Everyone needs Money, everyone wants to own as much as possible. The more the people have the less it feels to them. And in persuit, they keeps on accumalting it. No matter, if they have limited needs in life or they have a lavish lifestyle. They have place to keep them, or they have the abilit6 to protect it. I think Money is only replenshible think. But the question that alwsys comes into mind,
how safe are our money, when it comes to liquid money i.e cash?.
Indian currency denomination
I know there are few people who like to carry physical currency in the pocket. With the introduction of credit cards, or digital payment method, people hardly ever keep money with them. They mostly like to keep them invested to let them grow. But there are few people who loves to own the physical denomination I.e the cash as much as possible. In process, they either damages them or due to some other reason they get spoiled.
Keeping money in physical form safely is always a tough job. There are always a risk of theft while keeping at home and at same time keeping them in bank safe / locker are not much safe either. Infact "NO" banks ask you to keep cash in locker. The bank lockers are meant for keeping important documents, jewellery or some other valuable items that are not to be kept at home. Banks provide the safety and different level of security to keep the safe/locker item protected. This allow many people to opt for Bank Locker option.
In a recent tragic case, a women loses Rs.18 lacs ($ 21,700 approx) of amount to termites at bank. The woman had stored the cash in a bank locker, which was ultimately eaten by termites. She had been saving it for her daughter marriage, without being aware about the different investment tricks to double up the amount.
Her entire saving of thr life time have been wiped out in no time. And Banks are not responsible cover the loss. Such indivdiauls losses are not covered in any of the banks agreement. Normally, **banks are responsible to cover for any loss of locker contents due to theft, burglary, or robbery or in case of fire, building collapse i.e natural calamaties etc. The bank have different level of agreement to cover different losses to customer because of their fault to protect the customer iteam or lack of safety.
my carry bag
However, looking at the loss of cash of the bank customer to termites, the bank is not in any obligation. Any claim settlement by the customer will get rejected on first account as bank lockers are not meant for storing cash. Even knowing this, the customer keeps on accumulating it and putting it in the locker resulting in such losses.
I heard many a times that any money earned in wrong ways will not sustain longer. Now I am wondering, what had happen to this women, who losses them to termites, and the she is not liable to get any compensation from banks. There were many mistakes at her end, first she did not put money in circulation. If she kept it invested, the amount would have multiplied over so many years. Second, she should have learned and understand the bank agreement. Third, such a huge amount should not be kept idle.
Any losses is always a losses, even if it is of a penny. This trully let me to wonder, how safe our money are??
@steemflow