4 ms·
Are you even allowed to put cash in safe deposit boxes in the USA? In Canada, that is against the terms for most banks and they will not reimburse you for cash
by MattGaiser 6y ago
Are you even allowed to put cash in safe deposit boxes in the USA? In Canada, that is against the terms for most banks and they will not reimburse you for cash in them if stolen.
- notyourwork 6y agoMy understanding is that you are not allowed to store cash in them in US either.
- billh 6y agoIt's not illegal to store cash in a safe deposit box, but some banks have policies which will state that you cannot. Ostensibly over money laundering / illegal asset hiding concerns. But regardless of policy, it really does not make a whole lot of sense to keep your cash in there. If you just deposit the cash at the counter it's insured through FDIC, in the box it's not.
- notyourwork 6y agoRight, I didn't indicate its illegal, I said it is not allowed.
- yrral 6y agoMy understanding of safe deposit boxes is that the contents are not guaranteed by the bank at all and if something causes the contents to be lost or destroyed, the best they will do is refund some of the safe deposit box fees.