Don’t Be Stupid – Leave Your Money in the Bank

Written by Nickel - 14 Comments

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Check this out… Despite the recent increase in FDIC insurance limits, Richard Cruz of New York no longer trusts banks. In order to protect his money, he has decided to withdraw his money, place it in a shoebox, and then allow a newspaper to publish his photo such that everyone will know what the guy with the box full of money looks like.

Curious to know how he settled on a shoebox? Well…

“No one hides their money under a mattress any more. That’s the first place people would look.”

I guess it’s hard to argue with that sort of logic…

Published on October 10th, 2008 - 14 Comments
Filed under: Banking
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

14 Responses to “Don’t Be Stupid – Leave Your Money in the Bank”

1
Curt Says:
October 10th, 2008 at 10:22 am
Banking is neccesary, but consider changing your banking strategy. I have money at three banks, so if one has touble, I can still manage my money at the others. Also consider putting your money into local banks and Credit Unions vs. national banks that are more likely to have exposer to the mortgage mess.
2
KC Says:
October 10th, 2008 at 11:04 am
He reminds me of the people who win the lottery and then have a picture of themselves printed in newspapers across the country. Or the people who win big at the casino and have their name and pic used on billboards advertising the casino.

Like mentioned above I have accounts in a bank and a credit union. In the unlikely event one goes under I still have the other until the FDIC can refund my money.
3
Tim Says:
October 10th, 2008 at 11:55 am
that’s why i hide my money under the boxspring instead of the mattress
4
David Says:
October 10th, 2008 at 12:51 pm
Unless those are $10,000 bills or something, I don’t know what he is worried about those couple of dollars for.
5
Clair Schwan of Frugal Living Freedom Says:
October 10th, 2008 at 4:21 pm
It is amazing what folks will do to get in the newpapers, and what reporters will pass off as news.

Look closely and you’ll see that the denominations include a 10, a 50, and several 20s (that would have been given to him by the bank as a 100). Also notice that several of the bills are curled like they just came out of a tri-fold wallet.

Nice try Richard, but I don’t believe those few hundred dollars were the savings for your daughter’s education, especially the ones you threw in there from your wallet.

Nevertheless, you made the paper. Nice show!

Clair
6
Funny about Money Says:
October 10th, 2008 at 7:02 pm
uhmmm… is that for real? Maybe it’s a joke? Hallowe’en Fool’s Day???

Wow! The guy just about qualifies for a Darwin Award.

About the lottery: To claim a prize, you have to sign an agreement that the lottery can use your image and your name for publicity purposes. How else would they get other suckers to buy lottery tickets?
7
kitty Says:
October 10th, 2008 at 7:36 pm
I would suggest the refrigerator, especially the freezer. No thief is going to look there, especially if he hides the money behind some heavy frozen meat. Oven is another good place, but one needs to be sure not to turn it on by mistake.

A math question. How much money would fit in a shoebox?

This reminds me.There is a danger with keeping money at home this guy hasn’t thought about: http://www.freerepublic.com/fo.....2681/posts
I found this story a while ago by accident when looking for something else, but this post reminded me of it.
8
Dana Says:
October 10th, 2008 at 8:52 pm
At least Suze Orman is saying “stick it in a credit union”… geez. Which I already had, ages ago, all piddly little pocket change of it. Way ahead of the pack for once.
9
Financial Blogger Says:
October 11th, 2008 at 4:31 pm
Hrmmm… I’ve been trying to find investments rather than just leave my money around in the bank. Seems like a waste ATM… things might be down, but a lot of the stock shares IMO are absolutely devalued to hell right now and that presents a buying opportunity for those that are willing to hold on.
10
nickel Says:
October 11th, 2008 at 8:39 pm

FB: I’m not talking about the bank vs. investing. That’s another issue entirely, and I agree with you. I’m talking about the bank vs. a shoe box.
11
jack Says:
October 12th, 2008 at 12:16 am
That is just hillarious!! I know things are bad at the moment but keeping your money in a shoebox is pretty extreme, and publishing your picture will mean he can expect plenty of visitors i’m sure!
12
Tim Says:
October 12th, 2008 at 7:21 pm
aren’t shoe boxes for baseball cards and porn? I couldn’t fit my money in the shoebox with all the “other” stuff I have in it.
13
MrsMoney Says:
October 13th, 2008 at 1:37 pm
Wow. I work at a bank and tons of people have come in wanting cash. One person wanted $100,000. From the picture, it looks like this guy has maybe a couple hundred dollars! Silly.
14
Ann Says:
May 11th, 2009 at 10:05 am
PVC pipe and bury your loot.

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