Is it illegal to keep large sum of cash at home and not deposit it?

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asked May 29, 2018 in Law & Legal by Lenonkee (390 points)
Is it illegal to keep large sum of cash at home and not deposit it?

1 Answer

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answered May 29, 2018 by Adf289 (58,200 points)
There's nothing really illegal about keeping any amount of cash in your home as long as you got the money legally then you should be fine.

Although it's not safe to keep large sums of money at home because someone could break into your home and possibly steal it or if you house catches on fire and burns up your cash and then there would be no way to get that amount of money back.

There's also a chance of losing that cash as well.

It's best to have the money in a savings account and especially a high yield savings account where your money can grow into larger amounts of money overtime.

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