Can You Keep Cash In A Safe Deposit Box
Olivia Luz
Lack of interest earned.
Most banks prohibit the storage of cash though because they miss a deposit. But cash is for near term use. However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. When you have your cash stored in a safety deposit box you miss out financially since you get no return on your money no matter how much you have saved.
Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts. You can keep cash in a safety deposit box but it is not recommended. 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. For example i work at a bank in alabama.
In some cases collection may involve seizure of your personal assets including valuables and cash kept in a safe deposit box. They ll have to get a court judgment for the debt and they may need a second judgment authorizing them to seize your safe deposit box. When you deposit money into your bank account it allows the bank to use it for various reasons. 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.
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Therefore cash should be readily available to you in your pocket or nearby. Creditors don t get an easy ride however. No laws exist that prevent you from keeping cash in a safe deposit box. Speak with one of the bank tellers and determine whether you can store the cash in the safety deposit box.
There are two main reasons why banking institutions might frown upon this practice.
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