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Interesting consumer report

FrancFFrancF Member Posts: 35,278 ✭✭✭
edited February 2004 in General Discussion
I will try and keep this short and to the point. I was listening to a consumer program on the radio, one person called in wanting to know why now it is illegal to keep Cash/coins/coin collection in a bank safety deposit box. The host of the show did not know or ever hear of such a thing.

Three people that work in the banking industry called the show and all of them, not happy with it, gave the same answer to the reason why-
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The Patriot Act


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"Those who live by the sword get shot
by those who don't." [:D]
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Comments

  • CWatsonCWatson Member Posts: 964 ✭✭✭✭
    edited November -1
    It was illegal to do that before the Patriot Act.Bankers do not want you to keep money in the safty deposit box anyways they want it in your account.

    My mom had won a lawsuit just before 2000 and was worried about keeping it in her account.The bank manager wanted to know where she was going to transfer such a large amount of cash.Mom said into my deposit box.The manager explained it was illegal to do that and if she took that much cash out they would escort her to the car.This was in Los Angeles CA.

    CW






























    1.KILL EM' ALL AND LET ALLAH SORT EM' OUT!

    2.NEVER WASTE MONEY ON SPRINGFIELD ARMORY!!
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  • FrancFFrancF Member Posts: 35,278 ✭✭✭
    edited November -1
    Wow! I never knew that, I used to keep my small coin collection in my saftey deposit box but now have it in my safe.

    Learn something new every day! [:D]

    gun.gif
    "Those who live by the sword get shot
    by those who don't." [:D]
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  • CWatsonCWatson Member Posts: 964 ✭✭✭✭
    edited November -1
    Frank,

    I do not know if it applied to rare coins also,or just tendable currency.CW


    1.KILL EM' ALL AND LET ALLAH SORT EM' OUT!

    2.NEVER WASTE MONEY ON SPRINGFIELD ARMORY!!
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  • FrancFFrancF Member Posts: 35,278 ✭✭✭
    edited November -1
    On Tues day when I go to the bank, just for kicks I will ask them.
    But thanks for the info!!!!

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    "Those who live by the sword get shot
    by those who don't." [:D]
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  • 22WRF22WRF Member Posts: 3,385
    edited November -1
    You can put any thing in your box that will fit.

    I don't recommend shrimp, squid, live bait or other fish bait though.

    http://www.bankrate.com/brm/news/bank/20011023a.asp?prodtype=dep






    There is no room in this country for hyphenated Americanism.
    [Teddy Roosevelt]
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  • nunnnunn Forums Admins, Member, Moderator Posts: 36,062 ******
    edited November -1
    Though it is technically illegal to store cash in a safety deposit box, who is to know? Doesn't your bank afford you a private place to open and examine the contents of your box?

    SIG pistol armorer/FFL Dealer/Full time Peace Officer, Moderator of General Discussion Board on Gunbroker. Visit www.gunbroker.com the best gun auction site on the Net! Email davidnunn@texoma.net
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  • FrancFFrancF Member Posts: 35,278 ✭✭✭
    edited November -1
    David-
    They do indeed, however on the radio show. I guess this gal (not knowing of the law) had an envlope stuffed full of $100 bills that she wanted to put in her SDB, and the teller had seen the cash and proceded to tell her that it was against the law to put large sums of cash/gold/silver coin in the Deposit box.

    I can understand the motive of banks and home land security of not having millions of undocumented cash at ones disposel but, a few hundred bucks stashed in a safty deposit Box? so you don't spend it?

    Thats where I keep my Highend Credit cards- Just makes it to easy to use them if they are not locked up.



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    by those who don't." [:D]
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