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Old 09-16-2008, 07:06 AM
 
Location: Bay Ridge, NY
1,915 posts, read 7,127,765 times
Reputation: 539

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Quote:
Originally Posted by tamitrail View Post
Actually, I believe it is illegal to keep your money under your mattress.
How could it be illegal to keep your hard-earned money close to your side? I understand the government wants money to circulate, but seriously.. you shouldn't have to trust a bank if you don't want to; although personally I think it's ridiculous.. but you should be able to keep however much money you want to yourself; just don't tell anybody about it.
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Old 09-16-2008, 07:42 AM
 
3,647 posts, read 9,305,546 times
Reputation: 5427
My great, great aunt stuffed all her money in her mattress. She was starting to get dementia and knew her mind was going, so she pulled my father aside one day and showed him and told him not to let anyone throw it out by accident. She also showed him that she'd hidden silver certificates in all the old photo frames.

Dad and mom divorced 2 years later. My aunt's mind was gone by then. I didn't see Dad for 18 years. One of the first things he asked me in that long night of talking was what they did with her photo frames and mattress. I didn't know, and the next day, I called Grandma.

They threw it all out. The mattress was lumpy, the frames were old and they'd all been wondering where she'd kept her $$. It never occurred to him she was the only person she'd told.

In some Chicago dump somewhere, there's a good chunk of cash... probably most of it has decayed by now.
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Old 09-16-2008, 08:59 AM
 
Location: Hope, AR
1,505 posts, read 2,757,518 times
Reputation: 242
That's what probably what happens in most of these cases
If you want to hide like $1000 in your house that might make sense. Anything more seems like a very bad idea.

Quote:
Originally Posted by sskkc View Post
My great, great aunt stuffed all her money in her mattress. She was starting to get dementia and knew her mind was going, so she pulled my father aside one day and showed him and told him not to let anyone throw it out by accident. She also showed him that she'd hidden silver certificates in all the old photo frames.

Dad and mom divorced 2 years later. My aunt's mind was gone by then. I didn't see Dad for 18 years. One of the first things he asked me in that long night of talking was what they did with her photo frames and mattress. I didn't know, and the next day, I called Grandma.

They threw it all out. The mattress was lumpy, the frames were old and they'd all been wondering where she'd kept her $$. It never occurred to him she was the only person she'd told.

In some Chicago dump somewhere, there's a good chunk of cash... probably most of it has decayed by now.
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Old 09-16-2008, 09:09 AM
 
Location: Texas
4,911 posts, read 6,576,063 times
Reputation: 5441
why would anyone hoard cash? convert that fiat currency into hard assets before China, Japan, or Russia does.
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Old 09-16-2008, 10:30 AM
 
1,651 posts, read 2,702,738 times
Reputation: 283
Mines coming out the bank. I said that if my bank had one blip, big or small it doesn't matter, then I'll pull it out. Its parent company had a blip, so guess what....thats right, its coming out! I didn't strive like an ******* so the markets can suck it all up!!!! What, are you frigging nuts!!!!!!!!!!
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Old 09-16-2008, 10:35 AM
 
Location: America
6,979 posts, read 15,128,558 times
Reputation: 2059
Quote:
Originally Posted by Refugee56 View Post
A relative of mine is convinced we are heading into the next great depression and does not trust the bank, brokerage firms or the FDIC. He pulled out all of his money from the bank and now hides it under his mattress. All $124,000 of it.

He had to get the approval of a bank vice president to get all his money out of the bank and into currency. He spent almost an hour arguing with them and had to come back later in the day to collect his money.

I would at least put some of it in safety deposit box but he does not trust the bank with their key.

Is this man a genius or an idiot in today's strange ecomonic times?
This guy is one of my favorite economist.

Watch this link

Watch this
link

then this
link

this
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Old 09-16-2008, 11:01 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,521,829 times
Reputation: 464
IMO safer to have it spread around amongst several banks than in your home! I had a relative that did something like many of the previous posters, much of it was either stolen or misplaced. DH also had an Uncle that hid his money and refused to tell anyone what he did with his loot - he claimed everyone was after his $$ - very kooky guy and to this day no one knows what happened to it.

Have seen several news stories lately about home burglaries being on the rise - as this is exactly what theives live for is this kind of economic enviroment! Reports are that bank safe deposit boxes are extremely hard to come by. The home safe business must be doing very well these days.
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Old 09-16-2008, 11:15 AM
 
516 posts, read 1,686,847 times
Reputation: 270
Quote:
Originally Posted by tamitrail View Post
You almost had rep points from me until the last statement. On the contrary, I think Democratic is the only way to vote this time around.
Lots of new taxes are going to help the economy?
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Old 09-16-2008, 11:16 AM
 
516 posts, read 1,686,847 times
Reputation: 270
Quote:
Originally Posted by Donn2390 View Post
Actually, it's illegal even before all of the new laws that came about because of 9/11.
It has always been illegal to take money out of circulation..!
That goes for Safety Deposit boxes, or the can of pennies in your closet.
I don't think there are a lot of Police raids looking for such violations, but technically it is illegal.....
What is the law that makes this illegal?
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Old 09-16-2008, 11:18 AM
 
Location: Apple Valley Calif
7,475 posts, read 19,561,668 times
Reputation: 5575
Quote:
Originally Posted by tamitrail View Post
You almost had rep points from me until the last statement. On the contrary, I think Democratic is the only way to vote this time around.
O)K, tam, I'll retract the last sentence... Rep me, rep me....
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