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Bank Safe Deposit Box won't allow coins to be stored
WillieBoyd2
Posts: 5,038 ✭✭✭✭✭
I rented a safe deposit box at a local California bank.
After filling out the paperwork and accepting the keys, the bank teller gave me a printed list of rules called "SAFEBOX REGULATIONS".
It contained the statement:
The box is leased solely for the purpose of keeping securities, jewelry, valuable personal papers and precious non-currency metals, and the Renter agrees not to use the box to store money, coin or currency or to store any property of a liquid, corrosive, pressurized, hazardous, explosive, dangerous, illegal, perishable, and/or offensive nature, including but not limited to any firearm, weapon, acid, illegal drug, contraband or evidence of any crime, or any object, material or substance that may become a nuisance to the Bank, its employees or agents or any of its Renters.
I asked two bank workers about this statement.
One replied that it was "Ok to store coins" but wouldn't put that in writing.
The other wondered "what the problem was".
Both bank workers were in their 20's.
One called someone outside the building but couldn't get an answer.
After filling out the paperwork and accepting the keys, the bank teller gave me a printed list of rules called "SAFEBOX REGULATIONS".
It contained the statement:
The box is leased solely for the purpose of keeping securities, jewelry, valuable personal papers and precious non-currency metals, and the Renter agrees not to use the box to store money, coin or currency or to store any property of a liquid, corrosive, pressurized, hazardous, explosive, dangerous, illegal, perishable, and/or offensive nature, including but not limited to any firearm, weapon, acid, illegal drug, contraband or evidence of any crime, or any object, material or substance that may become a nuisance to the Bank, its employees or agents or any of its Renters.
I asked two bank workers about this statement.
One replied that it was "Ok to store coins" but wouldn't put that in writing.
The other wondered "what the problem was".
Both bank workers were in their 20's.
One called someone outside the building but couldn't get an answer.
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Comments
Never ever heard of that!
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Joe
<< <i>Rent one in another branch of the same bank and fill it with fish.
<< <i>they are worried about stacks of 100's being stored there.....i.e. untaxed monies...... >>
Its untaxed whether its in a SDB or hidden in your closet so wuts the diff?
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<< <i>As long as what you keep in the box is not illegal to own or pose a threat to other customers it's none of theoir business what you have in there. >>
It's still their box. You're just a renter and subject to their rules. Of course some banks have fewer rules than others, like the one in The Da Vinci Code
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>I think the term "coin or currency" means "money" not collector coins.
Thats why mine is filled with confetti and a fan that powers upon opening...SURPRISE!!
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<< <i>Rent one in another branch of the same bank and fill it with fish.
Fish are still legal I think so yes yes, a giant BLUEFISH
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>Rent one in another branch of the same bank and fill it with fish.
Fish are still legal I think so yes yes, a giant BLUEFISH >>
Fresh and Wrigglin!!
However...it is MORE illegal for your tellers to know what you have in there. So they cant really report you for anything as it is big no no for them to know what you store.
Its like the PO...as long as its not a fire/radioactive hazard they dont need to know what your shipping.
">"http://www.cashcrate.com/5663377"
<< <i>
<< <i>they are worried about stacks of 100's being stored there.....i.e. untaxed monies...... >>
Its untaxed whether its in a SDB or hidden in your closet so wuts the diff? >>
The bank is not part of your closet! It's a California thing.
Rob
"Those guys weren't Fathers they were...Mothers."
<< <i>Wow, I am proud of you for actually reading the small print . Its your box now and you can put what you want in it , nobody will ever know >>
Very True and banks don't insure content anyway.
Rob
"Those guys weren't Fathers they were...Mothers."
what a box was going to be used for.
Don't ask, don't tell.
-David
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Get with the program. Certainly the cash can be stored safely, it's storing large amounts of cash that was probably acquired either illegally or through a cash business and proper taxes not paid.......
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
<< <i>My mother (a long since retired banker) tells the story of a disgruntled customer who placed a dead fish or two in a SDB and left the state. >>
So the urban legend is true!
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>Now exactly WHO is goin thru the boxes and AUDITING them? >>
Back a while ago, I worked for company that (one of our tasks) was to open SDBs if they went over a year unpaid. They were inventoried and turned over to the state. Most we opened had nothing but papers, but one was stuffed with money (bills). One of the bank employees said (off the record) that the box owner owned a hot dog stand and they haven't seen him in a long time.
Get with the program. Certainly the cash can be stored safely, it's storing large amounts of cash that was probably acquired either illegally or through a cash business and proper taxes not paid.......
I agree with Lincoln on this one. It makes more sense to focus on where the cash came from as opposed to where it is stored. However, you do have the right to be idiots and think like the government! Have a nice day...
and they're cold.
I don't want nobody to shoot me in the foxhole."
Mary
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<< <i>they are worried about stacks of 100's being stored there.....i.e. untaxed monies...... >>
Why would a bank care if you kept or stored $100 bills in a safe box? Or $20s $50s or $1s? There's no interest your avoiding because you're not getting any interest.
Glock
stacks of $100s and euros
multiple passports
satellite phone.
so your coins should be fine
<< <i>Why would a bank care if you kept or stored $100 bills in a safe box? Or $20s $50s or $1s? There's no interest your avoiding because you're not getting any interest. >>
Because large stacks of $100 bills are most commonly used in two types of transactions:
(1) sales where cash is paid to avoid paying taxes and creating an "audit trail" of the purchase;
(2) sales of illegal items (drugs, unlawful weapons sales, et cetera).
Large amounts of cash are the life blood of the underground economy. This is done for similar reasons as the law requiring cash transactions of $10,000 or more to be reported.
I agree totally with this.
Why is it many people think having cash on hand means avoiding taxes?
Many people are still 'old school' and prefer to do business in cash. This, I hope I don't need to clarify, means doing business in cash AND paying taxes.
Also, it is absolutely and irrevocably insane that any institution (be it a bank or government) would tell you how to keep (or store) your hard earned money.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Get with the program. Certainly the cash can be stored safely, it's storing large amounts of cash that was probably acquired either illegally or through a cash business and proper taxes not paid.......
First, you can go tell other people what to do, but I'll get with the program when ever I get ready to, not because you're rudely telling me to. Second, you can store large amounts of cash in a number of places safely without the use of a safety deposit box. Making it illegal to store cash in a deposit box doesnt stop storage, nor does it do anything to cause people to pay in income tax.
-David
<< <i>I'm Jason Bourne, and from my experience i only keep the following in my SD box: >>
From the movie/book "The Bourne Identity". Matt Damon was the character Jason Bourne in the movie. Pretty cool sequence in the bank when he goes all postal.
<< <i>Why would a bank care if you kept or stored $100 bills in a safe box? Or $20s $50s or $1s? >>
Because they believe it should be deposited, so THEY can earn money on it by loaning it out.
years went by with no rental payment on the box. The bank turned the contents over to the state of Washington
and published a notice in the paper looking for heirs. Well, I spotted the notice out of pure chance. So, I called the
800 number and got in touch with a state of WA worker and was sent the forms to complete. They wanted her
birthdate (proof) and death certificate, marriage license (never married), next of kin (all siblings were deceased)
and proof of who I was and my relationship to her. They wanted all my siblings info, too. Well, Aunt Lil
died in 1989 and was born in 1890. I live in Nevada and have no access to the information that was required. I checked
with my siblings and they too have no information. My mother may have had the stuff that was needed but she
too died a couple of years after great aunt Lil. So, the worker was kind enough to tell me that she left a box of gold
coins that the state sent to the Fed reserve and we had $380 in cash now waiting. She also had Exxon stock that
was issued in 194? in the amount of 100 shares that was also sold and the cash ($950) was waiting for us. There
was some miscellaneous jewelry that was sold ($1210) and the cash for that was waiting as well. Needless to say, we
greatgrandnephews/nieces could not provide the proper documentation within the alloted time (90 days from publication)
so the state of WA kept it all.
That my friends is why you don't keep coins/currency/etc in the safe deposit box. Or if you do, keep your wits about
you and let people know that you have a box and how to get access to it if you die!
bob