Credit union safe deposit boxes9/12/2023 ![]() That local bank may choose to deny their application, or allow the individual to store the valuables, because they may have to increase their security or obtain a new insurance policy to cover the valuables.įor this reason, individuals that have expensive valuables may have to go to a facility that can accommodate the value of their items. For example, if an individual brings in 50 prepaid debit cards and wishes to store them in a safety deposit box, the bank will typically require to know the amount stored on the prepaid debit cards, and may deny the application for the safety deposit box based on the liability if the amount is significant.Īnother example is an individual bringing in a bag of diamonds worth millions of dollars, and wishing to store them at the local bank in their town. Some banks may also have their own set of rules concerning other items that may be limited from being kept in a safety deposit box, including a large amount of money, a large amount of gift cards or other form of prepaid debit cards, and/or a large amount of jewels.Īs can be seen, banks are most reluctant to keep products stored in safety deposit boxes that may open them up to future liability. ![]() It is for these reasons that many banks have instituted their own rules against the practice of putting money in a safe deposit box. However, it is not advised for the above aforementioned reasons.Īdditionally, putting money in a safe deposit box could have the appearance that you are trying to hide that money from the IRS. Keeping cash in a safety deposit box is not technically illegal. As such, there are very few protections for those who have their property stolen or destroyed. There are no federal laws concerning safe deposit boxes. Is It Illegal to Put Money in a Safe Deposit Box? Anything that would need to be quickly accessed in an emergency, or by someone other than the owner of the safety deposit box.Some examples of what should not be stored in a safe deposit box include: Other restrictions involve storing explosives, as well as anything illegal. Such limitations are generally based on the value of the items being stored. Anything else that would be difficult or impossible to replace, should it be damaged or stolen.Įach individual bank may place some limitations on what can be put in a safe deposit box.Other important business documents and.Personal papers, such as birth certificates, marriage licenses, etc. ![]()
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