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Strange change in "Safe Deposit Box Agreement"......No gold bullion storage !

thebeavthebeav Posts: 3,744 ✭✭✭✭✭

I just got a message from my bank, a major player in the banking industry. It was a 'change in safe deposit box agreement' notice. One of the provisions was that they would no longer allow gold bullion storage. I'm thinking they must be nuts. What do people put in these boxes ? Fishing lures ?

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Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    That is very strange... Can you call the bank manager and ask for an explanation?? Cheers, RickO

  • PhilLynottPhilLynott Posts: 880 ✭✭✭✭✭

    sounds like a good way to lose customers and probably in general the types of customers they'd like to keep who have a need to store gold and therefore probably have other assets with the bank.

  • ZoinsZoins Posts: 33,811 ✭✭✭✭✭
    edited May 16, 2019 7:43AM

    wonder what was the reason for the change.

  • ifthevamzarockinifthevamzarockin Posts: 8,498 ✭✭✭✭✭

    Mine says in the agreement that you will pay for a damaged box because of overloading with heavy items.

  • maplemanmapleman Posts: 1,052 ✭✭✭✭✭

    Do they Xray boxes?

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    Did it mention gold COINS? "Bullion" could be anything. But most bullion today is listed as various coins.

  • coinpalicecoinpalice Posts: 2,435 ✭✭✭✭✭

    that's probably what 90 percent of the boxes contain, that bank will lose a lot of business

  • MilesWaitsMilesWaits Posts: 5,301 ✭✭✭✭✭

    I don’t understand what difference it makes..it’s your box. You decide what goes in there. Short of whatever insurance you have on your own they don’t decide the content.
    I would think the question on x-raying of boxes was hinting at the same thing.

    Now riding the swell in PM's and surf.
  • keetskeets Posts: 25,351 ✭✭✭✭✭

    I think I had better re-read my agreement. BTW, what bank??

  • WillieBoyd2WillieBoyd2 Posts: 5,034 ✭✭✭✭✭

    I had a similar situation in 2007:

    Bank Safe Deposit Box won't allow coins to be stored
    https://forums.collectors.com/discussion/592184/bank-safe-deposit-box-wont-allow-coins-to-be-stored

    :)

    https://www.brianrxm.com
    The Mysterious Egyptian Magic Coin
    Coins in Movies
    Coins on Television

  • SmudgeSmudge Posts: 9,208 ✭✭✭✭✭

    I am beginning to question whether to keep a sdb at all. What are you supposed to keep in a sdb? Are rare gold coins ok?

  • matt_dacmatt_dac Posts: 959 ✭✭✭✭✭
    edited May 16, 2019 8:10AM

    I don't know what bank is referenced in the OP, but some might find the following from Bank of America interesting, note they do not provide any insurance on the contents: https://www.bankofamerica.com/content/pdf/en_us/safe-deposit-box-accnt-rules-regulations.pdf

  • skier07skier07 Posts: 3,650 ✭✭✭✭✭

    @Smudge said:
    I am beginning to question whether to keep a sdb at all. What are you supposed to keep in a sdb? Are rare gold coins ok?

    I don’t care how secure your house is or how safe your neighborhood is. If you keep your collection at home there’s always the risk of a robbery. No matter how quiet you are about your collection people know you’re a collector and eventually the wrong person finds out and you’re a potential target.

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited May 16, 2019 8:29AM

    In my area SDB boxes are so hard to get. Maybe this will free some up. Most new banks and some old ones are decreasing or eliminating them altogether. My bank manager says they make little money on them.

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @Justacommeman said:
    In my area SDB boxes are so hard to get. Maybe this will free some up. Most new banks and some old ones are decreasing eliminating them altogether. My bank manager says they make little money on them.

    m

    i can believe that. At times I think I'm wearing a "traffic pattern" to mine. :|

  • selling3selling3 Posts: 166 ✭✭✭

    Sounds like Citibank

  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭

    What bank?

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • JBKJBK Posts: 14,643 ✭✭✭✭✭

    If it says "gold bullion" then I assume (?) that slabbed classic gold at near melt is still OK?

  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭

    American Eagles are legal tender coins, not bullion. Right?

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭

    @topstuf said:

    @Justacommeman said:
    In my area SDB boxes are so hard to get. Maybe this will free some up. Most new banks and some old ones are decreasing eliminating them altogether. My bank manager says they make little money on them.

    m

    i can believe that. At times I think I'm wearing a "traffic pattern" to mine. :|

    Or wearing out their carpeting.

  • tommy44tommy44 Posts: 2,190 ✭✭✭✭✭

    A rep at the bank where I have my box told me they are considering eliminating boxes altogether, not a money maker considering the record keeping, time involved with customers and potential risk.

    it's crackers to slip a rozzer the dropsy in snide

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,796 ✭✭✭✭✭

    Funny banking rules, since 1913.

  • ElcontadorElcontador Posts: 7,412 ✭✭✭✭✭

    Most banks don't allow currency to be stored, because of potential money laundering issues. Some banks may now see gold bullion in this light. I asked my bank about this a number of years ago; no issues with rare coins, at least not where I bank.

    "Vou invadir o Nordeste,
    "Seu cabra da peste,
    "Sou Mangueira......."
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭

    @ifthevamzarockin said:
    I put anything I want in my SDB, it's not like they can open it to see if you are storing cash, diamonds, gold or guns.

    Word. If I won money in the lottery or whatever and withdrew cash and put it in a/the SDB. As long as you can document the cash you should be ok.

  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭

    @Smudge said:

    @skier07 said:

    @Smudge said:
    I am beginning to question whether to keep a sdb at all. What are you supposed to keep in a sdb? Are rare gold coins ok?

    I don’t care how secure your house is or how safe your neighborhood is. If you keep your collection at home there’s always the risk of a robbery. No matter how quiet you are about your collection people know you’re a collector and eventually the wrong person finds out and you’re a potential target.

    Collection, what collection?

    My kid stold it and sold it.

  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    @ifthevamzarockin said:
    I put anything I want in my SDB, it's not like they can open it to see if you are storing cash, diamonds, gold or guns.

    I disagree. The bank can open you box anytime they want. Years ago my banker did just that as we were yakking and he just didn't think. Never took my key out of my pocket. When queried he said that the customer key is to prevent the wrong customer from opening the wrong box. His key was a master.....
    Never had a box since I left that bank. Don't trust them
    Now maybe things have changed since 1979. Maybe banks are all different. Maybe boxes are all different. Don't know.
    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭

    @AUandAG said:

    @ifthevamzarockin said:
    I put anything I want in my SDB, it's not like they can open it to see if you are storing cash, diamonds, gold or guns.

    I disagree. The bank can open you box anytime they want. Years ago my banker did just that as we were yakking and he just didn't think. Never took my key out of my pocket. When queried he said that the customer key is to prevent the wrong customer from opening the wrong box. His key was a master.....
    Never had a box since I left that bank. Don't trust them
    Now maybe things have changed since 1979. Maybe banks are all different. Maybe boxes are all different. Don't know.
    bob :)

    Mine would have to have the lock drilled indicating that they can't access it any ol time they want to.

  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭

    @ifthevamzarockin said:
    Mine says in the agreement that you will pay for a damaged box because of overloading with heavy items.

    this makes sense and maybe a safety factor but its really none of their business what I put in the box, jmo

  • Namvet69Namvet69 Posts: 8,624 ✭✭✭✭✭

    I would not say what is in my box, period. Sounds like they're sneaking a peek . If they open your box without you there, are they required to inform you? Sounds fishy. Peace Roy

    BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52

  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭
    edited May 16, 2019 11:44AM

    @BAJJERFAN said:

    @AUandAG said:

    @ifthevamzarockin said:
    I put anything I want in my SDB, it's not like they can open it to see if you are storing cash, diamonds, gold or guns.

    I disagree. The bank can open you box anytime they want. Years ago my banker did just that as we were yakking and he just didn't think. Never took my key out of my pocket. When queried he said that the customer key is to prevent the wrong customer from opening the wrong box. His key was a master.....
    Never had a box since I left that bank. Don't trust them
    Now maybe things have changed since 1979. Maybe banks are all different. Maybe boxes are all different. Don't know.
    bob :)

    Mine would have to have the lock drilled indicating that they can't access it any ol time they want to.

    Agree to disagree or whatever. Lost track of who I was replying to. ;)

    A court order; administrator, executor, heir to an estate by court order; warrant which is another court order, or failure to pay your SDB bills which is another court order.

    I’m sure there maybe other circumstances but I’m sure a court order is needed.

    Unless you signed the special dotted line saying the bank can open it at their whim. :o

  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @matt_dac said:
    I don't know what bank is referenced in the OP, but some might find the following from Bank of America interesting, note they do not provide any insurance on the contents: https://www.bankofamerica.com/content/pdf/en_us/safe-deposit-box-accnt-rules-regulations.pdf

    That is routine. SDBs are not insured, as a rule.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    How about a collection of "minerals ?" >:)

  • thebeavthebeav Posts: 3,744 ✭✭✭✭✭
    edited May 16, 2019 5:43PM

    This is at Key bank.
    Collectible gold coins are ok, they just specify no bullion.

    **2. Contents of the Box: You can no longer store gold bullion or non-collectible domestic or foreign currency in your Box. Key is not liable for any loss, damage, or theft or other casualty of gold bullion or non-collectible domestic or foreign currency for any reason. (Safe Deposit Box Agreement Section 11 - Content) **

  • Downtown1974Downtown1974 Posts: 6,690 ✭✭✭✭✭

    @thebeav said:
    This is at Key bank.
    Collectible gold coins are ok, they just specify no bullion.

    I attempted to open a SDB at Key bank about 3 months ago. When I asked about insurance they replied they do not offer insurance (makes sense and is typical). They also said they don’t insure them because you shouldn’t keep valuables in the box (totally asinine). She said you should only keep important documentation in the box such as the deed to your home.

    Went to a small local bank to open a SDB instead. They made it very clear that they don’t want to know and have no interest in what I put in my box as long as I understand that nothing in the box will be covered under the FDIC. It’s a great set up too. Cameras in the vault to get your box, then into a private unmonitored room to conduct your business.

  • illini420illini420 Posts: 11,466 ✭✭✭✭✭

    I heard from somebody one time that you just need to store your valuable items in envelopes/packages, properly addressed to family/heirs, with proper postage. At that time it is considered mail and the postal rules kick in. Not sure if that's true or not. But I was told by that person if something ever happens to them, keep my eye out for the mail because I will be having some packages arrive!

  • BackroadJunkieBackroadJunkie Posts: 3,745 ✭✭✭✭✭

    @johnny9434 said:

    @ifthevamzarockin said:
    Mine says in the agreement that you will pay for a damaged box because of overloading with heavy items.

    this makes sense and maybe a safety factor but its really none of their business what I put in the box, jmo

    It doesn't even have to be damaged. I imagine enough weight in the box might bow the bottom and interfere with the removal and insertion of the box below. Mine are a pretty tight fit, though I don't know how thick the metal between the boxes is.

    If only I had this problem of too much gold bullion...

  • cameonut2011cameonut2011 Posts: 10,060 ✭✭✭✭✭

    @BAJJERFAN said:

    @AUandAG said:

    @ifthevamzarockin said:
    I put anything I want in my SDB, it's not like they can open it to see if you are storing cash, diamonds, gold or guns.

    I disagree. The bank can open you box anytime they want. Years ago my banker did just that as we were yakking and he just didn't think. Never took my key out of my pocket. When queried he said that the customer key is to prevent the wrong customer from opening the wrong box. His key was a master.....
    Never had a box since I left that bank. Don't trust them
    Now maybe things have changed since 1979. Maybe banks are all different. Maybe boxes are all different. Don't know.
    bob :)

    Mine would have to have the lock drilled indicating that they can't access it any ol time they want to.

    That's what they commonly say, but I have always wondered whether that is true.

  • StuartStuart Posts: 9,761 ✭✭✭✭✭
    edited May 16, 2019 6:14PM

    Makes me wonder if this is the US Government’s first step in Banning private Gold Bullion ownership, or perhaps even worse, laying the groundwork for Gold Bullion Confiscation...

    I certainly hope not!!👿

    (Disclaimer:👇NOT my collection!😇 LOL🤣


    Stuart

    Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal

    "Luck is what happens when Preparation meets Opportunity"
  • WillieBoyd2WillieBoyd2 Posts: 5,034 ✭✭✭✭✭

    I assume that the above picture is from the SS Central America ship which sank in 1857.

    The bottom of the sea, an alternative method of safely storing bullion?

    :)

    https://www.brianrxm.com
    The Mysterious Egyptian Magic Coin
    Coins in Movies
    Coins on Television

  • StuartStuart Posts: 9,761 ✭✭✭✭✭

    @WllieBoyd2 - You👇are Correct!!👍LOL😁

    @WillieBoyd2 said:
    I assume that the above picture is from the SS Central America ship which sank in 1857.

    The bottom of the sea, an alternative method of safely storing bullion?

    :)


    Stuart

    Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal

    "Luck is what happens when Preparation meets Opportunity"
  • matt_dacmatt_dac Posts: 959 ✭✭✭✭✭

    @jmlanzaf said:

    @matt_dac said:
    I don't know what bank is referenced in the OP, but some might find the following from Bank of America interesting, note they do not provide any insurance on the contents: https://www.bankofamerica.com/content/pdf/en_us/safe-deposit-box-accnt-rules-regulations.pdf

    That is routine. SDBs are not insured, as a rule.

    I don't think most people realize that.

  • BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    'Les sol etait le coffre fort de nos ancetres' - Old French saying.

    Sorry I can't do the accent marks in the proper places...

  • JohnnyCacheJohnnyCache Posts: 1,664 ✭✭✭✭✭

    @Smudge said:

    @skier07 said:

    @Smudge said:
    I am beginning to question whether to keep a sdb at all. What are you supposed to keep in a sdb? Are rare gold coins ok?

    I don’t care how secure your house is or how safe your neighborhood is. If you keep your collection at home there’s always the risk of a robbery. No matter how quiet you are about your collection people know you’re a collector and eventually the wrong person finds out and you’re a potential target.

    Collection, what collection?

    This Coin Collection

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