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I would like to greatly reduce my savings account and start keeping my money elsewhere. I am thinking of opening up a safety deposit box at my bank and storing most of my money in there. Would it be a better idea to store the money in the form of a cashiers check or to just keep it in cash? I am guessing a cashiers check would be safer as you would have to show washington to cash it, if it was stolen. Ideas? Thoughts? Suggestions?
G Cashiers checks have valid through dates. So you would have to get new ones reissued from time to time. Cash is clean and has no expiry, and you can take out as much or as little as you need. The cashiers checks you would have to cash and deal with any overage. It makes no sense to do what you are considering. Your funds are insured in the savings account. It is also readily available for withdraw or transfer in person, at atm, or online. The only reason to consider this option would be to avoid a legal attachment. Soccerref
This Site Might Help You. RE: Storing Cash in a Safety Deposit Box? I would like to greatly reduce my savings account and start keeping my money elsewhere. I am thinking of opening up a safety deposit box at my bank and storing most of my money in there. Would it be a better idea to store the money in the form of a cashiers check or to just keep it in cash? I am...
From an investment standpoint, keeping any large sum of cash for any amount of time makes less than no sense -- it doesn't earn interest and will only deflate with time due to inflation. But you didn't ask if it was SMART to keep money on the side, so: Cashier's checks will expire. Cash is plenty safe in a box. Just be sure to note that, if they remove a note from circulation you go through the money and exchange any of the old notes for new ones before the deadline. That said, why not gold bullion or silver or diamonds or platinum or ANYTHING that stands ANY kind of chance of holding up against inflation while sitting in a dark box? Put $10,000 in a box today and come back in 50 years and you'll maybe be able to buy a night in a luxury hotel. Put $10,000 in gold in the same box for the same amount of time and chances are pretty good you will have the equivalent of $10,000 in buying power in 50 years.
If the amount you are thinking of keeping in a safe deposit box is less than $100,000 then it will be covered by the federal FDIC insurance. Keeping money whether it is cash or a cashier’s check in a safe deposit box is one of the poorest financial decisions you can make for a couple of reasons: 1) The money while it is stored in the box will not be indexed for inflation. This means that every day the money is the safety deposit box you will be essentially losing money due to inflation. For example, if you had $100 in a bank box in 1950 and you got it out now, it will still be $100. If you would have put the money in a savings account, it would be indexed for inflation and you would have approx. $880 today in the account. 2) Money in a safety deposit box doesn’t earn interest. Depending upon your bank you could earn anywhere between 2.00% to 4.00% interest per year for simply having that money in a bank account. So for example if you had 1 million dollars in a safety deposit box, you wouldn’t earn any money on that saving and you would lose money due to inflation. If you were to have that same 1 million dollar in a bank account you could earn $20,000-$40,000 per year on interest alone…… So in conclusion, one of the worst financial moves you could make is keep cash or a cashier’s check in a safety deposit box. You should put it in a bank account, or you could also invest it in municipal bonds. Those are safe investments also. But unless it’s just extremely bizarre circumstances, you should never just hold onto straight cash. That is truly a foolish financial move.
DON'T believe anything you read in the comics (aka newspapers) .. ALWAYS look 'behind the headlines' .. ask yourself "what is the writer trying to achieve ?" and "what is the 'hidden agenda' being pushed here?' In this case it should be obvious .. ... the writer is hyping up a good 'scare story' (have you never noticed how newspaper reporters 'hype up' (i.e. LIE) to make the STORY 'more interesting' ??? ... and the 'hidden agenda' is to get the criminals rushing to the Bank so you can arrest them .. WAKE UP AND SMELL THE SCAM .. Newspapers are MANIPULATION MACHINES dedicated to PROGRAMMING the weak of mind into thinking the way THEY WANT you to think .. (and, of course, getting you to part with more money to read the next installment of their fictional stories) As a 'rule of thumb', just assume ANYTHING you read in a newspaper is a distortion, exaggeration or an outright lie and you can't go too far wrong ..
Cash in a safe deposit box is against the law (circulation laws). Cashiers check is; Not FDIC insured. Expires in 60-90 days. I can only imagine why you want to do this. There is little doubt in my mind that what ever your reason...... it's based on a faulty assumption.
That's a really good question, looking forward to reading the replies
Don't consider that is accurate