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Bank lock/safety deposit boxes

I was just curious if anyone puts money away in a lock box? My husband wants us to put some cash away in one. Am not sure how I feel about it. We have power of attorney papers, our will and a few pieces of jewelry from his late grandfather in one, but now he wants to put cash in there.

Answer Question

Asked by Anonymous at 11:54 AM on Dec. 7, 2015 in Money & Work

Answers (6)
  • The only thing that cannot go in a safety deposit box at a bank is cash. Well you can but you are not supposed to and will not be covered in the event of a theft or other circumstance. You need 2 names on the box because if one person dies they seal it and unless your name is also on the box you cannot access it.


    Answer by ILovemyPaulie at 1:50 PM on Dec. 7, 2015

  • .....Until the estate is settled and you are deemed the beneficiary.


    Answer by ILovemyPaulie at 1:54 PM on Dec. 7, 2015

  • What is this cash of which you speak? lol ;p

    Are you talking about a lock box at home or one at the bank? ^^^ ILP gave good advice about the way to handle the situation at the bank. If it's to keep at home, I'd make sure it's well hidden in case of theft.

    Answer by mrsmom110 at 5:08 PM on Dec. 7, 2015

  • Are banks still offering those? Our branches of Chase eliminated them a few years ago. Not that we had much of value in them anyway, just some papers that we now keep in a firesafe box.

    Answer by gdiamante at 11:48 PM on Dec. 7, 2015

  • "Are banks still offering those?" [gdiamante]

    The banks around here still do. Part of my husband's job was opening them for the banks ... not the actual boxes inside, just the locks.

    OP ... safest bet is to ask your bank about putting money in there. If you plan on keeping a fire safe lock box at home, take dated pictures with the amounts. It may help with insurance purposes if anything every happens.

    Answer by SpiritedWitch at 8:38 AM on Dec. 8, 2015

  • I can understand why your husband wants to. Find out first if it is OK.

    Answer by Bmat at 8:04 AM on Dec. 16, 2015

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