accept cash, beads or feathers at the closing table. Certified funds over $1500, and personal checks written on an account approved by the lender are usually the requirements for cash short to close.
Money laundering is the key concern here. Where did all that money go to.
What do medicinal marijuana farms and dispensaries do with all the cash they collect? A lot of banks won't accept it. There must be a way to deposit the money somewhere, and how is it accounted for?
Feds have told banks not to accept it, so it's quite a dilemma for people who wish to operate on a cash basis.
I had a Chase closing a few months ago, and the borrower wanted to give the lender a check written on another bank account to close, just around $1000. Chase would not accept that check or her offer to pay cash, since she did not have an account with Chase. Underwriting requirement. |
