Cash Bank Safe Deposit Box

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.

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. That bank changed ownership many times over the years eventually becoming a wells fargo. Additionally you can only access your box during regular bank hours which means you have no. A safe deposit box is a secure container usually made of metal that s used to store valuables at a bank or credit union.

Many bank customers take safe deposit for granted. Safe deposit is often a bank s most misunderstood service area. No laws exist that prevent you from keeping cash in a safe deposit box. You can use it to store important documents and items that you do not feel safe keeping in your home.

However while not illegal bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. The federal deposit insurance corporation fdic insures cash deposits up to a certain limit. The safe deposit specialists safe deposit report card lists 30 questions to ask your bank before signing up for a safe deposit box. Why safe deposit boxes could be a bad idea.

First if you need the money in an emergency but the bank is closed you re out of luck. You may even decide to store some of your spare cash in the safety deposit box in case you ever hit a rough spot. A safety deposit box leased through a local bank provides you with a place to store important items away from home. Keeping a stash of cash in a safe deposit box isn t a good idea for several reasons warn experts.

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. The contents of a safe deposit box are not insured in the same way as a bank or credit union deposits. Opting out of both safe deposit boxes and home safes.