Two Letters Re: Keeping Cash and Tangibles at Home - SurvivalBlog.com

Two Letters Re: Keeping Cash and Tangibles at Home - SurvivalBlog.com: "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 and put it in my current bank account so the mortgage company could "see" the money to be used for the down payment. (The teller indicated that $10,000 was the reportable level.)

However, since my cash deposit was within three months of its planned use for the down payment, the mortgage company would not let me use it!  All funds must be completely trackable, not cash, due to the Patriot Act. Even though I had banking records documenting my old bank closure and withdrawal, they would not accept this money in down payment. I was forced to obtain a money gift (completely documented as to the bank it came from,etc.) from a relative to get approved for my mortgage."