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Home Safe vs Bank Safety Deposit Box

stevepkstevepk Posts: 238 ✭✭✭

The bank safety deposit box is extremely inconvenient. Is a home safe as a substitute for bank safety deposit box worth considering? How safe would my collection be in a home safe? How easy would it be for a burglar to gain access to the contents of the home safe? How expensive, including installation fees, should one expect to spend on a home safe? What should I know before considering substituting the bank safety deposit box with a home safe?

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Comments

  • stevepkstevepk Posts: 238 ✭✭✭

    @NewEnglandNotes said:
    If you can carry it in, they can carry it out.

    I was thinking more along the lines of something that is anchored to the floor or wall; something permanently affixed to the house.

  • JBNJBN Posts: 1,795 ✭✭✭✭✭

    @stevepk said:

    @NewEnglandNotes said:
    If you can carry it in, they can carry it out.

    I was thinking more along the lines of something that is anchored to the floor or wall; something permanently affixed to the house.

    Security threads appear here periodically. I do recall a thread where a safe was anchored in the floor. Bad guys lashed it to a truck and pulled it from the home's floor.

  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    @AUandAG That video went very fast, it was that interesting!

  • jgennjgenn Posts: 735 ✭✭✭✭✭

    What should I know before considering substituting the bank safety deposit box with a home safe?

    A lot depends on you, what you have and where you live.

    Who knows what you have? How much value do you have in your collection? Do you live in a single family home in a safe neighborhood?

    If your risks can be minimized then maybe a gun safe bolted to the concrete floor of your basement is adequate and you might qualify to have your collection insured under your home policy.

  • jesbrokenjesbroken Posts: 9,155 ✭✭✭✭✭

    Very interesting video. Thanks for the education. One thing to remember in regards to SDB's. Once your valuables are placed in the containers, they are not in you or your families control upon your death. The bank will hold the contents until the gpvernment evaluates it's contents for tax purposes. I was involved in a coin collector family member who had just that occur upon his death in the state of Tennessee(whether that matters or not, I am not aware). If I am wrong, please someone inform me, as this happened over 50 years ago and perhaps the laws have changed but not to my knowledge.
    Jim


    When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln

    Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    If you can put a safe in a "hole" and bolted to the floor you will be pretty good. Build walls around your safe so as to make the perps go through the door. If they have to tear walls down they might rethink it. Some of the best safes available, at a reasonable cost, are found on the second hand market. Many are 50 or more years old.
    Just remember that fire is a big problem for all safes as we experienced in CA last year.

    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • koynekwestkoynekwest Posts: 10,048 ✭✭✭✭✭

    This company has been discussed here before but I'll post again. They have an excellent reputation for insuring collectables, including coins. hughwood.com

  • jdimmickjdimmick Posts: 9,583 ✭✭✭✭✭

    I used to keep everything at home in a big/ old & professional safe, but recently, I was worried about stated above, being held at gun point, and made to open it. Lot of money. So I moved the highest dollar stuff(I don't sell ) to the SDB, and keep the stuff that's coming and going in the safe. The bank can be a pain on some days, but you learn what days are best and plan ahead if you need to look or get something out or put it in. Monday and Friday is a little busier , but My bank is really nice about letting me in if I need so fairly quickly.

    About 3 months ago, one of the other gold/jewelry dealers here was followed from his place a business and held at gun point by a group of 4 thugs, till they opened the safe. His wife was beaten really bad until he opened the safe. and they lost a lot.

  • privaterarecoincollectorprivaterarecoincollector Posts: 629 ✭✭✭✭✭

    have a 800 kg safe that is drilled into the concrete with a big screw. Everything else is not save.

  • 2ndCharter2ndCharter Posts: 1,640 ✭✭✭✭✭

    SDB all the way. And yes, I've learned to avoid Monday mornings and Friday afternoons at the bank. Otherwise, it's real quick to get to the Box and the tellers at my bank are very helpful.

    Member ANA, SPMC, SCNA, FUN, CONECA

  • 2ndCharter2ndCharter Posts: 1,640 ✭✭✭✭✭

    Oh, and also the 1st of the month at the bank - Senior Citizen Day - that's always worse than a Monday morning.

    Member ANA, SPMC, SCNA, FUN, CONECA

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Security layers around and in the home. A good safe, anchored. Training of family members for emergencies...Works for me - and has worked in multiple geographical areas over the last 40+ years....Research and learn....Cheers, RickO

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

    IIRC About 10 years ago there was a dealer that a couple of thugs broke into his home and took his family hostage and waited for him to come home. The dealer & his family are all armed and trained to use their guns, they never got a chance. They forced him into his car to make him go back to his store to open up and give them the loot. There was a police station on the way, the dealer crashed his car into the side of the police station. The thugs were caught and the dealer & his family were unharmed. Everything turned out well short of a totaled car thanks to the quick thinking of the dealer. It easily could have turned out much different.

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

    Having both options works well.

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

    Having both options works well.

  • oldabeintxoldabeintx Posts: 1,579 ✭✭✭✭✭

    Relatively safe neighborhood + Insurance to value + collection worth less than your house + central alarm system + care with mail and "sharing" + high-quality heavy safe bolted down + no children at home to worry about = One can enjoy one's collection at home. For a collector, IMO the SDB makes it tough to really enjoy one's collection. I would sell everything first, depending on the beating.

  • jonrunsjonruns Posts: 1,196 ✭✭✭✭✭

    My top concern with the home safe is fire not theft...

  • ARCOARCO Posts: 4,305 ✭✭✭✭✭

    Home safe. There are a lot of good options. As for a thief holding you at gunpoint to open the safe? Well, if you don't blow a trumpet at the local town square that you have guns, gold and rare coins sitting unprotected in your home safe, no thief will ever know it is there.

    If you do have a safe, get broken into and are worried that the thief saw the safe and will return- move or get a gun. :)

  • ARCOARCO Posts: 4,305 ✭✭✭✭✭

    @ifthevamzarockin said:
    IIRC About 10 years ago there was a dealer that a couple of thugs broke into his home and took his family hostage and waited for him to come home. The dealer & his family are all armed and trained to use their guns, they never got a chance. They forced him into his car to make him go back to his store to open up and give them the loot. There was a police station on the way, the dealer crashed his car into the side of the police station. The thugs were caught and the dealer & his family were unharmed. Everything turned out well short of a totaled car thanks to the quick thinking of the dealer. It easily could have turned out much different.

    Sounds like he was targeted because he was a known dealer and not some average joe who quietly buys collectables or bullion and quietly keeps them in his home safe.

  • tokenprotokenpro Posts: 846 ✭✭✭✭✭

    @jesbroken said:
    Very interesting video. Thanks for the education. One thing to remember in regards to SDB's. Once your valuables are placed in the containers, they are not in you or your families control upon your death. The bank will hold the contents until the gpvernment evaluates it's contents for tax purposes. I was involved in a coin collector family member who had just that occur upon his death in the state of Tennessee(whether that matters or not, I am not aware). If I am wrong, please someone inform me, as this happened over 50 years ago and perhaps the laws have changed but not to my knowledge.
    Jim

    That is true in most (all? states) -- when the bank, etc. learns of your passing the box is locked down until the proper legal steps are taken by your lawyer & executor. This is one big reason why you should not keep your will in your safe deposit box as doing so will slow down and muck up the process (keeping it at your lawyer's office is a good alternative or secured at home/other safe place WITH the location known to family/trusted friend).

    One other point to remember is that items in a safe deposit box are not insured by the bank -- you are responsible for insurance in most cases (which means maintaining an inventory of the SD box as well). It's a long shot for theft but floods and fire seem to be occurring everywhere & coverage is not overly expensive.

  • MasonGMasonG Posts: 6,268 ✭✭✭✭✭

    Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone. That’s where she kept her family’s jewelry and her dad’s coin collection. “I was in shock; I was just like what happened to my box,” said Nomi. She says Bank of America can’t explain where her valuables went. “They don’t have an answer. They say thanks for letting us know,” she says.

    https://sacramento.cbslocal.com/2018/07/26/safe-boxes-stolen-drilled/

  • skier07skier07 Posts: 3,650 ✭✭✭✭✭

    I have everything in a SDB. It’s the most secure place and I sleep better at night especially if I’m traveling. Downside is I don’t get to see my coins very often. When I go to the bank if they’re busy I’ll usually leave and return later.

  • derrybderryb Posts: 36,116 ✭✭✭✭✭

    @jesbroken said:
    Very interesting video. Thanks for the education. One thing to remember in regards to SDB's. Once your valuables are placed in the containers, they are not in you or your families control upon your death. The bank will hold the contents until the gpvernment evaluates it's contents for tax purposes. I was involved in a coin collector family member who had just that occur upon his death in the state of Tennessee(whether that matters or not, I am not aware). If I am wrong, please someone inform me, as this happened over 50 years ago and perhaps the laws have changed but not to my knowledge.
    Jim

    This is why you want a family member to also be listed and have access to the SDB. My instructions to the wife are "When I die, immediately go to the box, empty it, and get a new box at another location with you and our son listed for access."

    The decline from democracy to tyranny is both a natural and inevitable one.

  • thisistheshowthisistheshow Posts: 9,386 ✭✭✭✭✭

    Very educational video! Thank you! I recommend anyone who starts it to stick with it until the end.

  • jkrkjkrk Posts: 959 ✭✭✭✭✭

    1 to 2 guards downstairs. Security cameras throughout. Nosy neighbors. Double locks on doors. Internal safe bolted to floor.

    However, prefer most of collection in SDB's.

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

    @jkrk said:
    1 to 2 guards downstairs. Security cameras throughout. Nosy neighbors. Double locks on doors. Internal safe bolted to floor.

    However, prefer most of collection in SDB's.

    And 2 dogs named jesus and satan 😈

  • WCCWCC Posts: 2,349 ✭✭✭✭✭

    I have thought about this subject. My former roommate used to have a gun safe but he was paranoid (or very cautious) with bars on all his windows, sliding glass doors and front door. However, he too trusting of people and many knew he had one.

    Me, I wouldn't want anyone else to know I had it but can't move it myself. I live in a safe area, don't have space anyway and it's an old building where I am not sure I can get it in my unit anyway. My SDB is within walking distance of where I work and live.

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    Safes are dangerous as noted on yahoo news
    A man was crushed and killed by a giant safe on Sunday while attempting to move the 600-plus pound equipment in Lower Manhattan, sources said.

  • StratStrat Posts: 612 ✭✭✭

    Thanks for posting the helpful video!

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    Safes are dangerous as noted on yahoo news
    Chinatown Manhattan
    A man was crushed and killed by a giant safe on Sunday while attempting to move the 600-plus pound equipment in Lower Manhattan, sources said.
    The safe, which weighs 600-1,000 pounds, fell as the victim and two other men tried to bring it up three flights of stairs in a Mott Street building, an NYPD spokesman said. The victim died after he was pinned by the safe.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @CCGGG.... Those disk teflon sliders they sell now work like a charm...and safer than golf balls....Cheers, RickO

  • CCGGGCCGGG Posts: 1,267 ✭✭✭✭✭
    edited July 1, 2019 6:46AM

    @ricko said:
    @CCGGG.... Those disk teflon sliders they sell now work like a charm...and safer than golf balls....Cheers, RickO

    Not sure they made those back then but it sounds like they would work well too.

  • OriginalDanOriginalDan Posts: 3,713 ✭✭✭✭✭

    @CCGGG said:

    @ricko said:
    Based on the reported demise of an individual moving his safe, I have made a note to myself, that should I have to move my safe, have other people do it.... ;) OK, one more potential problem solved... :D Cheers, RickO

    I had my 1200 lb safe moved once about 10 years ago by a small company that specialized in safes. It cost me $500 to have it moved 150 miles. One guy did it by himself using a custom made motorized hydraulic dolly and a enclosed bobtail truck with an I-Beam and hoist.

    Helps to have the right equipment, and knowledge.

    I knew what room I wanted it in, but I wasn't sure exactly where in that room I wanted it placed. So he showed me a trick to move the safe within a room. Just "temporarily" place several golf balls under the safe and it rolls around, even on carpet. Of course this can be dangerous if you aren't careful (especially if you try to do it by yourself) but I've done it and it works.

    Finally found a good used for golf balls. :D

    Three or four PVC pipes, small diameter will work too. Once it rolls off the one in the back, just move that one to the one in the front. Golf balls may allow for better maneuvering tho.

  • 1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

    Great video explanation @AUandAG , thanks :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • batumibatumi Posts: 796 ✭✭✭✭

    @ARCO said:
    Home safe. There are a lot of good options. As for a thief holding you at gunpoint to open the safe? Well, if you don't blow a trumpet at the local town square that you have guns, gold and rare coins sitting unprotected in your home safe, no thief will ever know it is there.

    If you do have a safe, get broken into and are worried that the thief saw the safe and will return- move or get a gun. :)

    Keeping knowlege > @ricko said:

    @CCGGG.... Those disk teflon sliders they sell now work like a charm...and safer than golf balls....Cheers, RickO

    Ricko: Just don't leave them handy for for a possible burglar to use!

  • matt_dacmatt_dac Posts: 959 ✭✭✭✭✭

    There is a balance of convenience (do you like to look at your coins), cost (SDB that is not insured against theft vs. home safe where you can buy theft insurance), and security (harder to rob a bank than a house), etc. I would not keep a million dollar coin at home, but I like to look at my coins and I don't want to have to drive to the bank for them.

    My suggestions are:

    Home security system (not just for coins)
    Safe stored out of sight/out of mind
    Home firearms
    Theft insurance policy on your coins
    Be very careful who you share the information with

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @batumi ....'Just don't leave them handy for for a possible burglar to use!'.... Good point... but safe should also be anchored to cement floor....Cheers, RickO

  • bestdaybestday Posts: 4,220 ✭✭✭✭
    edited July 1, 2019 7:39PM

    Careful with SD boxes .. friend was on vacation.. he missed bank call saying he hadn't paid rent for the box.. & lock on his box was going to be drilled out & contents removed...the bank messed up ..misapplied payment for his box to another box.... now he waiting for the box contents to be shipped back to bank..... from a central holding area at headquarters......six figure $$$$ coins were in the box

  • Dave99BDave99B Posts: 8,332 ✭✭✭✭✭

    Paint cans in the garage. No one EVER looks there.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    @Relaxn said:
    Without too much details;
    I have two conspicuous dummy safes where I store state quarter books, basic rolls and papers. I then have a safe mounted under my floor ... Mounted to floor joists and supported by a footer.
    I then have a wall safe behind a picture.. James bond esque ;)

    Safety deposit boxes are not safe. They are seizable. Lord's knows one day they may even be taxable. I live in the country...I have bid dogs and big guns. I know I sound like a paranoid nut but I don't trust banks nor the gov'ment

    That’s Ikay if your paranoid. Just remember to fill out the 2020 Census Forms, It’s the LAW! >:)

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