To receive FDIC insurance, which covers up to $250,000 per depositor per insured bank, your cash needs to be deposited in a qualifying deposit account such as a checking account, savings account or certificate of deposit. Reynolds, chief of the FDIC’s Community Outreach Section. Read the fine print of your agreement.īear in mind, too, cash in a safe deposit box isn’t protected by the Federal Deposit Insurance Corporation, says Luke W. Some banks expressly forbid storing cash in a safe deposit box.It’s better to put the money in an interest-bearing account or certificate of deposit. Idle cash loses buying power over time due to the effects of inflation (hello, 2023). If you need the money in an emergency but the bank is closed, you’re out of luck.Would storing it in a safe deposit box be a better move? Experts warn there are several reasons you shouldn’t keep cash in a safe deposit box: Perhaps you're old-school and like to keep a stash of cash at home “just in case.” Or maybe you got lucky at the casino. Such circumstances complicate your ability to retrieve important documents or items when you need them – the answer is to create a financial plan for natural disaster beforehand. The coronavirus pandemic, too, reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. There are items you might come to regret locking away in your bank, which isn’t open nights, holidays or perhaps even weekends.Īccess to your safe deposit box could be even more limited during emergencies, including natural disasters (which could even threaten the bank and box itself, depending on where you live). A safe deposit box can also offer critical protection for important documents.īut a safe deposit box isn’t a wise choice for many things. Member FDIC.Some examples of things you can and should keep in a safe deposit box include prized possessions such as collectible baseball cards or jewelry inherited from a relative, for example. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Products not available in all states.īank deposit accounts, such as checking and savings, may be subject to approval.

JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Certain custody and other services are provided by JPMorgan Chase Bank, N.A.

(CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. Insurance products are made available through Chase Insurance Agency, Inc. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Past performance is not a guarantee of future results. Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. 'Chase Private Client' is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking℠ account. is a wholly-owned subsidiary of JPMorgan Chase & Co. “Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A.

Air force credit union safe deposit box