- Deposit cash at home: Permitted or even punishable?
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- For theft and insurance: It really makes sense to keep your money at home
Not in the bank, but directly in the piggy bank at home: is it a crime to keep cash at home? Who does not know these titles: Several thousand euros found under the sheets of pensioners! Such relationships have always existed and even today some people prefer to keep their savings at home under their mattress or in the wardrobe among their clothes. Even today there are people who do not trust banks. What is the legal situation for keeping money at home?
Keep cash at home: there is a limit, on one condition
At a time when banks either pay almost no interest or, above certain limits, even pay interest default interest demand from savers, nobody can be blamed if they don’t put their money in the bank first. The Deutsche Bundesbank even conducted a study on this in 2020 and found out The Germans keep an average of 1,364 euros at home or in a locker. But is it really allowed? Or is it only allowed up to a certain limit? For some time we have heard that the permitted amount is 10,000 euros.
That The money laundering law actually knows this upper limit, but only if you want to deposit this or more in the bank. In this case you have to prove where the money comes from. If you can’t do it, the prosecutor investigates. If you’ve been keeping larger amounts at home, it’s best not to put them into your account all at once.
You also hear over and over again that large sums of money have been found on someone and that this person is now in trouble with the police. But that’s absolutely not true. There is in the Federal Republic of Germany not a single law prohibiting keeping cash at home. Indeed no matter what height.
Storing large sums of money at home: why you should think twice
So, storing cash at home is true not punishable, but should still be considered carefully. Because what happens in case of a water damageone Brandes or at one Theft with theft in order to? Hide cash safely at home – you’ll find smart ways here.
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In the first two cases, even the safest hiding place is of little use. If thieves are after it, the money must be extremely well hidden in order not to fall into the hands of professionals. Even those who think they are compensated for the damage by their household contents insurance could be wrong: the insurance only compensates Damages up to 2000 euros of cash. To insure larger sums of money, insurance companies usually require recessed-in-the-wall safes or extremely heavy safes that cannot be easily transported. The cost of this is a non-negligible investment.
But what can you do if you don’t want to deposit large sums of money into your account and don’t want to keep it at home for security reasons? Here’s one Bankschließfach be an alternative. The money is safely stored there and is also insured.
These lockers can be rented in various sizes at bank branches, so that even larger sums or other valuables can be deposited without problems. Depending on the bank, the fees for this are usually between 60 and 80 euros per year.
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