My uncle told me to put my savings in a coffee can instead of a bank

When I turned 18, my uncle gave me $100 and said banks just steal your money with fees, so I should hide cash in a Folgers can under my bed. I actually did that for 8 months until I dropped the can and $740 blew all over my bedroom floor. Took me 2 hours to find every bill. Has anyone else tried a silly system like that and regretted it?

2 comments

2 Comments

mark_carr71mo ago

Sorry but banks actually have insurance on your money. A fire or theft wipes out your coffee can.

victor_robinson1mo ago

My uncle lost $4,200 in a house fire back in '08 when he kept cash in a cookie jar. He figured banks were scams after the recession, but that insurance would've covered every penny within a week or two. Just saying, your mileage may vary on the coffee can strategy.