Cash in Safe Deposit Box..??

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Austintatious
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Re: Cash in Safe Deposit Box..??

Post by Austintatious »

sscritic wrote:
Austintatious wrote:Until recent times, the home freezer was the place of choice to stash cash for crooked Texas politicians and others. Now, I suspect it's the first place "they" will look.
For smaller amounts, a brassiere (I am keeping this high class) will do, but for larger amounts, a freezer works, and not just in Texas.

https://www.google.com/search?client=sa ... n+cash+bra

P.S. I think the famous freezer you are thinking about was in Washington D.C, the politician was from Louisiana, and the sentence is being served in Texas.

https://www.google.com/search?client=sa ... sh+freezer
Well, it seems that I owe all our crooked Texas politicians an apology. Then again, ....
gkaplan
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Re: Cash in Safe Deposit Box..??

Post by gkaplan »

Then there's the Alfred Hitchcock Presents freezer episode, starring Barbara Bel Geddes.
Gordon
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Cautious Optimist
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Re: Cash in Safe Deposit Box..??

Post by Cautious Optimist »

Mister Whale wrote:Cash in savings account = backing of FDIC

Cash in safe deposit box = you're on your own
Funny when he and I were originally talking about this I remembered a "Happy Days" episode when Fonzie was asked about why he kept his money in his home he said "Banks get robbed, the Fonz does not..!!"
TN_INVEST
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Re: Cash in Safe Deposit Box..??

Post by TN_INVEST »

Cautious Optimist wrote:He dismissed me.
I'd tread lightly as to not over-step the boundaries of your friendship.

Same goes for the healthy diet & exercise folks.
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TheTimeLord
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Re: Cash in Safe Deposit Box..??

Post by TheTimeLord »

Cautious Optimist wrote:Recently a friend told me he keeps cash in a bank safe deposit box (SDB) because he likes having cash "on hand", but likes having it away from home in case of fire, theft, flood, etc. I told him his cash is losing value (inflation), and that a SDB (for which he pays $40/year) offers little value for this purpose; a savings account would serve the same protection against this risk, while also protecting against inflation. Also I noted that if the Zombie Apocalypse (or some other doomsday scenario) occurs he likely won't be able to access the SDB anyway (or even worse, cash currency will be worthless). He dismissed me. Am I missing something or does a SDB for safeguarding cash serve a practical purpose I don't see..??
Yes, you are missing human psychology. The cost of the box plus any loss due to inflation might be worth it to your friend because it provides peace of my for him.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]
Johno
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Re: Cash in Safe Deposit Box..??

Post by Johno »

Doom&Gloom wrote:
sscritic wrote:Doesn't anyone think outside the (safe deposit) box? Almost 20 responses and not one mention of drug dealers? If I were a small time drug dealer and wanted a safe place for about $20k that I didn't want the IRS or my customers to know about, I might consider a safe deposit box as a safe place to stash my stash. I might even use the safe deposit box for some of the stash that produced my stash.
I find it refreshing that drug dealers have not been mentioned. The "war on drugs" has subtly convinced most Americans that possession of large sums of cash is illegal or presumptive proof of illegal activity.
That or tax evasion. But there's nothing actually illegal, and we don't disclose to anyone that we hold any currency so they wouldn't know anyway to look askance at it. In pure financial terms it cost significant money to keep cash (currency) on hand when interest rates were 'normal' and will again when/if they return to normal. But in today's environment, for the most ready money, it's likely to be getting almost no interest at the bank*, so currency holding is not expensive. Inflation per se is not relevant, it's how much if any you can offset that inflation by getting interest. And since banks do get their backs up a bit (due to regulators) about larger cash withdrawals, having some currency around is convenient for legitimate cash transactions (as I sometimes do in my line of endeavor) without having to make a single big withdrawal.

In general there's still a type of person who views regulatory surveillance that extends at least indirectly toward individuals as 'if you're not doing anything wrong you have nothing to worry about'. I used to be one of those people, not as much anymore. Perhaps it goes off onto perceived political/cultural views, but bottom line is I view a bank reporting my specific transaction to regulators as inherently again my interests, and I'm not interested in anyone's innuendo that that means there's something wrong with me or what I'm doing. Cash makes other people (and/or the govt as their agent) mind their own business and there's a positive value to that IMO.

*we keep relatively larger amounts of cash in online MMA's at up to 0.95%, but there's a limit there in that it takes 2 days for ACH or pay for wire xfer to get the money, and limited withdrawals per month. Our regular bank's 'savings' rate is 0.1%, and though xfer to checking is free there's still a limit of 3 xfers/month. So we end up with *some* money in no interest checking (I also know there are interest checking deals, but not with institutions convenient to us) and that's the same as currency.
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Ged
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Re: Cash in Safe Deposit Box..??

Post by Ged »

livesoft wrote:I don't care what people do in the privacy of their own safe deposit box.

But for the record, I don't have one and I have never found cash useful in a power failure
I found cash very helpful during the Sandy aftermath. I was prepared, but not for a two week power outage.
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Epsilon Delta
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Re: Cash in Safe Deposit Box..??

Post by Epsilon Delta »

cheese_breath wrote:
peppers wrote:Pop-Tarts

Sealed in foiled packages and do not need refrigeration.
Just curious. How do raw Pop-Tarts taste? I'd rather have Hostess pies and cup cakes. But no Twinkies. They're overrated IMO.
If you're worried about taste it is not an emergency. I use peanut butter for emergency rations since I won't touch the stuff unless I'm quite hungry.
white_water
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Re: Cash in Safe Deposit Box..??

Post by white_water »

Those folks, like us, who live in high risk earthquake areas usually have an extensive disaster kit handy, food, water, meds, CASH. and maybe a gasoline powered generator. When the power lines come down it can take days to restore electricity.
four7s
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Re: Cash in Safe Deposit Box..??

Post by four7s »

James Brown told Eddie Murphy the smartest thing he could do with his money was to " dig a hole in the middle of the woods and bury it so that the government won't take it away from you." Eddie replied, " I can't do that---I'd forget where I buried it." James replied, " That's even better-if you don't know where it is neither will the government."

True story related by Dan Ackroyd.
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midareff
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Re: Cash in Safe Deposit Box..??

Post by midareff »

Cautious Optimist wrote:Recently a friend told me he keeps cash in a bank safe deposit box (SDB) because he likes having cash "on hand", but likes having it away from home in case of fire, theft, flood, etc. I told him his cash is losing value (inflation), and that a SDB (for which he pays $40/year) offers little value for this purpose; a savings account would serve the same protection against this risk, while also protecting against inflation. Also I noted that if the Zombie Apocalypse (or some other doomsday scenario) occurs he likely won't be able to access the SDB anyway (or even worse, cash currency will be worthless). He dismissed me. Am I missing something or does a SDB for safeguarding cash serve a practical purpose I don't see..??

FWIW I keep about $1200 in fire resistant safe in our apartment. After that's it's a years drawdown in an Ally MM paying .85%. Besides free ATM access I could transfer any amount to my local credit union and get a cashier's check the next day.
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