Does the bank need to know what is in there? Is it 100% private? How much does one cost?
2007-04-30 10:26:51 · 6 answers · asked by shadowboxer78 2 in Business & Finance ➔ Personal Finance
No the bank does not know what you put in there.
Remember that in the unlikely event that the bank gets robbed, and the box is one that is broken into or in the event of a fire and the contents of the box are lost. There is a limit to the amount the bank will pay. Ask your bank for details.
At least if the money is in an account it is insured for up tp $100,000.00 for loss to due theft or failure of the bank.
If you are looking to hide cash I would guess that would be an ok place, but check with a lawyer, to be sure that noone can attached the assets in the box, if that is a concern.
2007-04-30 10:40:39 · answer #1 · answered by alanpks4 4 · 0⤊ 0⤋
Yes you can put cash in a safe deposit box, or any other items of value. The bank does not need to know what you have placed in a safe deposit box, it is 100% private. The cost depends on the size of the Box. Usually the smallest boxes cost $30 all the way up to hundreds.
2007-04-30 10:42:23 · answer #2 · answered by Robert A 1 · 0⤊ 0⤋
At the bank where I work it is stated specifically in the rental agreement that you can not keep cash in the box. That being said, all entries to your box are 100% private and you have the only key, so if you did put cash in there, no one would ever know.
The only reason I can think of as to why this is a rule, when you can keep things MUCH more valuable than cash in the boxes (one guy has freaking MOON ROCKS in his, and I only know because he told me when he showed up with the armed guard to remove them for an exhibition) is that the government doesn't want you to hide cash from them.
And our boxes are from $35-$110 per year, depending on size.
2007-04-30 11:58:17 · answer #3 · answered by banker lady 3 · 1⤊ 0⤋
You can put anything in a safe deposit box you wish, including cash. But why would you want cash there? Put it is a saving account, or some kind of investment to make more money.
Would depend on size of box to how much they would cost. Maybe $20 to $100 per year.
2007-04-30 10:32:09 · answer #4 · answered by Really ? 7 · 0⤊ 0⤋
Yes, you can. But since the Bank would not know what you had in the box, if the contents were lost due to a robbery or act of God, you would lose the contents w/o compensation from the bank. the FDIC does not insure contents of the box only deposits to an account to said bank. You would have to obtain insurance from an outside insurance agency to insure the contents of the box for it's full value.
2016-05-08 10:39:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. (United States of America)
Yes. (Rest of the World)
The bank does not need to know but they will know anyway. Nobody wants C4 or Heroin in their bank.
If you want Privacy then you need a Transporter. (If you really need one then I can recommend you one)
Each bank has several fees.
2007-04-30 13:42:35 · answer #6 · answered by Anonymous · 0⤊ 2⤋