Answer:
Answer by Andy Zavoina:
I have often heard that it is illegal to have cash in a safe deposit box. But nobody has ever shown me a cite. Nor can I give you one.
Your agreement should indicate what may not be kept in a box, such as dangerous chemicals or explosives.
From a practical aspect you should not know what is in a safe deposit box. If you do because of a customers admission, you should enforce the terms of your agreement.
Answer:
Answer by John Burnett:
There is no legal prohibition against keeping cash in a safe deposit box. And there may be (admittedly few) good reasons for doing so. Consider collectible currency or coins.
The collectible nature of some firearms is also one reason a gun might be in your vaults. But I strongly agree with the concept of including contractual limits in your safe deposit agreement to restrict the possibility that harmful items (such as a loaded gun ) might be stored there.
First published on BankersOnline.com 10/7/02
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