someone (a bank official) recently told me that it illegal to keep cash in a safety deposit box within a bank ? is this true ? if so why
2007-11-27 01:13:29 · 6 answers · asked by surveyman5285 3 in Business & Finance ➔ Personal Finance
no it is not illegal at all. The bank does not know what you keep in your safe deposit box. Cash kept in a box is looked down on because you could be earning interest on it in a CD or savings account, if in the event the boxes get robbed you may not be able to recover it, or in the event that you pass away the money found in the box is sent to the state, not to your estate or people in your will.
2007-11-27 02:54:01 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, it is not illegal to keep cash in a safety deposit box. But typically banks have a policy which forbids you to keep cash in a SD box (other things are also banned, like firearms). Realistically, the bank has no idea what is in your SD box and they don't want to know.
However, you need to consider the possible consequences of keeping cash in a SD box. SD box contents are not insured by the bank, and that's because they do not know what's in the boxes. If the bank burns down, or the SD boxes are robbed, you are out of luck unless you have your own insurance on the contents (which will probably exclude cash).
2007-11-27 02:07:28 · answer #2 · answered by likepepsi 7 · 1⤊ 0⤋
You can keep whatever you want in a safety deposit box.
2007-11-27 02:18:25 · answer #3 · answered by gonzo 3 · 1⤊ 0⤋
They are simple to get. If the bank has them they would be delighted to take your money for a rental. Usually they just have little ones left so you can get that and they will notify you when a bigger (and more expensive one) is available. If you are a regular customer at the bank they even give a discount on the annual fee.
2016-05-26 02:39:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The only reason they could possibly said that to you is because they are not making a profit on your interest... They are not supposed to know what is in the boxes... It is yours only...
2007-11-27 01:25:42 · answer #5 · answered by De 5 · 1⤊ 1⤋
completely false here in America.
2007-11-27 01:19:36 · answer #6 · answered by Spock (rhp) 7 · 1⤊ 0⤋