Cash Bank Safe Deposit Box

A recent article in the new york times tells the story of a new jersey man who kept his collection of rare watches in a safe deposit box at a local bank since 1983.

Cash bank safe deposit box.

Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts. You can use it to store important documents and items that you do not feel safe keeping in your home. Learn about the main rules and regulations for safe deposit including rules for access box contents insurance abandonment and what happens when the box holder dies. That bank changed ownership many times over the years eventually becoming a wells fargo.

However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. First if you need the money in an emergency but the bank is closed you re out of luck. A safety deposit box is a special storage compartment you can rent at a bank. While certain items should be stored in a safe deposit box others are best.

Opting out of both safe deposit boxes and home safes. Safe deposit is often a bank s most misunderstood service area. Many bank customers take safe deposit for granted. 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.

The safe deposit specialists safe deposit report card lists 30 questions to ask your bank before signing up for a safe deposit box. You may even decide to store some of your spare cash in the safety deposit box in case you ever hit a rough spot. No laws exist that prevent you from keeping cash in a safe deposit box. As long as your bank s terms and conditions for safety deposit box leases don t prohibit storing cash you don t have to worry about a law that would prevent you from doing so.

Why safe deposit boxes could be a bad idea. The contents of a safe deposit box are not insured in the same way as a bank or credit union deposits. A safe deposit box is a secure container usually made of metal that s used to store valuables at a bank or credit union.