storing your cash securely

[beta]

I am trying to figure out the best way for securing bankroll when moving from place to place.

One way is to just carry all your cash with you all the time, but that is slightly risky and also makes civil asset forfeiture a little more likely.

Another option would be to open a savings account at a bank with branches in every major city (i.e. Chase or Bank of America). But I have heard that if you make a lot of large deposits and withdrawals, they will force you to close your account. How large/frequent do your transactions need to be to have your account closed? If you impose a daily maximum deposit/withdrawal threshold on yourself (i.e., visit every day but never deposit or withdraw more than $1k or $2k in a day), would that be good enough to keep your account opened indefinitely?

A third option could be to wire funds into casinos, but would that be easy to do if you are in different places a lot? Would it be easy to wire the money back into your bank at the end of your session, or would you have to leave the casino with cash?

I have heard that some poker players can get a box in the poker room like a safety deposit, but would it be wise to leave huge sums of money in a casino and trust that no one can break into your box?

Maybe there are some other options. What is best?

[RS]

Depends how much $$$ it is, how you travel, how often, and where. Are you flying all around the world needing 50-100k? Or are you driving around the US and typically need 10-20k COH? Safety deposit boxes are pretty cheap, less than $100/year. If there's an area that you frequent, you can store money in a SDB there. Would be tougher if you're always traveling and going to different places.

You can also do front money or a LOC, but that also gives the casino your information, if you're worried about that.

If you're going to store a majority of it in a bank account, IMO, have as much cash-on-hand as you'll likely need for 2-3 months. Then if your COH gets too big or too small, deposit or withdraw the difference. I wouldn't want to be doing daily or weekly withdrawals/deposits. Just do a big one every few months or so, if necessary.

[ZeeBabar]

Given poor interest rates, I keep my BR in a safety deposit box, about $10k hidden at home and about $4-5k on me. For local play, the latter is sufficient. For trips, I hide the $10k in my travel bag, in the room safety deposit box or hide in rental car.

For the $4-5k in my wallet, I am thinking of carrying a few hundred in wallet and rest elsewhere on body. My thinking is that for a quick hold up, the cash in my wallet might suffice.

[Bubbles]

Using Chase or BoA will work and is one of the safer ideas. Withdraw your trip BR when you arrive and deposit before you leave. I find it easiest to carry my trip BR on my person and have the rest of my BR in my bank. While this opens me up to more civil forfeiture opportunities, it's more convenient. I do not carry my whole BR on my person, just a trip BR. I use CVCX to determine 3SD for the play I plan to do and bring that.

Using a marker at the casino is another option, however this will give them your info. Depending on how you want to play there, casino credit may or may not be a good idea. With this, unlike the bank idea, you never have to walk outside the casino with large amounts of cash.

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[Banker]

It is safe (not safety) deposit box. Keep in mind that safe deposit box agreements (at least that of Chase) stipulate that you do not put cash.

[DSchles]

It is safe (not safety) deposit box. Keep in mind that safe deposit box agreements (at least that of Chase) stipulate that you do not put cash.

Thanks for doing my job. Was reading through the thread and was going to comment, until I got to the end. Not sure about stating that you MAY NOT put cash in the box. After all, it's your box to put in whatever you please. I think the bank states that it refuses any liability for cashin the event that the box is broken into.

Don

[ShipTheCookies]

Cash in. Two words

[Banker]

The agreement that I signed with Chase stated that "I agree not to put cash in the box"
One employee commented once on how often I go to the box. Not sure what would they do if accidentally saw a person putting cash in.

[Three]

The agreement that I signed with Chase stated that "I agree not to put cash in the box"
One employee commented once on how often I go to the box. Not sure what would they do if accidentally saw a person putting cash in.

You are on camera the entire time.

[Freightman]

The agreement that I signed with Chase stated that "I agree not to put cash in the box"
One employee commented once on how often I go to the box. Not sure what would they do if accidentally saw a person putting cash in.

In my days before opening a USD bank account, went to my box at the bank. Clerk asked me if I needed privacy (no, it wasn't a sperm bank, and besides, I gave at the office). I said no, and just threw in my USD wad, and closed her up again.

[Banker]

You are on camera the entire time.

No. The cameras monitor the boxes area but generally you will take your box out and go to a private room. These rooms have no cameras.

[Banker]

In my days before opening a USD bank account, went to my box at the bank. Clerk asked me if I needed privacy (no, it wasn't a sperm bank, and besides, I gave at the office). I said no, and just threw in my USD wad, and closed her up again.

Yea, I am pretty sure that the bank employees know that people will put cash in these boxes. I think as Don said they do not want liability but also they want you to use their accounts and keep the money with them.

[beta]

A game that I am considering could have a monthly standard deviation of $50k-$100k. Can you just go into the bank and deposit/withdraw $250k cash with no problems as long as you only do it every two or three months? If not, what is the most you can do at a time?