agree with the author to be careful, because depositing/withdrawing or spending large amounts of cash can trigger a report to the authorities due to the Patriot Act, or cause other problems. My own example is: In 2008 I withdrew $7,500 and closed an account at a failing bank. This money sat “under the mattress” so to speak, until just a few months ago when I decided to purchase a small second home, using this cash as part of the down payment. I had about $5,000 left of the cash …