Safe deposit boxgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I've started to take my money out of my savings account and putting it in a safe deposit box. Any thoughts on this? I don't want to keep much at my home. Even in a crisis, shouldn't I be able to get it?
-- (firstname.lastname@example.org), March 26, 1999
I doug a hole in my back yard, under the cement patio. Put all my money in a tupperware container in the hole, and then filled the hole with dirt and put the lawn back in place. Only my wife and I and our son know where it is. It is safe against burglars, fire, flood and Y2K!!! Off course I have kept some extra money aside, so I don't have to dig for extra money every other week. I did the same with my silver coin stash!
-- smitty (email@example.com), March 26, 1999.
rick, you would think that a safety deposit box would be the ideal solution -- no (pidly) interest, no FDIC insurance up to $10K, but all the security of a bank. However, the reality is that if banks started enforcing tight rules on cash withdrawals (which might include bank "holidays"), conceivably there could also be enacted rules regarding "hoarding" of cash, with safety deposit boxes being a primary place to start the enforcement. (And hey, you came in to get $500 from your box in cash? Here you go, we will deposit that in your checking account for you, which will even earn you interest. Once the computer comes back up, of course....)
-- Jack (firstname.lastname@example.org), March 26, 1999.
If the doors are not open for normal bussiness, you will not get to your box. Period!
-- Chuck, a night driver (email@example.com), March 27, 1999.
It's my understanding during the bank runs/failures of the 1930's, under the direction of a democratic president, treasury agents were assigned to accompany all safe deposit box holders to their boxes to confiscate any contraband (gold) before being collected by the rightful owner.
So much for a "safety" deposit box! Bad idea.
-- Charles R. (firstname.lastname@example.org), March 27, 1999.