Can You Put Money In A Safe Deposit Box
Camila Farah
While federal law does not specifically prohibit the storage of cash with in a safe deposit box some banks might.
Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts. Seizing and liquidating property liens over personal property are tricky to enforce and the creditor may not know that you own a safe deposit box in the first place. 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. As tempting as it is to keep money that you do not need urgently in your safe deposit box it is unwise to do so for three reasons.
Is it legal to keep money in a safe deposit box. The usual practice of bank customers renting safe deposit boxes is that each safe has two keys one of which is controlled by the user and the other is managed by the bank. The safe deposit box can be unlocked only when the keys are used at the sa. First if you need the money in an emergency but the bank is closed you re out of luck.
Keep in mind that the money you have on deposit in a federally insured bank or credit union is protected but items in a safe deposit box are not. A safe deposit box is a secure container usually made of metal that s used to store valuables at a bank or credit union. 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. Lack of interest earned.
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However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. Unlike the money in your bank account items in a safe deposit box are not covered by fdic insurance although the fdic does guarantee that if your bank goes bust and the government takes it over you ll regain access to your safe deposit box within one business day. No laws exist that prevent you from keeping cash in a safe deposit box.
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