It is ILLEGAL to put cash in a safe-deposit box. : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Hi everyone,

It's been a while since I posted last. I went on vacation for a few weeks (perhaps my last opportunity to do so) and since getting back I've just been lurking - for some reason I haven't really felt like participating in much of anything - some kind of Y2K burnout or something.

Anyway, the reason I'm posting this is that for several years I've known that it is illegal to put cash in a safe-deposit box. What I find odd is that I never hear it mentioned when the subject of safe-deposit boxes comes up, either in this forum or anyplace else.

I first heard about this from a lawyer that I know. It's supposed to help prevent money laundering and tax evasion. I haven't been able to find the actual law anywhere, but I later confirmed it with a portfolio manager at large regional bank's trust division. At first, he didn't believe me and said it couldn't be so, but after checking with his legal department, called me back and said it was true. I also confirmed it with another banker - the operations manager at a local branch office who was quite aware of it and also said it was so.

I always find it a little funny when the bankers tell you to leave your money in the bank because it's the safest place. Well, a safe-deposit box is in the bank, but I really don't think that's what they had in mind. You also don't ever hear any caveats from them (the bankers) to the effect that it is illegal to put cash in a safe-deposit box.

My concern is that this largely unknown law will be used by the government against otherwise law-abiding citizens who decide to store some cash in a safe-deposit box for the millenial rollover. This issue is similar to the structuring issue (see my next thread) in the sense that an unwary citizen could find themselves inadvertantly running afoul of federal laws with dire consequenses. I just wanted to make everyone at this forum aware of this fact. Please keep it in mind when considering your Y2K plans.

I also have my own little conspiracy theory (it will be interesting to see where this starts showing up). Here it is: I've seen shows on TV where they've reported that over 80% of the currency in circulation has cocaine on it. If you are suspected of hoarding cash (because you filled out the proper forms when you withdrew your money), it wouldn't be very difficult for the authorities to go to your residence or bank and find your stash through the use of drug detection dogs. I wouldn't be surprised a bit if I heard they were training dogs to sniff out cash right now. They could then use the dogs at all of the banks and drill any boxes the dog "hits" on, prior to lifting any restraining orders they place, prohibiting access to all safe-deposit boxes at the YourTown branch of YourBank, Inc. (I hate to even post this because I don't want to give big-brother any new ideas, but if I can think of it, I'm sure someone else has too).

-- Clyde (, July 01, 1999


Dear Clyde:

With un-named sources, and NO US Code cites, how are we to believe you? Get back to these folks and, since they "checked with the legal dept" they should be able to cite a Code ref.


-- Chuck, a night driver (, July 01, 1999.

clyde baby

no doubt whatsoever that if you had the thought its been had before. may i suggest a secret agent disquise kit to ease your troubled soul? use plastic to purchase it so no canine connection can be made. ask to use employee restroom and apply before leaving store. keep you head up and your ears clean old soldier. i love you for the advanced warning.


-- corrine l (, July 01, 1999.

I have just check with my bank where I have a safety deposit box (Citizen's Nationa Bank) and they confirmed that this is true!! I had done this in the past and was not aware that I was breaking the law. I don't know about the rest of you but I am getting "good and tired" of the government and everyone else using my money to cause me problems.

I just read a long post a short time ago that reiterated "it's your money". Apparently "it's your money" only as long as you do what the government wants you to do - otherwise they can confiscate it. Whatever happened to "this is a free country".

-- Nadine Zint (, July 01, 1999.

sorry - should be "checked" and "Citizen's National Bank of Hillsboro". I can spell - just can't see or type.

-- Nadine Zint (, July 01, 1999.

A "free country" didn't exist by the end of WW II. Why do you think the militias take such CRAP from the gov't? THEIR MEMBERS see our gov't for what it REALLY is, and TPTB just CAN'T ignore that!

(Waco & Ruby Ridge ring a bell? Kent State? '68 Democratic convention?)

In a few more years, perhaps a couple of decades, "states of emergency" will be the norm, "legal" guns will not exist, and the "liberals" will be wondering what the hell happened...

Vill you come vis us please? Ve haf some qvestions ve vould like to ask you.....

-- Dennis (, July 01, 1999.

Just think of those coin collections in safe deposit boxes.

-- Dog Gone (, July 01, 1999.

To Dennis:

"Waco" is forever indelibly imprinted in my memory. I live about 35 miles north of the City of Waco and I was watching the proceedings on a local TV station when in disbelief I saw the compound go up in flames. Also, I was in the Hilton Hotel in Waco for a convention at the time the ATF was giving their daily briefings to the local press.Those of us living in this area got daily press and tv coverage.

I remember some about "Ruby Ridge" but not as much as "Waco" because of my proximity to it.

-- Nadine Zint (, July 01, 1999.

denny i'm confused. when they come for us will they have german accents. personally, i always kind of liked their uniforms but they did seem a little ruff. please get back to me with a future posting so i'll know who to roll out the red carpet for when they stop by.

and hey, a big heil to ya, ya big silly.

-- corrine l (, July 01, 1999.

You can put items and things of value in a safe deposit box. Example: coin collections, stamp collections, diamonds, sliver certificates. I keep portraits of Franklin and Jackson there. Anyway, Your safe deposit is there for items that you have. The bank can not inspect the contents and they have to drill your lock(it is a double lock) to open it. They need a court order as well to open it without you. If you have one make sure the bank has a private room for you to place your thing in the box.

They do not tell you of any law about placing cash in the box because there is no actual law. You may want to note that they do not insure cash in a safe deposit box. If you have items that are stolen, you have to prove that it was in the box. That is also a difficult task since they don't inventory your box.

-- Ned P Zimmer (, July 01, 1999.


My loins are ACHING for ya baby! Cum to dady!

(One question: How come you spell your name differently almost every time you post?)

Anyway, enough small talk. I WANT YOUR HOT MONKEY LOVE!!!


-- Dennis (, July 01, 1999.

denny, i'm thinking about it but only if i get to wear the uniform and under no circumstances can your mommy be in the same state.

a starched collar salute you close cropped cad.

-- corrine l (, July 01, 1999.

I'll let you wear the uniform if *I* get to wear the rubber underwear!

!!! Kissy !!!

("Toys" are optional!)

-- Dennis (, July 01, 1999.

Thanks Clyde. Never heard that before.

I have heard, tho, that when your beloved spouse dies, his/her deposit box is PADLOCKED by the authorities until the IRS has had a chance to check everything. (And y'all know what that means.)

So: If you should suddenly come across your beloved spouse not breathing, DO NOT tell anyone about it until you've run to the bank & emptied your box. This could be awkward on a weekend, of course. Maybe ice is another thing to hoard.

-- gruesome (subject@to.discuss), July 01, 1999.

Yes, when someone dies, access to a safety deposit box is blocked. That's why most financial gurus say it should be in the name of a company (or maybe a trust).

The best safety deposit box is buried capped PVC pipe. Got maps?

-- A (, July 01, 1999.

It could be that your bankers are lying to you to keep you from 'hoarding', or it's another of those laws that seem to get slipped through tagged on to some other bill. This is what I found on the FDIC site.

(snip)Doesn't FDIC insurance cover the contents of safe deposit boxes if they're damaged or stolen?

No. By law, the FDIC only insures deposits in deposit accounts at insured institutions. Although you may be putting valuables, including CASH(my emphasis) and checks, into an area of the bank that has the word deposit in its name, these are not deposits under the insurance laws that the bank can use, for example, to make loans to other customers. A safe deposit box is strictly a storage space provided by the bank.(end snip)

I will be asking my bank about this though, thanks.

Link -

-- RB (R@AR.ST), July 01, 1999.

good idea rd. while you're at it ask for some spare pennies. i understand there is some kind of shortage thingie going around.

-- corrine l (, July 01, 1999.

Dammit corrine, every one else gets warm smoochies and promises of exquisite pleasures and all I get is financial advice.

-- RB (R@AR.ST), July 01, 1999.

here i am, Dennis, you big hunk. Cum and get me.

-- corrine 1 (, July 01, 1999.

Here we are again, now we're worrying about government intrusion into our safe deposit boxes.

I called Seafirst Bank and they said there are no restrictions (corporate or federal) regarding contents of safe deposit boxes.

It's your money.

Cite one case of a person loosing their horde of (legal) cash by cofiscation from a safe deposit box and I'll eat my shirt.

Checking on these weird, unfounded rumors is so easy, yet the rumors seem to have a life of their own.

Now the thing I really worry about is those hidden microphones embedded in every computer sold and who's listening in.


-- Randers (, July 01, 1999.

Now don't get too high and mighty on us Randers. After all, you "did" call your bank.(grin)

-- RB (R@AR.ST), July 01, 1999.

Regardless of whether its legal or not to stockpile cash in a safe deposit bank, remember:


Now, that you can bank on....

-- King of Spain (, July 01, 1999.

When your spouse dies the executor of the estate has access to the safety deposit box, as does anyone else who is a signatory on it. Hopefully that's you. IRS? Nope.

-- Quiet one (, July 01, 1999.

If things get bad, you may no be able to get into bank or safe-deposit box. It won't do you any good if you cannot get to it.

-- Homeschooling Grandma (, July 02, 1999.


There is no law against keeping cash in a safe deposit box. That story has been around since dirt. As mentioned above, if your spouse dies the bank will seal your box,if in both names, until the IRS does an inventory and you may be asked to account for any cash found. And yes, the secret service does have k-9s trained to sniff out cash, they train them on the inks used. They say it is only to help them find funny money. Not very funny if it's my money.

-- COP (, July 02, 1999.

we don't actually have any rights or personal property anymore. Think you own your home and land? Try not paying your RE taxes for a bit- see how fast til you no longer own that property. Think that money is yours that you put in the bank? Why all the restrictions on accessing it? While Joe-Sixpack has been snoozing in front of the 365 channels of cable TV, our gov has busily been taking our rights away. That's o.k.- just pop another tab Joe.......

-- farmer (, July 02, 1999.

Thanks for the conflicting info, folks.

My impression is that the IRS does pretty much whatever it wants, legally or not. If they decide to seize what's in your box, there's not a whole lot you can do about it, even if the law is on your side.

One statement is certainly true: Governments can't steal what they can't find.

-- don't (trust@them.feds), July 02, 1999.

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