Safe Luxury

Is it legal to put money inside a safe deposit box?

I do have a bank account but i can only have a few hundreds inside because i am currently applying for a few scholarships/fafsa and i dont want them to look at my bank account and be like "she have money, let not give her any money."(i am not talking about 100 thousand, more like 6k) I dont want to keep the money at home. is it smart to put my money in the safe deposit box just for the next few months.? and is it safe. thanks you

Public Comments

1. Legal, sure. Ethical, no.
2. You can put anything you want in a safe deposit box, ANYTHING.
3. You can put anything you want in safe deposit box. The money you put into it won't gain any interest.
4. Yes it is legal to put money in the safe deposit box and they won't be able to find it. Even if you did report it like you should, it wouldn't count completely against you. I believe only 20% of student assets are factored into the expected family contribution so it should not impact your financial aid that much. It will also lose value over time from inflation since you won't gain any interest.
5. Not illegal, not like you will be arrested for doing it, but we STRONGLY discourage it. That is not what a safe deposit (BTW thank you for not calling it a "safety" deposit box) is for. You can do it and no one will ever know. But banks don't want you to because, it is not insured, if it is lost to flood or fire the bank will not replace it, it may have been obtained from illegal sources or intended to be used for illegal purposes. But again, who would ever know it was there except you?