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Question & Answer
Question: A question has been put to me regarding contents of safe deposit boxes. Can a customer legally store cash in their box? I was under the impression that the only things that legally could not be stored were illegal drugs or firearms. Could you please respond or point me in the direction to get an answer to this question. Thank you.
Answer: The IRS is probably guilty of spreading the rumor that it is illegal to put cash in your safe deposit box! No, there is nothing illegal about it. Many people keep coin collections, etc. in their boxes. And, of course, we are not to know WHAT they keep in there - in theory, at least. We expect many people will withdraw cash from their accounts and put it in their safe deposit boxes for safekeeping. UNDER NO CONDITIONS SHOULD YOU SUGGEST THAT! The boxes are NOT insured. If you were to propose that a customer use their box for cash, you could be making the bank liable for it.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 10, 11/99
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