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Exactly, my savings account would be deleted immediately and shoved into tax free or inflation protected bonds. I bet many banks when confronted with those ind

Exactly, my savings account would be deleted immediately and shoved into tax free or inflation protected bonds. I bet many banks when confronted with those individuals that have savings account with $200,000 cash as an emergency fund will either pull them out entirely or pay the bank for a safety deposit box.

pc86 11y ago
Storing cash is a safe deposit box is illegal in the United States. Edit: maybe
- toomuchtodo 11y ago
  Do you have citation? Genuinely curious about this.
  - pc86 11y ago
    This is one of those things where is not a law that says "you may not keep cash in a SD box," however there are several laws and regulations that make it sub-optimal or difficult to disprove an allegation that you broke some other law. 1. No FDIC insurance (no legal impact obviously but flooding is not unheard of) 2. If you have a large amount of cash with no traceable origin, the IRS is definitely going to want to know how you came about it. Concealing the source of cash violates federal regulations. 3. I've heard many times that directly taking cash out of circulation is itself a crime, and that courts have interpreted SD boxes as such, however the only actual source I can find says that physically destroying cash (e.g. burning it) is a crime. I have edited my post to reflect the fact that I'm actually not 100% sure now :)
    - deleted 11y ago
      [deleted]
  - SCAQTony 11y ago
    That comment worried me: I found this reference from BankRate saying putting cash in a safety deposit box is only illegal if it is concealed for tax evasion purposes. http://www.bankrate.com/brm/news/bank/20011023a.asp http://www.bankrate.com/brm/news/bank/20011023a.asp
  - Mtinie 11y ago
    I can't seem to find anything definitive that identifies the legal grounds to claim that the storage of cash in a safety deposit box is illegal in the United States, but I did come across a couple of references that indicated that certain banks have included the prohibition in their terms of use. Given that the contents of a safe deposit boxes are not covered by FDIC insurance, I can see why it's not necessarily recommended.

pc86 11y ago

Storing cash is a safe deposit box is illegal in the United States. Edit: maybe

toomuchtodo 11y ago
Do you have citation? Genuinely curious about this.
- pc86 11y ago
  This is one of those things where is not a law that says "you may not keep cash in a SD box," however there are several laws and regulations that make it sub-optimal or difficult to disprove an allegation that you broke some other law. 1. No FDIC insurance (no legal impact obviously but flooding is not unheard of) 2. If you have a large amount of cash with no traceable origin, the IRS is definitely going to want to know how you came about it. Concealing the source of cash violates federal regulations. 3. I've heard many times that directly taking cash out of circulation is itself a crime, and that courts have interpreted SD boxes as such, however the only actual source I can find says that physically destroying cash (e.g. burning it) is a crime. I have edited my post to reflect the fact that I'm actually not 100% sure now :)
  - deleted 11y ago
    [deleted]
- SCAQTony 11y ago
  That comment worried me: I found this reference from BankRate saying putting cash in a safety deposit box is only illegal if it is concealed for tax evasion purposes. http://www.bankrate.com/brm/news/bank/20011023a.asp http://www.bankrate.com/brm/news/bank/20011023a.asp
- Mtinie 11y ago
  I can't seem to find anything definitive that identifies the legal grounds to claim that the storage of cash in a safety deposit box is illegal in the United States, but I did come across a couple of references that indicated that certain banks have included the prohibition in their terms of use. Given that the contents of a safe deposit boxes are not covered by FDIC insurance, I can see why it's not necessarily recommended.