Safe deposit?

Cowbilly · January 10, 2003 2:45AM

Are old coins currency?
My bank's rule is no currency in safe deposit box.

Placid · January 10, 2003 2:47AM

They are numismatic items. See if those are allowed.

coppercoins · January 10, 2003 2:48AM

I'm not sure where their rule comes from, but if you explain to them that it's a coin collection they could lead you in the right direction. I've never heard of a safe deposit box where you couldn't keep things of value inside - what else would be the purpose?

izzy452 · January 10, 2003 3:02AM

I always thought that currency was paper money and coin were coins. The bank wont insure safe deposit boxes
because they dont keep records of what is in them and what you take out of them.So it really dont matter.

Walt

RotatedRainbows · January 10, 2003 3:15AM

I don't tell my bank what I put in mine so who cares what is allowed and not allowed, if they don't know what you put in it then it is ok to do it. The reason they say that is so people don't put illegal cash ie: drug money or other money laundering type of cash.

keithdagen · January 10, 2003 3:18AM

Banks don't allow currency in safety deposit boxes because of the potential for money laundering. However, collectible currency would be an exception, because it has collector value. And generally, bankers do not ask what you put in your box. If they do, find another banker.

KAJ1 · January 10, 2003 3:37AM

I was told I could keep coins,as they are collectables.
You can not keep large amounts of cash.It is a crime I guess.

He told me a story .
Once a week this man would come in to put stuff in
his SD box.This was not odd, lots of people do.
One week the man came in and was in great rush.
He skipped the part of going into the private room and opened the thing infront
of the bank teller.He put 2 $100.00 bills in it and closed it up.
The teller saw a large stack of bills and reported it to the manager.
The manager called the cops,who called the IRS and State Police.
The bank called the man and told him to come down there was a problem
with his SD box.When he showed up, The feds took him and his SD box.
Seems every week he would put in 2 $100.00 bils.
I was told it was called HOARDING.It is a crime.

dram · January 10, 2003 4:00AM

WHAT???????

meos1 · January 10, 2003 4:04AM

Thats the most incredulous load of bull cookies I have ever heard. If anyone ever said that to me I would laugh as I removed my funds from thier bank.

A reply by a WWII general to a surrender request by the germans: Nuts!

Dan

BlueCole · January 10, 2003 4:26AM

(this might just apply to SOME SD boxes, and not all, so check with your bank.)

the reason i don't have one is i have heard they are not insured. If that's the case, you ought to buy a fire proof gun safe, bolt it to your floor, and enjoy your coins at home.( as werll as add a rider to your homeowners policy.)

B.

cladking · January 10, 2003 4:34AM

Technically coins and paper money are currency. No doubt the bank was referring
to large amounts of paper currency not being allowed in the box. I, too, would sug-
gest a different bank since they most assuredly should have no way of knowing nor
care what is kept in the box. Anything which could affect them adversely would al-
ready be covered by statute or legal remedy. While they are required to report trans-
actions in excess of $10,000 they are in no way required to know what's in your box.

I've had boxes at numerous institutions and have never heard of such a thing and
would not do ANY business with such a bank.

agfox · January 10, 2003 4:59AM

It's also possible to get a safe deposit box insured outside of the bank by a third party isn't it?

Cowbilly · January 10, 2003 5:04AM

The Bank didn't come to me directly and say this, it was in the fine print of the contract.

SarasotaFrank · January 10, 2003 5:05AM

that story is a myth at best and an outright lie at worst.

banknote1 · January 10, 2003 5:07AM

I keep my coin and currency collection in safe deposit boxes. I have never been asked what I was putting in my boxes. In fact the bank girl that helps me usually turns her head if I am just dropping something off. The bank rule is no bank employee can know what you are putting in your box. I know of a lot of people who keep tons of cash in their boxes. Never heard it was illegal???????

MosesBlack · January 10, 2003 5:49AM

If you can show that the money is yours and that you acquired it honestly, no bank or constable can say a thing about it. A safe deposit box where you can't keep cash!!! Look around, you probably have a real bank there somewhere.

DesertLizard · January 10, 2003 6:02AM

Some people hear stories and report things erroneously. If the bank has no idea what's in the box then how can they stop you from putting in currency?

As far as "hoarding" and being arrested that's the biggest pile of poop I've seen on these boards.

Little posted here on this thread makes sense. Ask yourselves where many large dealers store their material? A bank, duh. I know of 3 major ebay dealers who are in bank buildings just for that reason.

cladking · January 10, 2003 6:13AM

You can get insurance for the contents of a safety deposit box and there is no
law regulating the amount of cash you can have. Large amounts of cash will
raise eyebrows and it wouldn't surprise me if the IRS or the DEA would have an
interest in a million dollars in a safety deposit box. They would have no claim to
it but someone with cash like this may have to show that taxes were paid on it
if the situation came up, for instance if the renter died intestate and the box were
opened.

I've read all the contracts for my safety deposit boxes and none state that cash
can't be placed in them.

relayer · January 10, 2003 6:18AM

By currency they are refering to a big stack cash. And it's just their "rule"

You can put whatever you want in a safe deposit box and the bank will never know.

And anything you put in there is at your peril anyway so it's not even for insurance reasons.

gmarguli · January 10, 2003 6:29AM

At my bank they have these small rooms with locking doors where you go to work with you box. The cameras don't cover the rooms. I could stick anything in there and the bank would never know.

I could keep kilos of coke and stacks of cash and they would never know. If they asked, I'll tell where to go and if they didn't like that, I'd be happy to find another bank for my safety deposit box as well as my accounts.

The ANA offers insurance for coins that are in the safe deposit boxes. I believe it is .5% of the value per year. You don't need to list the coin for them (only the ones worth more that $5000 I believe). I thought someone mentioned that the ANA has never had to pay out a claim for a safety deposit box loss since they don't get burgled often. They also offer insurance for coins kept at home, but the cost is, I believe, 1% of the value.

I'm sure you could find another insurance company cheaper if you had a large collection. Personally, I don't worry about losing something in my box.

Safe deposit?

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