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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
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Experience:  Experienced Licensed Attorney
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WHY DID MY BANKER TELL ME I AM NOT SUPPOSED TO KEEP CASH IN

Customer Question

WHY DID MY BANKER TELL ME I AM NOT SUPPOSED TO KEEP CASH IN MY SAFETY DEPO BOX?
Submitted: 5 years ago.
Category: Legal
Expert:  Phillips Esq. replied 5 years ago.
Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

Question: WHY DID MY BANKER TELL ME I AM NOT SUPPOSED TO KEEP CASH IN MY SAFETY DEPO BOX?

Response: Only the banker can tell you the reason. However, there is no current law that prevents you from putting money in your Safe Deposit Box. However, unlike money in your bank account, the deposit in a Safe Deposit Box is not insured by the FDIC.
Customer: replied 5 years ago.
Y WOULD THE ENTIRE BANK STAFF ASSUME U ARE NOT SUPPOSED TO DO THIS. THIS WAS NOT A PERSONAL COMMENT- IT WAS MEANT FOR THE ENTIRE COUNTRIES POPULATION,
Expert:  Phillips Esq. replied 5 years ago.
Y WOULD THE ENTIRE BANK STAFF ASSUME U ARE NOT SUPPOSED TO DO THIS. THIS WAS NOT A PERSONAL COMMENT- IT WAS MEANT FOR THE ENTIRE COUNTRIES POPULATION,

Response: I do not know. So, I will opt out and give another Expert the opportunity to comment on your case.

Do not reply to me because doing so would delay a response from another Expert.

Happy New Year!
Customer: replied 5 years ago.
Relist: Answer quality.
Expert:  Alex J. Esq. replied 5 years ago.
Hello. My name is XXXXX XXXXX I will be happy to answer your question.

While federal law does not specifically prohibit the storage of cash with in a safe deposit box, some banks might. There are two main reasons why banking institutions might frown upon this practice:
  • The loss of deposits – When customers choose to store cash in a safe deposit box instead of within a bank account, banks lose out on deposits. This can actually cost customers money, as well, since they will miss out on the potential earnings interest rates provide.
  • Concerns about tax evasion – Some banking institutions might discourage cash deposits not out of fear of seeing deductions from their own bottom lines, but to avoid problems with the Internal Revenue Service. There are regulations that prohibit the concealment of cash to avoid paying proper taxes on it.
So if your Banker is stating to you that it is against the bank's rules to allow customers to store /keep cash in the safe deposit box, I would strongly suggest that you either comply with your bank's rules or look for another bank that my permit for you to store cash in your safe deposit box.


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