While it’s true that keeping cash in a safe deposit box is not illegal, many banks have adopted policies that forbid the practice outright.
Can you legally store cash in a safety deposit box?
A safety deposit box, also known as a safe deposit box, is a personal physical space inside a bank’s vault that customers can rent to store valuables. There are no laws against keeping cash in a safe deposit box. But laws can change, so talk with a lawyer if you need legal advice.
Why can you not keep cash in a safe deposit box?
It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen. Also read the terms of the safe deposit box rental agreement, as the bank may limit what you can keep in the box. These limitations could include cash.29 Mar 2018
How much does it cost to rent a safe deposit box?
The cost to rent a safety deposit box depends on the size of the box and location of your bank, ranging from about $20 for a small box to $200 for a large one.4 May 2018
Are safety deposit boxes insured in Canada?
The Insurance Bureau of Canada’s Pete Karageorgos said your policy may only cover items in your home or temporarily outside your home. Confirm that items stored permanently in a safe deposit box are covered as well. Safe deposit boxes have been a core service of branch banking since forever.29 May 2016