A Stack of Benjamins

I always remind my clients that they have to bring “good funds” to the closing table. That’s usually followed by the question: “What are good funds?” And I reply that it means funds that are verifiable, typically a wire transfer or a cashier’s check, but not a personal check.

So I’m at the title company at a closing with my clients who are purchasing some land – about 10 acres outside of Sedalia. We get to the end of the closing and the closer asks my clients for their funds. They had to bring $3,000 to the table to complete their down payment. So my client proceeds to whip out a roll of bills. I’m talking just like what you’ve seen in the movies – a roll of $100 bills. She starts counting them out. One … two … three … and so on until she’s counted out 30 bills.

My clients own a business that is conducted mostly in cash so I’m not too surprised (except for the fact that when she finishes counting out her 30 bills the roll hasn’t gotten much smaller). But the closer’s jaw is on the floor. And then she starts getting real excited – shaking her head, waving her hands and saying “No, no, no! I can’t accept cash.”

What?

What is not “good funds” about a stack of Benjamins? I mean, it doesn’t get any more “good” than that.

But she wouldn’t have any of it. It was like those bills were tainted in some way, like they were the evil destroyer of all that is right and good at the title company. I swear the closer had backed up until she was against the wall and couldn’t go any further. She had sweat on her upper lip and was muttering something about liability and cash being the root of all closing evil.

After verifying that, yes indeed, the title company would not accept that much cash, we went across the street to a bank and paid $3,015 cash for a $3,000 cashier’s check. Now who’s gonna reimburse my clients $15?