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re: Would you be afraid to keep cash in a safe deposit box?
Posted on 1/5/16 at 3:37 pm to LanierSpots
Posted on 1/5/16 at 3:37 pm to LanierSpots
Let's just say "if" I had a large stash of cash, some may or may not go into a safe deposit box. No more than $30K in a box, with maybe a handgun and some ammo. It may be a bank near my primary office in case say I need to leave town quickly...
0
Posted on 1/5/16 at 3:41 pm to Janky
quote:
If it is a fire proof safe it will.
LINK
There are no "fireproof" safes on the market today, they are all "fire resistant" . Safes have a fire rating that specifies how long before the contents will be damaged, and that specification is usually for paper. Digital media can be damaged at much lower temps than paper and require a media rated safe.
Posted on 1/5/16 at 3:42 pm to Wasp
quote:
What exactly are you worried about happening to it?
in case this hasn't been mentioned, it's subject to garnishment and seizure, for starters.
you need to go Pablo Escobar style, as suggested.
Posted on 1/5/16 at 3:44 pm to McLemore
quote:
in case this hasn't been mentioned, it's subject to garnishment and seizure, for starters.
There are some theories out there about this. Chase Bank sent letters to its SDB users telling them not to put cash in the boxes.
Posted on 1/5/16 at 3:50 pm to LanierSpots
in Georgia, and I assume it's this way in most states, when you serve a garnishment on a bank, ALL property belonging to debtor is subject to the garnishment. And the bank is going to pay it into the court registry first, and deal with any issues as they arise (rather than risk being on the hook to the creditor).
unless it's a bank that allows complete anonymity with safe-deposit boxes, which i can't imagine exist any more in the US (above the grey market) for your every day consumer depositing $30k, then the boxes are fair game for garnishers.
unless it's a bank that allows complete anonymity with safe-deposit boxes, which i can't imagine exist any more in the US (above the grey market) for your every day consumer depositing $30k, then the boxes are fair game for garnishers.
This post was edited on 1/5/16 at 3:51 pm
Posted on 1/5/16 at 3:52 pm to Janky
My dad worked for a restaurant chain and one of their stores in MS was wiped out during Katrina. The whole building blew into the Gulf. All that was left was the slab and the safe bolted to it.
Posted on 1/5/16 at 3:54 pm to AJN
quote:
My dad worked for a restaurant chain and one of their stores in MS was wiped out during Katrina. The whole building blew into the Gulf. All that was left was the slab and the safe bolted to it.
I think physically a safe will survive a fire but it gets so hot inside, any paper products will burn..... According to the internet.
Posted on 1/5/16 at 3:58 pm to LanierSpots
I have gold buried. Good bit of it
Posted on 1/5/16 at 4:00 pm to LanierSpots
Change banks. We always keep cash in a safe deposit. And quit telling everybody your business.
Posted on 1/5/16 at 4:06 pm to McLemore
quote:
unless it's a bank that allows complete anonymity with safe-deposit boxes, which i can't imagine exist any more in the US (above the grey market) for your every day consumer depositing $30k, then the boxes are fair game for garnishers.
IIRC at one time the old New Orleans Mint was advertising anonymous safe deposit boxes. This was before Katrina. I think it's a museum now, so probably not available any more.
I don't think it's against the law, but banks lose out on the deposits if you keep cash in a SD box, and some don't allow it. Chase, for one. Also, SD boxes are not insured, so if the bank fails, you lose the contents. This goes for whatever you have of value in there, not just cash.
Posted on 1/5/16 at 4:10 pm to LanierSpots
Having fairly remote and unused family owned land would be a plus for this. $15k would be pretty easy to bury.
Posted on 1/5/16 at 4:16 pm to LanierSpots
Floor safe. Nobody gots to know about it, and it will be safe (relatively) from a fire...
Posted on 1/5/16 at 4:16 pm to Jim Rockford
quote:
Also, SD boxes are not insured, so if the bank fails, you lose the contents. This goes for whatever you have of value in there, not just cash.
Partly true. The contents are not insured like deposit accounts against loss or theft, true, but the bank doesn't own the contents of the box, just the box. If the bank fails, the creditors own the box, but the contents are still yours.
See the fourth thing the FDIC wants you to know about SD boxes.
This post was edited on 1/5/16 at 4:17 pm
Posted on 1/5/16 at 4:17 pm to LanierSpots
If you are going to have that much cash per year I would build a walk in safe.
Posted on 1/5/16 at 4:19 pm to stinkdawg
quote:
And quit telling everybody your business.
Asking for a friend.
Posted on 1/5/16 at 4:19 pm to Havoc
A few things I'd worry about with buried money:
Someone finding it unexpectedly. Even on family land, people do trespass. Your random treasure hunter with a metal detector shows up, Poacher sees the marker you've left to remind you where to dig and gets curious. Or Cousin Billy Bob has overheard a conversation at Mawmaw's house and decides to go looking.
Or, you die unexpectedly or lose your mental capacity. Who have you told about it, and do you trust them?
The other, more remote possibility, is a change in currency where you have a certain period of time to turn it in for the new version. You'll still have some explaining to do.
Finally, it's just getting harder and harder to pay cash for things these days, especially big ticket items. Unless you're satisfied to dole it out a little at a time for gas and groceries, having it won't do you much good.
Someone finding it unexpectedly. Even on family land, people do trespass. Your random treasure hunter with a metal detector shows up, Poacher sees the marker you've left to remind you where to dig and gets curious. Or Cousin Billy Bob has overheard a conversation at Mawmaw's house and decides to go looking.
Or, you die unexpectedly or lose your mental capacity. Who have you told about it, and do you trust them?
The other, more remote possibility, is a change in currency where you have a certain period of time to turn it in for the new version. You'll still have some explaining to do.
Finally, it's just getting harder and harder to pay cash for things these days, especially big ticket items. Unless you're satisfied to dole it out a little at a time for gas and groceries, having it won't do you much good.
Posted on 1/5/16 at 4:19 pm to Jim Rockford
You don't lose the contents of a safe deposit box of bank fails. Once it is taken over you still have the box. And normally if the fdic is closing it will inform you prior to taking over to give you a chance before.
Posted on 1/5/16 at 4:21 pm to Martini
Okay, apparently I was told that in error. Thanks for clearing it up.
Posted on 1/5/16 at 4:24 pm to LanierSpots
The real OT ballers have Swiss bank accounts.
Posted on 1/5/16 at 4:29 pm to Jim Rockford
quote:
Finally, it's just getting harder and harder to pay cash for things these days, especially big ticket items
A house and a new car are about the only things you can't pay cash for.
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