Safety Deposit Box New York

Contrary to popular wisdom, the terms of a safe deposit box agreement with a financial institution typically describe a lessor/lessee relationship. As a result, most safe deposit box agreements only govern the use of the box; they do not govern the ownership of its contents.

No laws exist that prevent you from keeping cash in a safe deposit box. However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured.

If there is cash in the box, the IRS will assume that it was not reported on an income tax return unless there is some proof to the contrary. The IRS also might assume the same for any other valuables for which there is no record of the purchase.

The bottom line here is that depositing valuables in a bank safe deposit box is no guarantee that the items will be kept safe. If dishonest bank employees steal your items, you may not have legal recourse to get them back.

No laws exist that prevent you from keeping cash in a safe deposit box. However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured.

A safe deposit box is not a deposit account. It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen.These limitations could include cash. A home safe isn't a true replacement for a bank's safe deposit box.

An additional method for access to a safe deposit box is for the executor or personal representative of an estate to present letters testamentary or letters of general administration issued by the court to the holder of the safe deposit box.

After the death of an owner, a safe deposit box must be properly inventoried by the Executor or Personal Representative according to specific procedures that generally include the presence of the Clerk of Court, a Deputy Clerk, or other Qualified Person as defined by law.

Items You Shouldn't Keep In a Safety Deposit BoxPassports, medical directives, the only copies of wills and powers of attorney, and other documents that you may suddenly need are better kept in a secure spot at home, such as a fireproof home safe that's bolted to the floor or wall.