Posted on 06/14/2019 11:22:50 AM PDT by rcofdayton
Safety deposit boxes can no longer have gold bullion or non-collectible currency
BTW, when you bury your valuable coins, remember to bury it deep,and then, a few inches from the surface, thow in a few nails. Metal detectors will get a hit and when they dig up the nails they will think they found what was detected.
Roosevelt banned the private ownership of gold in 1933 (jewelry was exempted). The ban was repealed during the Nixon administration.
Worrying for sure. I need a talk with a relative who stores in one and find this out.
When I got a letter like that from Chase about 6 years ago, I closed my account there. I have not received such a letter from Wells Fargo.
Good idea.
The banker told me that they were lots of vacant deposit boxes now when I closed out our organization's box the last time a CD was renewed in December.
Are you sure the letter is from your bank.
Call your banker and ask him why?
Interesting and a bit stupid. The bank should have no idea what you have in your safety deposit box, up to and including opioids, a nuclear weapon, arsenic, mustard gas etc etc. it’s up to you, or should be.
Found this:
Is it illegal to put cash in a safe deposit box?
Second, it suggests that you are trying to hide money from the IRS, and that can lead to serious legal problems down the line. 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.
Safe Deposit Box Rates: What to Put in Safety Deposit Boxes in Banks
https://www.mortgagecalculator.org/helpful-advice/safety-deposit-boxes.php
That is exactly what I was thinking of when I made my post. If they did it then, they can do it again.
Haven't heard of Bicoins, but I have heard of Bitcoins. I suppose you could put your private key in a safe deposit box....
I thought it was called a Safe Deposit Box.....cuz it’s a box inside a safe/vault....
How would the banks know?
dang tablet. lol
The bank would have to insure the contents of the box correct??? How in the heck could you prove to the bank how much gold you had in the box??? Perhaps this is why the bank will not let storage of gold be the responsibility of the bank!!!
It’s just a bank policy. It’s not illegal.
Yet.
That’a a good point.
“The bank would have to insure the contents of the box correct???”
How could they possibly insure anything as the have no idea what is in the box?
“That’a a good point.”
Banks do not insure box contents.
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