I forgot to add: Does anybody know what this limitation is for?
Bank policy or federal “rules”?
For simple security why would you want it there where it can be seized?
Secondly...who would know?
It’s the result of intensive lobbying
by the US Association of Mattress Makers.
Hm. Of course, it is well to keep in mind that if you keep all your gold in a safety deposit box, it may become unavailable at a time you need it most...
This is the first I have heard of this. I don’t think it is a national thing, is it? I would think you should be able to keep it there if you wish.
Instead of paying a bank for a safety deposit box, we bought our own fireproof lock box that we can pick up in a hurry, if needed. Everything inside is obviously easy access.
Safe deposit box policy in your area may vary by bank. Storing money or bullion in your home (even in a safe) may not (probably not) be covered by homeowners policies.
Its not FDIC insured in there, and its easy for the feds to seize it claiming its money from money laundering operations. Not a safe place for it there.
What bank is this? Not asking for specific branch, but main bank name? Gold is heavy. Maybe the bank clerks were unable to lift some of the boxes?
I would suggest to call your bank and ask, as some were making the point: “is it a new federal rule or a bank policy”?
Can you store your Bicoins there?
Asking for a friend.
Bury it in your yard or somewhere accessible, so that if your house burns down or becomes in accessible, for whatever reason, you could still access it.
It is not illegal to store gold or currency in a bank’s safe deposit box.
It’s stupid, but not illegal.
Buy yourself a big uncrackable safe. Load it with your valuables but leave out enough guns to be used to protect your safe.
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.
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
I thought it was called a Safe Deposit Box.....cuz it’s a box inside a safe/vault....