Some Advice on Keeping Cash

by David Jenyns on May 14, 2008

Keeping cash on hand is a risky business. A still safer way to hold cash is not in cash, but to put it into a deposit or checking account in a commercial bank that is a member of the Federal Deposit Insurance Corporation. Many banks make a service charge for handling a checking account. A Christmas Savings Club is a way of collecting savings in a peculiar form of bank account.

Shortly before Christmas the bank closes the account by paying to each member the total of his deposits, making no charge for expense and no payment of interest for the use of the depositor’s money. Sometimes a man avoids bank accounts and paying by check because he wants no record of what happened. By receiving income in the form of cash and holding it, with no records, maybe he intends to avoid paying income tax.

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