1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Is It A Bad Idea To Put A Large Amount Of Cash Into A Safety Deposit Box?

Discussion in 'BlackHat Lounge' started by bigballin6161, Jan 10, 2015.

  1. bigballin6161

    bigballin6161 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jul 16, 2011
    Messages:
    1,095
    Likes Received:
    424
    Is it a good or bad idea to put a large amount of cash into a safety deposit box?
     
  2. Hawkster

    Hawkster Jr. VIP Jr. VIP

    Joined:
    Jun 22, 2013
    Messages:
    3,514
    Likes Received:
    3,730
    Gender:
    Male
    Occupation:
    Listen to everyone - Follow no-one
    Location:
    UK
    Home Page:
    The fact you need to ask here makes one wonder why you shouldn't. What is it that makes you unsure?
     
  3. awesomestef

    awesomestef Registered Member

    Joined:
    Dec 11, 2014
    Messages:
    84
    Likes Received:
    30
    Location:
    Not in paradise ;'(
    i think he watched the movie: The Bank Job
     
  4. asap1

    asap1 BANNED BANNED

    Joined:
    Mar 25, 2013
    Messages:
    4,961
    Likes Received:
    3,186
    I dont see a problem with it if its clean money.
     
  5. bigballin6161

    bigballin6161 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jul 16, 2011
    Messages:
    1,095
    Likes Received:
    424
    I dont know. I never really heard of anyone doing this and wondering if there was a reason why people dont.
     
  6. bigballin6161

    bigballin6161 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jul 16, 2011
    Messages:
    1,095
    Likes Received:
    424
    What would be the difference if its clean or not? Its cash...
     
  7. SH-M

    SH-M Jr. VIP Jr. VIP

    Joined:
    Sep 13, 2013
    Messages:
    453
    Likes Received:
    228
    He meant clean... like washing and ironing them before putting them to the box. Not a bad idea.

    Anyway, why bother with a bank ? Cash is still nice. Except some change in the credit card for small internet buying, I have just the secret place that is safer than a bank to put my money into. Not that I have quite much, but I still feel they're safer in my home than in the bank :p ... maybe that's just me !
     
  8. Grizzy

    Grizzy Senior Member

    Joined:
    Nov 11, 2008
    Messages:
    919
    Likes Received:
    1,001
    Bad idea. Cash stored in a safety deposit box isn't insured.
     
    • Thanks Thanks x 1
  9. jamesjk1

    jamesjk1 Senior Member

    Joined:
    Nov 1, 2012
    Messages:
    1,053
    Likes Received:
    652
    Occupation:
    404
    Location:
    Undisclosed
    I'd say it's a bad idea to put a large amount of cash just about anywhere. Diversify and spread it about in a couple of different places to offset risk.
     
  10. rave12

    rave12 Regular Member

    Joined:
    Aug 9, 2010
    Messages:
    243
    Likes Received:
    54
    It's much safer if u bury it in your backyard. The world is a mess nowadays, it's more safer if you can monitor it everyday.
     
  11. pavan

    pavan Elite Member

    Joined:
    Mar 30, 2008
    Messages:
    1,819
    Likes Received:
    457
    if its white money then you can deposit them in the bank in form of Fixed deposits. You will gain recurring interest in that
    if its black money then safety deposit box is the safest place I can think of
     
    • Thanks Thanks x 1
  12. DanTe_0101

    DanTe_0101 BANNED BANNED

    Joined:
    Mar 2, 2012
    Messages:
    988
    Likes Received:
    806
    because your depositbox doesn't give you interests.
     
  13. Guyabano

    Guyabano Junior Member

    Joined:
    Jun 20, 2014
    Messages:
    113
    Likes Received:
    39
    It ain't gonna breed in a metal box.
     
  14. laur.laurix

    laur.laurix Power Member

    Joined:
    May 8, 2013
    Messages:
    744
    Likes Received:
    281
    Occupation:
    Reverse Engineering Maniac
    Location:
    Mars
    LOL SEO applied in real life. I think u got the SERP desease. :)

     
  15. lilmasta

    lilmasta Jr. VIP Jr. VIP

    Joined:
    May 21, 2009
    Messages:
    2,553
    Likes Received:
    1,198
    Gender:
    Male
    Location:
    192.168.0.1
    it depends what is a large amount of cash ? i mean how large is it ? i rather dig a hole in my backyard and dump it there :D
     
  16. davids355

    davids355 Jr. VIP Jr. VIP

    Joined:
    Apr 25, 2011
    Messages:
    10,429
    Likes Received:
    8,129
    I cant see that it should be a problem? What could happen? Its not likely to get stolen or broken into. No one is going to ever know its in there are they (not like the tax man is going to turn up and take it).

    Do they generally allow you to store cash though? and is it covered by their insurance?
     
    • Thanks Thanks x 1
  17. bigballin6161

    bigballin6161 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jul 16, 2011
    Messages:
    1,095
    Likes Received:
    424
    So what could possibly happen to it? Fire or robbery are the only things I can think of...
     
  18. bigballin6161

    bigballin6161 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jul 16, 2011
    Messages:
    1,095
    Likes Received:
    424
    I do understand that it will not collect interest. I do understand that it is not insured. But what could possibly happen to it? For those responding there is obvious reasons why I would not want it in my bank account....Do employees have access to the boxes?
     
  19. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 10, 2010
    Messages:
    17,344
    Likes Received:
    31,835
    Occupation:
    Selling CPA Sites
    Location:
    Not England
    Home Page:
    Nobody has access, under normal conditions, except for the box owner. It is 99.99% confidential and safe.

    I suppose that it could get broken into or some government authority would get access via legal means but those are extreme conditions; otherwise it is safe. Someone above mentioned using more than one box and that is the way to go if there are substantial assets involved.
     
    • Thanks Thanks x 1
  20. sudorank

    sudorank Power Member

    Joined:
    Jun 24, 2013
    Messages:
    640
    Likes Received:
    477
    Occupation:
    Web Developer
    Location:
    Swansea, UK
    Home Page:
    I'd add too that this would only happen if you were involved in a criminal matter.

    If what your hiding your cash from is civil, you're on easy street :cool:
     
    • Thanks Thanks x 1