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Liquidretro t1_iydjpmh wrote

You have a lot more threats than just fire, you have mold, rodents, moisture, theft, floods, other acts of god, inflation, etc

What is his reason for not using a bank?

If the money is legitimate, taxes are not a worry.

Making big deposits won't raise red flags with the IRS, but the bank may want some proof that it's from a legitimate income.

What's his plan for using the money? Is he going to pay his mortgage, electric bill, or the doctor in cash? Is he planning to burn through it all?

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a_latex_mitten t1_iyds03g wrote

The money is legit lol the man just works and doesn't spend much on anything. I'll dig into why he doesn't want to use a bank. Hopefully it's something that I can overcome easily and convince him. As I told another commenter, admittedly I haven't asked why he doesn't trust the bank.

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Liquidretro t1_iydw3mv wrote

I think that's the angle you have to play on this. Especially with FDIC insurance or Credit union insurance even if a bank fails he won't lose his money if it's under the limit. If it's over spread it to more than one bank if he wants to be extra careful.

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