Posted on 07/05/2015 12:55:50 PM PDT by catnipman
Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday.
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(Excerpt) Read more at reuters.com ...
I don't believe that is true. It is true that the government confiscated gold under FDR, forcing people to take paper in exchange, but today it is legal to possess gold and silver. When currency, gold or silver again becomes illegal to possess (and that day will come), a government agent will be present when you open your safe deposit box.
Current FDIC remarks to the public discourage keeping cash in a safe deposit box (not insured, no interest), but at least for now, it is legal for the public to possess currency.
“The only thing I can think of is a very heavy, fire proof safe and even if I had one, I’d be afraid to leave it untended, say for a week long vacation. Plus big safes cost big bucks.”
Aside from burying your valuables in special containers, you are correct in your thinking here, except for the untended part. The best way to deal with that issue is to hide your safe and tell NO ONE you even have a safe.
No I am correct. I am a safety deposit box holder and was notified by my bank, that keeping anything but documents and I think jewelery in the box was illegal.
Under the mattress is looking better and better as a secure place to keep one’s cash
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Then hope your home doesn’t catch fire or is destroyed by a tornado, hurricane etc.
you can possess currency but not in SD boxes
When the government has problems the bank opens the boxes. Whatever the government says the banks do, or haven’t you noticed?
I'm open to being whrong, but after searching for a law on this subject, I am unable to find the law that you claim exists.
“I don’t believe that is true”
It’s not true, and all the posts about Chase safe deposit letters, etc. are complete BS. I did multiple google searches about this issue and turned up the usual suspects, i.e., the nutter-right echo chamber sites like infowars.com, etc. Not a single even-close-to-credible site has posted about these supposed Chase letters. Not one.
Oh, and I’ve had a Chase safe deposit box for years [you know, for antique family photos and such] and have never received such a letter.
After your claim I had to look it up. It seems that gold and silver are okay, but still problems (the IRS can freeze your box if you owe them). The cash money looks like it might be up to the bank. Other problems today with lots of cash - the government will suspect it to be drug money and/or no taxes paid on it. And it will be up to you/us to prove it isn’t.
Most banks rental agreement prohibit currency and it is about the feds.
Remember the Greeks also elected two hard core socialists before this government. Andres Papandreou and his son George
Papandreou. The problems of the Greek economy and spending other people’s money have been going on for probably at least 40 years.
Thanks for that. My boxes are on BoA property, and I’ve never seen any “weird” restriction. Am mondful of the cozy relationship between bank and government, so know that status quo can change without notice.
Gold and jewelry, too?
I just realized that, when I talked to my bank about this the teller told me it was a federal mandate.
I saw an article on interest in Bitcoin going up 400% or some such in Greece, because you couldn’t get much else out of the country.
As usual, the people who save money are being robbed to support the bums. Much like the >1% interest banks are paying savers here.
“Most banks rental agreement prohibit currency and it is about the feds.”
bullshit. post a copy of such an agreement.
http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes
I don’t think this could happen in Switzerland. They have so many bank secrecy laws. It might be a worth it trip to Europe to open an account there. Legally you would have to report it 1x a year to the U.S. Govt, buuuut, if they started this Greece thing, they couldn’t get their hands on it. So it would be taxed but it would be beyond the confiscation if the poop ever hit the oscillator here.
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