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?

What If My Safe Deposit Box, or Its Contents, Is Damaged or Stolen?.What If I, or Someone Else, Forgets about the Safe Deposit Box?.Who Can Access My Safe Deposit Box When I Die? Can the Government Access My Safe Deposit Box?.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.Property deeds, or other legal documents related to a property.Documents that do not require immediate access.Some examples of items and assets that are commonly stored in a safe deposit box include: Safety deposit boxes are private boxes generally used to store valuable or otherwise important items. Some credit unions also maintain such vaults or safes. A safety deposit box is a secure, individual container that is generally metal, and remains inside the vault or safe of a federally insured bank.

Are You a Lawyer? Grow Your Practice What Is a Safe Deposit Box? What Are Common Items Stored in a Safe Deposit Box?Ī safe deposit box is more commonly referred to as a safety deposit box.

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