Among Friends

[HouseMouse]

Does anyone know if it is safe to keep cash in a safety deposit box at the bank?

There are reasons that I cannot keep money in an account in the bank, but a small amount.

Seems like no place around the house would be safe to hide/keep cash.

Thank you!

[Mistreatedbycs]

Now, why would you spend money for a safety deposit box?  What would be the advantage?  Your access would be only when the bank is open.

I would buy a safe, have someone secure it to the floor (they make one's like that), keep it covered and know that all your important papers, money, jewelry (if any) are fire proofed and secure so make sure you buy one that's fire proof too.

Search your home improvement stores and stay away from the office supply stores, Sam's has a nice one if you are a member.

[HouseMouse]

Well we have the safety deposit box aleady and have had it for a long time.

A safe wouldnt work since we are in an apartment and cant bolt anything down. But thank you!

[jlkz]

@HouseMouse

We were robbed many years ago.  When we came home, the front door was slightly cracked so we saw a sliver of light where there shouldn't have been any.

Of all the places that they ( several, it was a ring operating ) looked, we were surprised to find that they had searched the freezer / refrigerator and the bathroom / linen closets.  The police said that was usual.

I used to " hide " jewelry in unique locations:  after spending hours, sometimes weeks looking for stuff, I finally started to use a safety deposit box.  The bank we use is open on Saturdays so we can access it 6 days a week.  Just make sure of their access procedure: not all banks have " checkpoints. "

E.g. Of a hiding problem:  spent weeks looking for a double strand of opera-length pearls.  Found it next season as I was taking out sweaters....there they were tucked inside a sweater !

Good luck with your safety deposit box !

[Abrowneyegirl]

Yes, you can store cash in your deposit box.

Fire proof boxes you keep in your home are a misnomer , yes the box is fire-proof but is acts as an insinuator.  In a fire the box gets hot and everything inside is destroyed.

After a friends house fire they located the box, all the cash, photos and documents were ash.  Jewelry was melted!  But the box was in good shape :-D

[Lilysmom]

@HouseMouse et al.  Best to check if you have a home safe.  I checked to see if I could get a better rate for insurance if some items were in a fireproof home safe.  The answer is no for us.  We keep all of our important papers (wills, powers of attorney, etc) in a safety deposit box at the bank.  LM

[Bird mama]

@HouseMouse

I look at it this way.  If a safe deposit box is safe for important papers or jewelry, then why not for currency?

[henderson]

Yes, why?  If people keep wills, important papers and jewelry in a safe deposit box, your cash should be safe.

[sidsmom]

Safe? Most likely, but cash is not covered by any insurance, FDIC or private insurance, if something DID happen. Bank safe deposit boxes are NOT fireproof, so damage can still occur for all items.

If anything, it's just bad financial management....no return on your money. 

https://www.fdic.gov/consumers/consumer/news/cnfall09/five_things.html

"No safe deposit box or home safe is completely protected from theft, fire, flood or other loss or damage. Consider taking precautions, such as protecting against water damage by placing items in plastic containers or zip-lock bags. And, don't keep identifying information on or near your safe deposit box key, such as the box number and the bank's name, in case of loss or theft.

Remember that, by law, FDIC insurance covers only deposit accounts. Also, don't expect the bank to reimburse you for theft of or damage to the contents of your safe deposit box.

If you want protection for the valuables in your safe deposit box or home safe, talk to your insurance agent."

[Havarti]

If you keep things like cash, gold, expensive jewelry, family treasures, etc. in a safety deposit box consider keeping those things in a sealed envelope or box marked “property of (insert the name of the person you would want to have it if you died)".  It is my understanding that sealed envelopes/boxed would be handed over to the person named unopened (because you were storing their property in your box).  It is my understanding it would avoid probate and go immediately to the person you named as owner of that property because you were simply storing it for them. Unless things have changed recently, it is a good tip.  Unauthorized people can't gain access to your box until your death, so you can change those names as often as you wish while you are alive no one can take your property away just because their name is on it while you are alive.  Just something to consider.