Can You Put Cash In A Safety Deposit Box
Olivia Luz
Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts.
No laws exist that prevent you from keeping cash in a safe deposit box. Creditors don t get an easy ride however. In some cases collection may involve seizure of your personal assets including valuables and cash kept in a safe deposit box. They ll have to get a court judgment for the debt and they may need a second judgment authorizing them to seize your safe deposit box.
Yes you can provide your safe box is very secure ie solid locks. There are two main reasons why banking institutions might frown upon this practice. An account is usually fdic insured and may accrue interest over time. Lack of interest earned.
Consider storing money in a savings or bank account instead of a safety deposit box. Additionally you can only access your box during regular bank hours which means you have no. Also your money is losing value over time no matter if it s cash or check. Not insured so if a fire flood tornado etc takes out the bank or vault you re screwed.
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The loss of deposits when customers choose to store cash in a safe deposit box instead of within a bank account banks lose out on deposits. Have been socking cash away in a safety deposit box at bank. Again the money you deposit in a federally insured bank or credit union is protected up to 250 000 per depositor per bank but the cash in your safe deposit box is not. While federal law does not specifically prohibit the storage of cash with in a safe deposit box some banks might.
When you put money in your safety deposit box it does nothing but accrue dust. However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. User 122245 4427 posts. First if you need the money in an emergency but the bank is closed you re out of luck.
Although you can likely store cash in your safety deposit box without a problem you do have to consider these risks and drawbacks of doing so.
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