Ferrari Mailing List: Re: Business Banking

[Dan Spalding (dan_bob_spalding]

I have heard that cash handling costs money too.  This is one reason grocery
stores are perfectly willing to give you all the "cash back" you ask for
using checks/debit/credit because then they do not have to handle it at all
other than normal till counts.

This may be the case for large cash customers more so than small businesses
with their night-deposit bags of cash to the bank, but over all, I get the
impression that banks charge businesses to handle transactions of any
nature.  Gone are the days where they made their profit solely on lending
out dollars at a higher interest rate than what they pay out on savings
deposits.

Counterfeiting is probably a big problem, maybe even more so than bad
checks.  My mother in-law has had only 4 (four) bad checks in here small
shop over the last 10 years.  That is somewhat surprising, but she is pretty
careful about checks.  If it doesn't pass muster, or she just doesn't like
the situation, she won't take a check.

Dan 


> -----Original Message-----
> From: Brian E. Buxton [mailto:BrianBuxton [at] BuxtonMotorsports.com]
> Sent: Saturday, 02 December, 2006 11:16
> To: Dan Spalding
> Cc: ferrari [at] ferrarilist.com
> Subject: Re: [Ferrari] Business Banking
> 
> Why would they not want to accept cash?  Accepting any other form of
> payment (except a check) COSTS money!  Amex charges the seller/vendor
> 3.5 - 5% of the purchase price, and VISA/MC, etc. charge about 2.5 - 3%
> 
> Brian
> 
> 
> 
> Tom Reynolds wrote:
> 
> >I heard on the radio about a month or so ago where a D.C. area coffee
> shop
> >or cafe or some such doesn't accept cash.  Some people were going to take
> it
> >to court, but (and others can chime in here) even though the currency
> says
> >"This note is legal tender for all debts, public and private" there's
> >nothing that says a business has to accept cash (or can penalize it for
> not
> >taking cash).
> >Think it was on NPR in the AM...
> >Best regards,
> >Tom Reynolds
> >Tulsa, OK
> >----- Original Message -----
> >From: <ferrarifixer [at] aol.com>
> >To: "Tom Reynolds" <kjtar [at] cox.net>
> >Cc: <ferrari [at] ferrarilist.com>
> >Sent: Saturday, December 02, 2006 8:52 AM
> >Subject: Re: [Ferrari] Business Banking
> >
> >
> >
> >
> >>I purchased my last Ferrari (F355B) from a retired bank manager near
> >>
> >>
> >Cincinnati about a year ago.  He insisted on a bank wire transfer.  He
> >wouldn't take a "certified" check, bank check, or any other kind of
> check.
> >I wanted to pay some of it in cash, and I was very surprised that he
> >wouldn't accept cash either.  I had to twist his arm to accept a $500
> >deposit to hold the car until I could arrange transfer of funds.
> >
> >
> >>  Times they are a changin'.
> >>Regards,
> >>Michael
> >>
> >>
> >>-----Original Message-----
> >>From: FList [at] hanshansen.org
> >>To: ferrarifixer [at] aol.com
> >>Cc: ferrari [at] ferrarilist.com
> >>Sent: Sat, 2 Dec 2006 12:03 AM
> >>Subject: Re: [Ferrari] Business Banking
> >>
> >>
> >>A good friend of mine is a retired bank manager.  I'd like
> >>to get her word on how you **reliably** get funds from
> >>a complete stranger.   Now that she is no longer connected
> >>with the bank, it could be interesting............
> >>
> >>Hans.
> >>
> >>On 12/1/06, BRIGANDBAR [at] aol.com <BRIGANDBAR [at] aol.com> wrote:
> >>
> >>
> >>>No disagreement with anything that you have said here.
> >>>
> >>>As they say, the "proof is in the pudding". If a bank in which you have
> >>>
> >>>
> >no
> >
> >
> >>>other accounts will release the funds to you, that in and of itself is
> >>>
> >>>
> >about
> >
> >
> >>as
> >>
> >>
> >>> close as you can get to being certain that you will be paid for the
> >>>
> >>>
> >item in
> >
> >
> >>>question.
> >>>
> >>>That is why customs brokers and escrow agents prosper.
> >>>
> >>>Dr. Steve
> >>>
> >>>1964 Rolls  Royce Silver Cloud III    1975 Pontiac GV Conv.
> >>>1980 MB  450SL                 1982 RR  Corniche
> >>>1988 Rolls Royce Silver  Spur         1994 F-350 Powerstroke  4x4
> >>>1996  Bronco                                  2000 Lincoln Town Car
> >>>1995 Ferrari 348  Spyder                 2004 Excursion
> >>>+ Audrey's 3x MB's
> >>>
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> --
> Brian E. Buxton
> 
> President, Buxton Motorsports, Inc .
> www.BuxtonMotorsports.com
> (812) 476-2281 x 209
> Member ThaList.com
> 
> Managing Partner, Private Label Livery Services
> www.PrivateLabelLimo.com
> 
> President, Brian Buxton Enterprises, Inc.
> Nationwide Enclosed Auto Transportation
> www.BuxtonMotorsports.com/storage-transportation.php
> 
> Founder & Past President
> SO. IN Region PCA
> www.pca.org/soi
> 
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