What Do I Need to Know Before Storing Cash in a Safe for a Long Time? By Russell Huebsch,
Ironically, storing cash in a safe is not always the "safest" way to keep it. Safes and safety deposit boxes are susceptible to elements such as fire and water.
Also, keeping large amounts of cash in a home safe is always a safety risk to you and your family. Instead of hiding cash, consider letting it grow in a safe investment vehicle.
Safes can never offer complete security for cash. Bank safety deposit boxes, for instance, are protected by the vault, not the casing of the box. Floods and fires can ruin the contents of a box.
Two-hundred fifty safety boxes, for example, burned due to the World Trade Center attacks in 2001. If you keep the cash at home, you still risk losing it, because most homeowners insurance policies do not automatically cover cash or others valuables in a safe lost to a disaster.
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Keep quiet about the cash in your home. Let a few people know about cash in a safety deposit box or safe. In case a catastrophe strikes you, someone needs to know the whereabouts of the cash. If too many people know, a thief might attempt a robbery. One business owner was robbed in Upper Darby, Pennsylvania in 2010 for $60,000 kept in a safe. The thieves did not crack the safe, but held the man's family at gunpoint.
Should you opt for a home safe, do not put it in the master bedroom, because that is the most frequently checked location in a home by thieves, according to Consumer Reports. The optimal room to place the safe depends on the design of the house. Placing it in the basement, for instance, is a poor choice in flood-prone areas, while the upstairs exposes the safe to a greater risk of fire damage -- the number one enemy of home safes.
If you keep a home safe, add protection for the contents of the safe to your homeowners insurance policy, which probably increases your premium, suggests Market Watch. If you have a safety deposit box, keep in mind that banks are usually not liable for damage to the contents.
Also, consider putting your cash into an account. Most banks offer up to $100,000 in insurance against loss through the Federal Deposit Insurance Corporation. You could put in an investment that is nearly as safe as a savings or checking account.
Some treasury bonds, for example, are indexed against inflation and pay interest. Sticking cash in a safe means its purchasing power decreases over time, because inflation lowers the value of money, so you are guaranteed to lose by storing it in a safe. LINK
What Are the Safe Places for Keeping Cash? By Jennifer VanBaren,
If you have cash at home and are looking for a safe place to put it, consider one of these options. Some people prefer hiding cash in their homes, in a safe spot where no one will find it. Others prefer putting their cash in the bank where they don't have to worry about it. Before putting your cash somewhere, make sure that it will be safe, so you can be free from worrying that something will happen to it.
Put it in a fireproof safe. Cash is made from paper and will burn if exposed to fire, therefore if you are going to put it in a safe, be sure the safe is fireproof. Many companies sell safes strictly for storing cash; which are called cash safes. Theses safes protect the cash from fire, if a fire occurs in your home. It also protects the cash from burglars.
Safe Deposit Box
Store it in a safe deposit box. If you prefer not to store the cash in your home, rent a safe deposit box at a bank. No one will be able to break into the box, and the boxes are semi-fireproof. The only downside with a safe deposit box is that with most banks the boxes are not insured.
Deposit the cash in a bank. Choose an account that is FDIC insured. This insurance protects your money up to $100,000. This is a very safe option for depositing money because even if the bank goes bankrupt, the government will reimburse you for your deposit.
There are numerous options with accounts that offer FDIC insurance, including savings accounts, checking accounts, money market accounts and certificates of deposit. Most of these types of accounts pay the depositor interest on money placed into these accounts. U.S. Treasury bonds are also a safe investment for storing cash. The government, as of 2011, has never defaulted on bonds. They are a good investment that earns a small yield too.
If you don't like any of those options, find a place in your home that is safe and place it there. These places will not offer fire protection, but will be hard for burglars to find. Wrap the cash in aluminum foil and place it in the freezer or hollow out a book and place it on a bookshelf with other books.
Another unlikely place people would look for money is in your pantry. After using a can of soup, clean the can out. Place the money in the can and then stick it in your pantry upside down. Stack other cans on top of the can to make it harder to get to. LINK
How to Secure Cash Boxes at a Location By AmarraE,
Keeping petty cash safe at a business or during a special event can be tricky. Most people purchase a cash box that opens flat like a cash drawer and has a combination lock or key. Because this is a common method for small businesses and fundraising events, finding a safe place to store the cash box is a dilemma. Theft is always an issue with cash and valuable items around. But it's not necessary to hire armed guards to protect your petty cash. Preventive methods can be put into practice to secure the cash box
1 Place a responsible, trustworthy individual in charge of the cash box. This is the only person, other than the business owner or fundraising coordinator, who should have access to the key or combination. This person should have the box with him at all times. Walking around with the cash box is not a good idea, so this individual should find a safe place to sit, such as a locked office.
2 Hide the cash box in an office that can be locked. Many businesses have a separate office. Stash the cash box in a hidden area or put it in a lockable desk.
3 Lock the cash box in a wall or floor safe. This is an extremely secure method because wall and floor safes are larger and sturdier than cash boxes. Most wall and floor safes are too big to carry and take too long to crack open to make them attractive to thieves.
4 Conceal the cash box in the ceiling in a back office and lock the office door. The only way to get to the cash box is by using a ladder or standing on the desk. This deters thieves because of the time it takes to locate the cash box in the ceiling. LINK
How to Hide a Mini Vault Safe By Sue Stepp,
Using a safe in your home makes keeping cash at home safer. There is less chance of having the money stolen when it is locked in a safe, but small safes are easily stolen. Hiding a mini vault safe is simple. The hardest part of hiding a mini vault safe is finding the best hiding place. Putting the safe in the wall behind a picture or under the bed is obvious and easily found. The easiest way people hide safes uses camouflage. Does this Spark an idea?
Inside an Old Speaker
1 Measure your safe, and find a speaker that is large enough for your safe. Find a speaker that is at least 2 inches wider and 2 inches longer than the safe.
2 Place an old speaker on a shelf, and run the wire to the stereo or surround-sound system. Don't plug it in; however, you want it to look as if it is in use.
3 Remove the front cover of the speaker by pulling it off.
4 Remove all the speaker parts out of the speaker using a screwdriver. Once it is empty, sit the mini vault safe into the speaker, and place the speaker cover on the speaker case. The case will camouflage the safe.
Disguised as a Stack of Books
5 Find a box that fits over the safe. Sit the box on a flat surface over the safe so the open side of the box is face-down. Cut off the section of the box at the back end of the safe. This makes sliding the box on and off the safe easy.
6 Gather old, large hard-back books that are about the same height or taller than the box. Pick one book for the right side of the box. Remove the paper from inside the book.
7 Open the cover of the book, and lay it on a flat surface, so the writing on the spine is the correct direction. Draw a line down the left side of the cover 1 inch away from the spine.
8 Cut down the line with a utility knife, and remove that section of the cover. Fold the cut edge and glue it under the spine of the book. This keeps any rough edges from showing on the front of the box.
9 Glue the book cover on the right side of the box with the spine glued on the front. This covers the side, and starts covering the front of the box. When you finish, the front of the box will look like a neat row of books on the shelf.
10 Remove the paper from inside another book, and place it on a flat surface. Draw a line on the right side of the cover 1 inch away from the spine, and cut down the line with a utility knife. Remove the cut-off section.
11 Fold the cut section behind the spine, and glue it in place on the left side of the box. Glue the spine of the book on the front of the box.
12 Cut off the sides of several books, and glue the spines across the front of the box. Keep any rough edges from showing when you glue the spines in place, so it looks like a neat row of books. Let it dry thoroughly.
13 Put the safe on a shelf, and slide the book box over the safe. Put a few real books on each side of the safe, and a bookend on each side. If it looks realistic, thieves will probably overlook the safe. LINK