Torgeek
- Is it a good idea to put cash in a safe deposit box?
- What are the risks of a safety deposit box?
- Do you need both keys to lock a safe deposit box?
- Can I hide money in a safety deposit box?
Is it a good idea to put cash in a safe deposit box?
You're better off stashing your cash in a bank deposit account, like a savings account or certificate of deposit, than in a home safe or a safe deposit box. Among the reasons: "Cash that's not in a deposit account isn't protected by FDIC insurance," noted Luke W.
What are the risks of a safety deposit box?
There are also some downsides to safe deposit boxes. Banks have limited liability. If items in your safe deposit box are lost, misplaced or destroyed, you're generally out of luck. Contents of a safe deposit box—including cash—aren't protected by FDIC insurance, which only protects money in deposit accounts.
Do you need both keys to lock a safe deposit box?
There are two locks on each box. When you rent a safe deposit box, you receive one or two keys to one of the locks The bank keeps the key to the second. The keys to both locks are required for the box to be opened. Safe deposit boxes are available in a variety of sizes.
Can I hide money in a safety deposit box?
Second, it suggests that you are trying to hide money from the IRS, and that can lead to serious legal problems down the line. While it's true that keeping cash in a safe deposit box is not illegal, many banks have adopted policies that forbid the practice outright.
