Strange change in "Safe Deposit Box Agreement"......No gold bullion storage !
thebeav
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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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That is very strange... Can you call the bank manager and ask for an explanation?? Cheers, RickO
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.
wonder what was the reason for the change.
Mine says in the agreement that you will pay for a damaged box because of overloading with heavy items.
Do they Xray boxes?
Did it mention gold COINS? "Bullion" could be anything. But most bullion today is listed as various coins.
that's probably what 90 percent of the boxes contain, that bank will lose a lot of business
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.
I think I had better re-read my agreement. BTW, what bank??
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
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How would the bank know what’s being put in the SDB? Cameras, perhaps.
Unless I’m missing something, when it’s locked in the cubby they can’t take it back out and look much less weigh the box weigh without your key.
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 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
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.
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
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......
i can believe that. At times I think I'm wearing a "traffic pattern" to mine.
Sounds like Citibank
What bank?
If it says "gold bullion" then I assume (?) that slabbed classic gold at near melt is still OK?
American Eagles are legal tender coins, not bullion. Right?
Or wearing out their carpeting.
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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
Funny banking rules, since 1913.
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.
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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.
Collection, what collection?
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.
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My kid stold it and sold it.
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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.
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this makes sense and maybe a safety factor but its really none of their business what I put in the box, jmo
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
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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.
That is routine. SDBs are not insured, as a rule.
How about a collection of "minerals ?"
My bank instituted a policy of making me remove my drivers license (rather than show it against the glass as I had done for years) so I told them to close the account and moved the funds to a good bank.
Actually, the bank is doing you a favor.
SDBs are great against conventional thieves, but we may yet see a day when the boxes all get frozen shut until the government can inspect the contents.
Yeap...if the socialists are ever voted into power and enact there wealth tax you can bet your bottom dollar that will happen.
https://en.wikipedia.org/wiki/The_Bank_Job
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) **
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.
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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!
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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...
That's what they commonly say, but I have always wondered whether that is true.
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
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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?
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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"
I don't think most people realize that.
'Les sol etait le coffre fort de nos ancetres' - Old French saying.
Sorry I can't do the accent marks in the proper places...
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