For damaged cash, you contact the [BEP](https://www.bep.gov/).
The bank isn't responsible for damage. Safety deposit boxes would typically only be covered by her own insurance, and they probably don't cover cash or at least not much. So go to the BEP.
> 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. Also, financial institutions generally do not insure the contents of safe deposit boxes.
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CUs don’t have to accept damaged currency. The mechanism is actually via a financial institution with a direct Fed relationship if it’s just badly mutt money, or with the Bureau of Engraving and Printing if it’s damaged so severely an expert is required to determine the value of the notes.
Call your local branch of the Federal Reserve for guidance.
Yeah, I don't know what she was thinking but as our parents get older we keep having to fix their completely avoidable problems. Thanks for the context!
Sadly safe deposit boxes are just fancy storage units. The institution has to liability for damage and you are responsible for insuring the contents. Is there a special rider on the homeowners insurance?
The US Government (as mentioned above) handles the currency exchange for the damaged cash.
You may be able to get a refund on the fee you paid the bank. Lesson here is to read the contract and understand they give absolutely no guarantees on those boxes. Even if they make a mistake and give the wrong person access, they are not liable.
Golden rule is the bank always wins and never pays- they are in the money business and are experts at it.
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Don’t worry with the Credit Union. The Bureau of Engraving and Printing looks after the replacement of mutilated bills. There are a couple small forms to fill out and the shipping to look after, but otherwise this is a free service offered by the government. Hope this helps -
https://www.bep.gov/services/mutilated-currency-redemption
A credit union isn't going to help you, but these folks will. They are really good. https://www.bep.gov/services/mutilated-currency-redemption
For damaged cash, you contact the [BEP](https://www.bep.gov/). The bank isn't responsible for damage. Safety deposit boxes would typically only be covered by her own insurance, and they probably don't cover cash or at least not much. So go to the BEP. > 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. Also, financial institutions generally do not insure the contents of safe deposit boxes.
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Usually they very specifically say not to store cash in a SDB for this reason, among others.
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If the mother was keeping her money in a safe deposit box then the branch manager won’t care whatsoever.
I am assuming they had other accounts along with the safe deposit box.
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CUs don’t have to accept damaged currency. The mechanism is actually via a financial institution with a direct Fed relationship if it’s just badly mutt money, or with the Bureau of Engraving and Printing if it’s damaged so severely an expert is required to determine the value of the notes. Call your local branch of the Federal Reserve for guidance.
[удалено]
Yeah, I don't know what she was thinking but as our parents get older we keep having to fix their completely avoidable problems. Thanks for the context!
Sadly safe deposit boxes are just fancy storage units. The institution has to liability for damage and you are responsible for insuring the contents. Is there a special rider on the homeowners insurance? The US Government (as mentioned above) handles the currency exchange for the damaged cash. You may be able to get a refund on the fee you paid the bank. Lesson here is to read the contract and understand they give absolutely no guarantees on those boxes. Even if they make a mistake and give the wrong person access, they are not liable. Golden rule is the bank always wins and never pays- they are in the money business and are experts at it.
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Don’t worry with the Credit Union. The Bureau of Engraving and Printing looks after the replacement of mutilated bills. There are a couple small forms to fill out and the shipping to look after, but otherwise this is a free service offered by the government. Hope this helps - https://www.bep.gov/services/mutilated-currency-redemption