Cash Bank Safe Deposit Box

While certain items should be stored in a safe deposit box others are best.

Cash bank safe deposit box.

No laws exist that prevent you from keeping cash in a safe deposit box. A safe deposit box is a secure container usually made of metal that s used to store valuables at a bank or credit union. However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. 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.

That bank changed ownership many times over the years eventually becoming a wells fargo. A safety deposit box leased through a local bank provides you with a place to store important items away from home. A safety deposit box is a special storage compartment you can rent at a bank. Opting out of both safe deposit boxes and home safes.

You can use it to store important documents and items that you do not feel safe keeping in your home. Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts. First if you need the money in an emergency but the bank is closed you re out of luck. The safe deposit specialists safe deposit report card lists 30 questions to ask your bank before signing up for a safe deposit box.

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. You may even decide to store some of your spare cash in the safety deposit box in case you ever hit a rough spot. The contents of a safe deposit box are not insured in the same way as a bank or credit union deposits. Many bank customers take safe deposit for granted.

Safe deposit is often a bank s most misunderstood service area. The federal deposit insurance corporation fdic insures cash deposits up to a certain limit. Why safe deposit boxes could be a bad idea.