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Thread: Where to Safely keep my money

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    Member Scarletkisses's Avatar
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    Default Where to Safely keep my money

    Ok So I have been saving my cash I looked into small safes but the reviews say that most are easy to break into and since they are small they can easily be stolen. I heard a girl talk about a safety deposit box I think this is great the money is safe.It makes it harder to spend too!!!! I called my bank and currently all of them are taken. I called several other banks but they all say that I need an active account( meaning one that is regularly being used). Does anyone know of places that don't need an active account in Las Vegas?

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    Default Re: Where to Safely keep my money

    Sorry I was wrong about my post!

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    Veteran Member miamia4me's Avatar
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    Why not just open a small checking or savings account then you can get safety deposit box. I have both checking and savings and I am looking into getting a safe deposit box myself.

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    Default Re: Where to Safely keep my money

    Everyone should have a bank account!! Even if you have a bank account somewhere else, opening another account in vegas is no big deal.

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    Banned Melonie's Avatar
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    Default Re: Where to Safely keep my money

    Agreed about comparing a bank safety deposit box to a bank account ... both are accessible by the IRS / state tax agency, both are subject to bank employees generating 'suspicious activity reports' to the IRS based on a pattern of regular cash deposits / withdrawls ... both are not accessible when the bank is closed ( exception limited ATM withdrawls from a bank account ) ... both are potentially subject to being 'frozen' by the IRS / state tax agency etc.

    While still living in New York, and still actively dancing, I used to accumulate cash at home so that I didn't need to perform cash bank transactions more than once per week. I also wanted to have enough cash on hand to potentially cover 'weekend difficulties' ( like suddenly needing to come up with $1000 in bail money early on a Saturday morning ). To do this with some reasonable 'security' against robbery / burglary, I actually used two safes.

    The first safe was an el-cheapo WalMart special which I left in plain sight in my bedroom. This safe held all of my important papers, plus a couple of hundred bucks in cash. If I were ever robbed, and forced to open the safe, I could hand over the couple of hundred bucks to the robber and explain 'sorry I just went to the bank yesterday'.

    The second safe was a good quality small wall safe which I installed myself in a very unlikely location, in which I kept larger amounts of cash, my gold bars, my 'expensive' jewelry etc. Based on the premise that any robber / burglar was going to be very concerned about 'exposure time', after finding the first safe there was extremely little reason for them to suspect the existance of, let alone to spend additional time searching for, my second safe.

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    Veteran Member miamia4me's Avatar
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    Thank you melonie for your insight because I was understanding that no one can get into the safe deposit box except for the person paying to rent the box and maybe the bank. I did not know the IRS can freeze the account and the deposit box. This has me rethinking the box idea. I still have the checking/savings but limit it to under 10k. For now I am keeping the rest around my apartment. Looks like I will be getting a safe and hiding it :-/

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    Banned Melonie's Avatar
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    Default Re: Where to Safely keep my money

    then you're probably looking for something like this ...



    I also recommend spending $100 on an el-cheapo floor safe to use as a 'diversion' from a potential burglar / robber finding the 'good' safe which will hold your serious cash and valuables.

    ... and yes, under the authority of new 'terrorist anti-money laundering' laws, the contents of bank safe deposit boxes are now equally subject to inspection and potential 'freezing' by the IRS, state tax agencies, US courts etc.

    ... also yes on the 'federal' level, an account balance in excess of $10k potentially triggers additional scrutiny / reporting by banks and the IRS. This is now true not only of US banks but also of foreign banks offering accounts to US citizens. And some states set even lower thresholds ( i.e. New York is only $3000 ) ... with the state tax agency of course sharing the results with the IRS even though, technically speaking, they didn't need to.
    Last edited by Melonie; 05-24-2012 at 08:12 AM.

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    Member Scarletkisses's Avatar
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    Default Re: Where to Safely keep my money

    Melonie where did you get your good safe? Can you tell me the brand? All of the ones I found online don't seem safe

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    Banned Melonie's Avatar
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    Default Re: Where to Safely keep my money

    see

    and the current model safe that's closest to the one I installed several years ago is probably ... ... or
    Last edited by Melonie; 05-24-2012 at 01:34 PM.

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    Featured Member silk55's Avatar
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    Default Re: Where to Safely keep my money

    An off shore bank account is essential.
    "The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works" -GORDON GECCO

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    Banned Melonie's Avatar
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    Default Re: Where to Safely keep my money

    An off shore bank account is essential.
    I agree !!! However, thanks to recently enacted IRS reporting regulations on foreign banks maintaining accounts for US citizens ( that was part of the National Health Care package ), most foreign banks will no longer open accounts for US citizens in amounts less than $1 million. My own Swiss bank account wound up being forcibly closed for this reason ... because I am a US citizen, because I do not have an official residence in Switzerland, and because I had less than $1 million !!!

    The exception banks are those which do not have any branches whatsoever in the USA ( which allows them to escape IRS jurisdiction ). However, opening an account in one of these exception banks means physically travelling to the foreign country bank in person to open an account ... as well as physically carrying money with you for the initial deposit. And even if the exception foreign bank won't make automatic reports to the IRS, all US Citizens are now required to report the existance of said foreign bank accounts to the IRS / US State Dep't themselves ( well, above a $10,000 balance anyhow ). So while setting up a new offshore bank account isn't impossible for US citizens, it's a whole lot tougher than it used to be. It's obviously a lot less problematic for me personally since I am already residing in a foreign country that does not have an information sharing treaty with the US IRS, I have an official residence in this foreign country, and I can walk to a branch of a national bank which doesn't have any branches outside the country in about 5 minutes.

    And, of course, should the PIIG debacle cause major problems for the international banking system, money on deposit in an offshore bank, or money on deposit in a US bank for that matter, could wind up being 'inaccessable' for some period of time. There's absolutely on guarantee that an FDR-esque 'bank holiday' can't happen again given the right circumstances. As such, having cash bills and/or gold and/or silver in a personal safe might come in very handy. And with near zero interest rates being paid on bank deposits essentially 'washing' against wire transfer and other bank fees, today there really isn't any 'penalty' if you stash your cash in a personal safe.
    Last edited by Melonie; 05-30-2012 at 07:33 AM.

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    Default Re: Where to Safely keep my money

    So is it actually better to keep your money with you in a safe than to put it in a bank to avoid all sorts of banking fees?

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    Banned Melonie's Avatar
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    Default Re: Where to Safely keep my money

    ^^^ well, how much net 'profit' will you earn right now by depositing your money in a bank ? 1/2% interest if you're lucky ( with some portion of that going toward income taxes ) ? On a $10,000 deposit that's $50 per year ( $35 after taxes ). Then how much will the bank 'whack' you for various fees ?

    And on top of that, if your money is in a bank account, you're first of all exposing yourself to the risk that the bank could get into financial trouble. With FDIC insurance you're guaranteed to get your money back eventually ... but perhaps not tomorrow or the next day. And ATM access is dependent on bank computer systems and telecommunications systems working correctly ... which doesn't always happen ( remembering NYC power outage / NOLA hurricane ). And of course the gov't / IRS has access to all bank transaction records.

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    Default Re: Where to Safely keep my money

    Really helpful, thanks a bunch!!

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