Cash in Safe Deposit Box..??

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Cautious Optimist
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Cash in Safe Deposit Box..??

Post by Cautious Optimist » Tue May 27, 2014 9:27 pm

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..??

Calm Man
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Re: Cash in Safe Deposit Box..??

Post by Calm Man » Tue May 27, 2014 9:29 pm

I would dismiss you too !!! Savings accounts are yielding close to zero. Maybe he doesn't want somebody or some entity to know about this cash. Why would you care?

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Cautious Optimist
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Re: Cash in Safe Deposit Box..??

Post by Cautious Optimist » Tue May 27, 2014 9:34 pm

Calm Man wrote:I would dismiss you too !!!
Nice...
Calm Man wrote:Savings accounts are yielding close to zero.
Last I heard "close to zero" = more than zero...
Calm Man wrote:Maybe he doesn't want somebody or some entity to know about this cash.
Wrong
Calm Man wrote:Why would you care?
He's my friend...

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

Post by Stonebr » Tue May 27, 2014 9:41 pm

I always keep $500 around the house. Always. Power outages and storms occasionally occur. During such times stores can't process credit card payments, and yes some of them do stay open. You never know when cash will come in handy, and I regard the tiny inflation loss as cheap insurance against unconventional hazards -- bad things I can't imagine at the moment. Like Hurricane Katrina hitting the Maine coast. Who knows?

Also, there are lots of good reasons to have a Safe Deposit Box. I wouldn't personally keep cash in one, but I use one for lots of other stuff. You should get one.

So cut your friend some slack. If he sleeps better with some cash, then it's worth the price to him.
"have more than thou showest, | speak less than thou knowest" -- The Fool in King Lear

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Re: Cash in Safe Deposit Box..??

Post by Johm221122 » Tue May 27, 2014 9:46 pm

If it helps him sleep at night, I think it's ok Gold may be better for doomsday :wink:
A credit card is better for listed reasons for cash
Buy him a Boglehead type book and wish him luck
John
Last edited by Johm221122 on Tue May 27, 2014 9:48 pm, edited 1 time in total.

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Cautious Optimist
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Re: Cash in Safe Deposit Box..??

Post by Cautious Optimist » Tue May 27, 2014 9:46 pm

Stonebr wrote:I wouldn't personally keep cash in one, but I use one for lots of other stuff.
That's what I thought...Yes other stuff but not cash...
Stonebr wrote:So cut your friend some slack. If he sleeps better with some cash, then it's worth the price to him.
Perhaps I should edit my original post - its not like we had a fight about this or anything...

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

Post by cheese_breath » Tue May 27, 2014 9:58 pm

You didn't say how much cash we're talking about. I keep a few hundred around the house for convenience, but I wouldn't keep thousands there. Personally I go with the savings account route for larger amounts even though it earns less than 1% interest rate, but it's no big deal if he feels safer using a safe deposit box for his 'disaster' fund. As already noted he can use the safe deposit box for other things too.
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Summit111
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Re: Cash in Safe Deposit Box..??

Post by Summit111 » Tue May 27, 2014 10:05 pm

During Hurricane Season....when we get a warning...I get enough cash and gasoline to last me a couple of weeks.

When the power goes out, some people de-evolve a hundred years or so...seen it happen too many times. I watched it happen to the good folks in the Northeast when Sandy hit.

Summit

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Re: Cash in Safe Deposit Box..??

Post by abuss368 » Wed May 28, 2014 7:49 am

Cash yields close to 0% and declines in value every single day to inflation. Personally, I would not want the hassle or the small cost involved. I would simply keep cash in a savings account.

Remember the old saying: "Cash is king"!
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Re: Cash in Safe Deposit Box..??

Post by abuss368 » Wed May 28, 2014 7:50 am

Then again, a safe deposit box is probably better than under the mattress!
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Re: Cash in Safe Deposit Box..??

Post by livesoft » Wed May 28, 2014 7:58 am

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, hurricane, or other natural disaster. I am not sure it would be useful in a Donetsk situation either. I would like to read about situations where cash was actually more helpful than being prepared (gasoline, non-perishable food, transportation). I would like to read about situations where hoarding gold was helpful. I would like to read about situations where hoarding bullets was helpful.
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Sidney
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Re: Cash in Safe Deposit Box..??

Post by Sidney » Wed May 28, 2014 8:05 am

livesoft wrote: I would like to read about situations where cash was actually more helpful than being prepared (gasoline, non-perishable food, transportation).
Good red wine and dried pasta have excellent shelf life and would fill many of our requirements during an emergency.
I always wanted to be a procrastinator.

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

Post by Retread » Wed May 28, 2014 8:06 am

In some states the tax authorities take a very keen interest at death with large amounts of cash in a safe deposit box.
Bruce
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cheese_breath
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Re: Cash in Safe Deposit Box..??

Post by cheese_breath » Wed May 28, 2014 8:09 am

Sidney wrote:
livesoft wrote: I would like to read about situations where cash was actually more helpful than being prepared (gasoline, non-perishable food, transportation).
Good red wine and dried pasta have excellent shelf life and would fill many of our requirements during an emergency.
Canned beans don't require water or a heat source to prepare, just a manual can opener.
The surest way to know the future is when it becomes the past.

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Re: Cash in Safe Deposit Box..??

Post by gtaylor » Wed May 28, 2014 8:26 am

Sure, situations like this happen. Here in the Boston burbs, we seem to have a nontrivial winter storm about once every 3-5 years. Our area tends to lose power. A handful of gas stations remain open on generator power, but they tend to be cash only. It's a routine disaster for which cash is a better solution than a stockpile of gas.

Probably a larger generator and propane tank would be an even better solution, but it's not quite a routine enough disaster...

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

Post by Stonebr » Wed May 28, 2014 8:34 am

Another situation that has, thankfully, not yet occurred is a terrorist cyberattack on the banking system -- one that brings down the the transfer systems that run credit cards, debit cards, ATMs. Could be a few hours or a few days. Who knows?

Besides, having petty cash around the house comes in handy when you are too lazy to go to an ATM. :happy
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Re: Cash in Safe Deposit Box..??

Post by Sconie » Wed May 28, 2014 8:35 am

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, hurricane, or other natural disaster. I am not sure it would be useful in a Donetsk situation either. I would like to read about situations where cash was actually more helpful than being prepared (gasoline, non-perishable food, transportation). I would like to read about situations where hoarding gold was helpful. I would like to read about situations where hoarding bullets was helpful.
Well, if you will just do a little research on the price increases of ammunition over the past 4-5 years----the price increase of .22 long rifle rimfire ammunition in particular-----you would have wished that you had been hoarding some!
I know that you think you understand what you thought I said, but I don't think you realize that what I said is necessarily what I meant......

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Re: Cash in Safe Deposit Box..??

Post by ResearchMed » Wed May 28, 2014 8:41 am

Sconie wrote:
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, hurricane, or other natural disaster. I am not sure it would be useful in a Donetsk situation either. I would like to read about situations where cash was actually more helpful than being prepared (gasoline, non-perishable food, transportation). I would like to read about situations where hoarding gold was helpful. I would like to read about situations where hoarding bullets was helpful.
Well, if you will just do a little research on the price increases of ammunition over the past 4-5 years----the price increase of .22 long rifle rimfire ammunition in particular-----you would have wished that you had been hoarding some!
Maybe...

But we'd rather stay off the radar screens of those who are looking for additional supplies of ammunition, thank you very much... :shock:

RM

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Re: Cash in Safe Deposit Box..??

Post by livesoft » Wed May 28, 2014 8:44 am

Y'all are too funny!

I guess in a winter storm in the Boston suburbs I would need to figure out a way to get to my safe deposit box holding bullets so that I could somehow get to an ATM so that I had some cash to buy gasoline to drive to the gun store to buy a gun that would fit my bullets that I wanted to put in my safe deposit box so that in a winter storm in the Boston suburbs I would need to figure out a way to get to my safe deposit box holding bullets so that I could somehow get to an ATM so that I had some cash to buy gasoline to drive to the gun store to buy a gun that would fit my bullets that I wanted to put in my safe deposit box so that in a winter storm in the Boston ….

Or I could just stay home and read a book by candlelight cozy and warm under the down comforter.
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Re: Cash in Safe Deposit Box..??

Post by peppers » Wed May 28, 2014 8:46 am

Pop-Tarts

Sealed in foiled packages and do not need refrigeration.
"..the cavalry ain't comin' kid, you're on your own..."

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Re: Cash in Safe Deposit Box..??

Post by gtaylor » Wed May 28, 2014 8:55 am

Ha! I wouldn't keep cash in a safe deposit box, either; at home is far handier.

But you can't just stay under a comforter. Many modern houses can't really weather unheated spells in winter. Last time we tried to muddle through with no power the cold burst some pipes and Dad caught pneumonia so we had to abandon ship. My current house has anti freeze in the heating system, but Dad has been resisting this concept for his own pipes :)

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Re: Cash in Safe Deposit Box..??

Post by cheese_breath » Wed May 28, 2014 8:56 am

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.
The surest way to know the future is when it becomes the past.

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Re: Cash in Safe Deposit Box..??

Post by sscritic » Wed May 28, 2014 8:58 am

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.

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Mister Whale
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Re: Cash in Safe Deposit Box..??

Post by Mister Whale » Wed May 28, 2014 9:04 am

Cash in savings account = backing of FDIC

Cash in safe deposit box = you're on your own
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Re: Cash in Safe Deposit Box..??

Post by peppers » Wed May 28, 2014 9:07 am

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.

Like cookies

Chocolate Chip
Cookies and Cream
Chocolate Fudge
Chocolate Peanut Butter

See a pattern here? :)
"..the cavalry ain't comin' kid, you're on your own..."

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

Post by Rupert » Wed May 28, 2014 9:12 am

I keep a small stash of cash at home because I live in a hurricane area. As a pp mentioned, many gas stations stop accepting credit cards during hurricane evacuations because they can process cash transactions faster and the credit card processing systems are overwhelmed. Also, in the days leading up to a hurricane evacuation, everybody heads for the ATMs and the banks can't put cash in them fast enough. Best not to have to fight with one's neighbors over the last $20 in the ATM. I don't, however, see the point of keeping cash in a safe deposit box.

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Re: Cash in Safe Deposit Box..??

Post by ResearchMed » Wed May 28, 2014 9:14 am

peppers wrote:
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.

Like cookies

Chocolate Chip
Cookies and Cream
Chocolate Fudge
Chocolate Peanut Butter

See a pattern here? :)
Yeah, with a BIG problem!

"Cookies and Cream" has no CHOCOLATE! What's the point!?? :shock:

RM

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Re: Cash in Safe Deposit Box..??

Post by gtaylor » Wed May 28, 2014 9:17 am

peppers wrote:Pop-Tarts

Sealed in foiled packages and do not need refrigeration.
Yuck. I prefer army rations. However, not from the US army, from the Indian army. They do curry in pouches, in dozens of flavors. Sold at Indian grocers and even regular grocery stores now. Not as good as fresh food, but it sure beats pop tarts...

That said, I am curious one day to try the US army issue shelf-stabilized Peanut Butter & Jelly sandwich. There has been much local press about the research project at Natick Labs that took many years to produce this monstrosity/delight.

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Re: Cash in Safe Deposit Box..??

Post by rec7 » Wed May 28, 2014 9:20 am

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..??
It seem kind of silly because a savings account at the bank would be better. He has to pay rent on the SDB. If they closed the bank that day a person will not be able to get money from either. I have a small amount at a local credit union for this reason. No fees and I make a 50 cents in interest each year. You might tell him about this idea.

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Re: Cash in Safe Deposit Box..??

Post by MP173 » Wed May 28, 2014 9:44 am

I think it is a good idea to have a little cash available. To each their own ideas.

Ed

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

Post by prudent » Wed May 28, 2014 9:45 am

Many SDB agreements prohibit storing cash (not that it can be policed).
SDB contents are not insured by the bank, and cash is not covered by homeowners policies (theft, fire at the bank).
If the boxholder dies and there is no spouse as a joint boxholder, in our state the representative must notify the state revenue department 7 days before accessing the box, and a written inventory must be provided afterwards. Would the revenue department assume any cash would have been there to avoid taxes?

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Re: Cash in Safe Deposit Box..??

Post by cheese_breath » Wed May 28, 2014 9:46 am

Tell him to bury it in a weatherproof box under his patio's paving blocks. When disaster strikes just remove the blocks and fill sand, and there it is. Of course his wife might wonder what happened to the money she was expecting to inherit if he dies first, but some workman bulldozing the property to make room for a shopping mall forty years from now will be in for a nice surprise.
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peppers
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Re: Cash in Safe Deposit Box..??

Post by peppers » Wed May 28, 2014 9:48 am

ResearchMed wrote:
peppers wrote:
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.

Like cookies

Chocolate Chip
Cookies and Cream
Chocolate Fudge
Chocolate Peanut Butter

See a pattern here? :)
Yeah, with a BIG problem!

"Cookies and Cream" has no CHOCOLATE! What's the point!?? :shock:

RM
Au contraire.............."Cookies and Cream with a CHOCOLATE cookie crust".....

That's directly from Kellogg by the way..... 8-)
"..the cavalry ain't comin' kid, you're on your own..."

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

Post by cheese_breath » Wed May 28, 2014 9:48 am

ResearchMed wrote:
peppers wrote:
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.

Like cookies

Chocolate Chip
Cookies and Cream
Chocolate Fudge
Chocolate Peanut Butter

See a pattern here? :)
Yeah, with a BIG problem!

"Cookies and Cream" has no CHOCOLATE! What's the point!?? :shock:

RM
Maybe Lady Geek will have some tasty suggestions before she locks the thread.
The surest way to know the future is when it becomes the past.

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

Post by sscritic » Wed May 28, 2014 10:05 am

Hide your cash inside a box of Pop-Tarts. No one will ever look there.

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

Post by FNK » Wed May 28, 2014 10:26 am

cheese_breath wrote:but some workman bulldozing the property to make room for a shopping mall forty years from now will be in for a nice surprise.
...and will totally be able to afford a round of beer with his crew!

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Re: Cash in Safe Deposit Box..??

Post by fareastwarriors » Wed May 28, 2014 10:28 am

As an immigrant with a ton of family, everyone I know have some money in the their Deposit Box (except me!).
It is what it is.

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Re: Cash in Safe Deposit Box..??

Post by Quickfoot » Wed May 28, 2014 10:30 am

a savings account would serve the same protection against this risk, while also protecting against inflation
No it doesn't, in fact a savings account introduces new risk, namely bank run risk. The government has frozen withdraws several times in the past 10 years and fully expects to again should another financial crisis arise (which it will).

We keep a reasonable amount ($1,000 to $2,000) in cash in case of bank runs or other emergency where banks or ATMS are not available (happens at lot in natural disasters).

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Re: Cash in Safe Deposit Box..??

Post by cheese_breath » Wed May 28, 2014 10:35 am

FNK wrote:
cheese_breath wrote:but some workman bulldozing the property to make room for a shopping mall forty years from now will be in for a nice surprise.
...and will totally be able to afford a round of beer with his crew!
He'll probably be able to afford the shopping mall. Greenbacks will draw a high premium from collectors in the cashless society.
The surest way to know the future is when it becomes the past.

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

Post by letsgobows » Wed May 28, 2014 10:47 am

maybe he does a lot of cash jobs and doesn't want a paper trail of deposits lol.

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Re: Cash in Safe Deposit Box..??

Post by bluemarlin08 » Wed May 28, 2014 10:52 am

Perhaps he has IRS issues and feels storing in SDB is safer than at home.

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Re: Cash in Safe Deposit Box..??

Post by Austintatious » Wed May 28, 2014 11:05 am

Since we've had mention of the utility of gold in cases of societal breakdown, can anyone explain how that gold would be converted into usable increments? Let's say, I've set aside some 1 ounce bars or some gold coins, buried in the backyard and certainly NOT stashed in that safe deposit box, that I intend to use in the coming catastrophe. How do I convert them into a unit of value with which I can buy something edible for my beleaguered loved ones, or a few pieces of firewood to cook it with? I've always had trouble understanding how that would work. Thanks!

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Re: Cash in Safe Deposit Box..??

Post by Gattamelata » Wed May 28, 2014 11:16 am

livesoft wrote:I would like to read about situations where hoarding gold was helpful.
Well, after the global flood/catastrophic earthquake/meteor strike/zombie/hypercane/global financial meltdown apocalypse, the gold hoarders will have it made. Because everybody is going to forget about subsistence and survival when they see the gleam of gold. "I was really hungry, and I sure could use some bandages to wrap up my leg, but heeeeeeey, wouldn't a gold ring look good on me right now?" they'll think. People who have one can of beans to their names will sell it gladly for a small amount of precious, beautiful gold. "Can you make change for a Krugerrand?" will be the most common phrase you hear after the disaster.

My disaster hoard, however, has no gold. I've invested in assessing equipment. I plan to rule the local secondary market in helping the gold hoarders assess the value of their hoard.

Disclaimer: I don't have assessing equipment. My disaster hoard is spaghetti, spices (think about it - huge value in a survival economy!!), and good kitchen knives (because I hate sawing away for a minute at MRE food before scarfing it down like a hunted animal). The only true part of this post is the disclaimer (and some of that's even questionable).

Edit: Grah! Austintatious beat me to it. Your speed trumps my wit, sir or madam.

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Re: Cash in Safe Deposit Box..??

Post by TN_INVEST » Wed May 28, 2014 11:21 am

Austintatious wrote:Since we've had mention of the utility of gold in cases of societal breakdown, can anyone explain how that gold would be converted into usable increments? Let's say, I've set aside some 1 ounce bars or some gold coins, buried in the backyard and certainly NOT stashed in that safe deposit box, that I intend to use in the coming catastrophe. How do I convert them into a unit of value with which I can buy something edible for my beleaguered loved ones, or a few pieces of firewood to cook it with? I've always had trouble understanding how that would work. Thanks!
A scale?

Or, they will probably just accept your entire bar or coin (no change provided).

Boot?

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Re: Cash in Safe Deposit Box..??

Post by Doom&Gloom » Wed May 28, 2014 11:25 am

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.

I have several friends who are professional gamblers (reportedly declaring all income, etc) who use safe deposit boxes or home safes to keep necessarily large amounts of cash available. The reason for that is not because of CTR's being triggered when depositing or withdrawing large sums at the bank, but because most branches seldom have enough cash on hand to meet their withdrawal requests without prior notice (which is not always possible or convenient to a professional gambler who may need cash upon short notice). And some banks do get nervous with customers making frequent large cash deposits and withdrawals, to the point of closing their accounts.

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Re: Cash in Safe Deposit Box..??

Post by BigFoot48 » Wed May 28, 2014 11:39 am

We try to keep about $500 in our home safe which is bolted to the floor. This is accessible when banks aren't open. I finally got the mother-in-law to close her safety deposit box which had nothing of value in it just to avoid the estate hassle of accessing it.

I see the couple in CA that found someone's gold hoard has it up for sale next week. Will bring them more than $10 million. Always a good idea to let other people know where you're hiding your cash.
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Re: Cash in Safe Deposit Box..??

Post by cheese_breath » Wed May 28, 2014 11:41 am

TN_INVEST wrote:
Austintatious wrote:Since we've had mention of the utility of gold in cases of societal breakdown, can anyone explain how that gold would be converted into usable increments? Let's say, I've set aside some 1 ounce bars or some gold coins, buried in the backyard and certainly NOT stashed in that safe deposit box, that I intend to use in the coming catastrophe. How do I convert them into a unit of value with which I can buy something edible for my beleaguered loved ones, or a few pieces of firewood to cook it with? I've always had trouble understanding how that would work. Thanks!
A scale?

Or, they will probably just accept your entire bar or coin (no change provided).

Boot?
Pieces of eight matey. Argh.
The surest way to know the future is when it becomes the past.

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Mister Whale
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Re: Cash in Safe Deposit Box..??

Post by Mister Whale » Wed May 28, 2014 11:48 am

Doom&Gloom wrote: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.
Oh, just mention that you're a "hardworking and honest" retailer who happens to "accept cash" (or, for fun, that you prefer it to charge cards). There'll be no subtlety. :happy
" ... advice is most useful and at its best, not when it is telling you what to do, but when it is illuminating aspects of the situation you hadn't thought about." --nisiprius

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

Post by Austintatious » Wed May 28, 2014 12:09 pm

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.

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

Post by sscritic » Wed May 28, 2014 12:53 pm

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

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