From what I understand, most banks will tell you when you sign the paperwork to open a safe deposit box, that you can not store cash in the box. Also the F.D.I.C. says it does not insure what's in your box. In the event of a bank holiday the bank will be closed and you will not be able to access your safe deposit box until the bank re-opens. In the event that the bank fails your property can be involved in a long legal dispute between you and its creditors as to who owns what property. And you being a nobody will be last in line to be paid out of the assets, if any, in any court settlement. Further more both your safe deposit box and your bank account may be used to re-capitalize the bank in case of another financial disaster. And finally any number of government agencies that you might inadvertently wind up on the wrong side of can seize your safe deposit box too. In short don't have any thing in a safe deposit box! Get a home safe and don't tell anybody that you have it! If you have a bank account keep as little money in it as is nessisary.
July 16, 2015 at 2:10 AM
Anonymous said...
Anyone who hasn't yet learned that safe-deposit boxes are no place to keep your money ( both real and fiat) is totally asleep and in for a rude awakening. If the bank is the place that is going to screw you, then why would you keep emergency funds within their walls?
July 16, 2015 at 5:36 AM
Unclezip said...
My safe deposit box is placed just under a 25 yard marker.
July 16, 2015 at 9:50 AM
Anonymous said...
The mattress is sounding like a better alternative every day.
July 16, 2015 at 10:36 PM
Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit BoxesThe notion that safe deposit boxes – facilities that are used by many precious metals investors and others seeking to safeguard their wealth and valuables – need to come under capital controls to protect against bank runs is a dubious one. This cash is not in the banking system – its withdrawal would have no negative impact on the system. Its availability to its owner might bring cash into circulation which would benefit the wider community. The only reason to put access to safe deposit boxes under capital controls – measures which were agreed between the government and the banks – is because the banks and governments wish to retain the option of confiscating the contents of those boxes should the crisis deepen.
"The wise man learns from the mistakes of others."
4 Comments -
From what I understand, most banks will tell you when you sign the paperwork to open a safe deposit box, that you can not store cash in the box. Also the F.D.I.C. says it does not insure what's in your box. In the event of a bank holiday the bank will be closed and you will not be able to access your safe deposit box until the bank re-opens. In the event that the bank fails your property can be involved in a long legal dispute between you and its creditors as to who owns what property. And you being a nobody will be last in line to be paid out of the assets, if any, in any court settlement. Further more both your safe deposit box and your bank account may be used to re-capitalize the bank in case of another financial disaster. And finally any number of government agencies that you might inadvertently wind up on the wrong side of can seize your safe deposit box too. In short don't have any thing in a safe deposit box! Get a home safe and don't tell anybody that you have it! If you have a bank account keep as little money in it as is nessisary.
July 16, 2015 at 2:10 AM
Anyone who hasn't yet learned that safe-deposit boxes are no place to keep your money ( both real and fiat) is totally asleep and in for a rude awakening. If the bank is the place that is going to screw you, then why would you keep emergency funds within their walls?
July 16, 2015 at 5:36 AM
My safe deposit box is placed just under a 25 yard marker.
July 16, 2015 at 9:50 AM
The mattress is sounding like a better alternative every day.
July 16, 2015 at 10:36 PM