Safe Deposit Box

khpony · Dec 15, 2011

I've been told that it's against the law to have more than $10,000 cash in a safe deposit box. (coins excluded) In other words if a bank is closed, for any reason, and you go in to retrieve your safe deposit box items, that you'll be escorted and that anything over $10,000 in cash they can take from you. Just curious if anyone has heard or has knowledge of this.

j.dean · Dec 15, 2011

I'm pretty sure that this is not true. You may be asked to produce income records or explain why its there, but I dont see how they can take it. I do know you must declare cash above $10000 when coming back into the states. I've read of a few pro poker players that had several thousands confiscated by customs until they proved how they recieved it... But I don't thunk they could take it just because you had it in a safe deposit... But I could be wrong.

baywalker · Dec 17, 2011

No buddy gets to look in your box but you , when you die your heir gets it the bank can,t look in it , unless they get a court order !

Jonnie

khpony · Dec 18, 2011

I'm referring to the law. It's my understanding that it's against the law to have more than $10K in the box. Just curious if anyone else had heard it.

Keppy · Dec 18, 2011

One way to find out ... Go to your bank and ask them......... That is the best way to find a true answer to your question.............All you have to do is call your bank you don't even have to go in.......... It is faster than asking here............

CWnut · Dec 19, 2011

i use a safety deposit box and they always let me go into a room alone to open it...So no one can see what is in there and have no way of knowing what is in there unless u tell them

Keppy · Dec 19, 2011

CWnut said:
i use a safety deposit box and they always let me go into a room alone to open it...So no one can see what is in there and have no way of knowing what is in there unless u tell them

That's true ................. But the only way for him to get the answer to his question is to ask his bank................