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and how safe is a safe deposit box?
kaz
Posts: 9,247 ✭✭✭✭✭
Interesting article from the Times:
https://nytimes.com/2019/07/19/business/safe-deposit-box-theft.html?action=click&module=News&pgtype=Homepage
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Comments
Great article thank you for sharing. I am sure this will get alot of people here RETHINKING their situation.
Really disheartening. For those who have opted to avoid safe deposit boxes, what option do you go with?
I've had Safe Deposit Boxes for over 40 years and have never had a problem. I'll stick with them for the rest of my days. Hey, no security plan is foolproof but the SDB beats the alternatives.
Member ANA, SPMC, SCNA, FUN, CONECA
I do not, and will not, use safety deposit boxes. I establish and maintain my own, layered, security. This has served me well over many, many years. It is not difficult and resources (including expert guidance) is available online to those who wish to pursue it. I want my valuables immediately accessible should I choose to see or use them. I will not relinquish control of my possessions to anyone or any institution. No one cares as much as I do about my property. Cheers, RickO
Quite so Ricko. I have both.
A Sdb and home safe plus a 2nd amendment backup setup.
However, I travel quite a bit and use the box strictly for out of town storage. The box remains empty other wise. To each their own.
Best
J.
The most practical option for me is still the SDB. The circumstances of the watch collector's loss are unusual, to say the least. I recently rented a new large box at a wells fargo branch because the office closest to me did not have any more; I otherwise don't do any banking at the branch so really need to pay close attention to my mail in case they decide to close the branch.
A number of members here have commented on the Hugh Wood insurance plan available to ANA members, sounds like something worth looking into.
https://forums.collectors.com/discussion/980043/hugh-wood-coin-insurance
Truer words were never said. You can trade the word “property” for a number of other things..... investments, education, health, kids, happiness.....
About twenty years ago, I went to look at my safe deposit box, and found the entire bank was gone. I had apparently missed the communication that the branch was closing. It turned out that they had loaded all the boxes on a truck and moved them to a nearby branch. Everything turned out to be in good order, but it was disquieting for a moment!
I guess when theft has been legalized so long as it's millions at a time charging $250 a year for a little SDB seems like mere chicken feed.
It's not so much boxes are under regulated, the entire industry is unregulated.
Couldn't access the article. Wanted me to pay for membership.
Oh well I would never use a SDB anyway. I got stuff buried and stored in bunkers all over the back forty. As safe there as anywhere.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
A bank box is safer and more secure than any home safe or home "security system" regardless of guns, poison gas, dogs (no "attack trained" shih tsu's please), or banana peels on the floor.
The Times article is a sensationalist piece, that begins with a false comment, and doesn't get into reality until later. Bank boxes are controlled by a contract between the bank and the box renter. There has never been a Federal law regarding this and such a law is unnecessary. Each of the stories involve failures by the controlling bank to properly notify customers of planned actions, or of customers not taking reasonable care in accessing their property.
A safe deposit box is intended to protect from external theft. It cannot protect against stupidity, laziness or corporate indifference.
use a SDB and get insurance. That should cover it.
From the article it's amazing how many communications go undelivered or maybe unread if they were delivered.
+1000 and I'll add carelessness.
Maybe it came looking like junk mail? I accidently threw a replacement credit card away at the PO because I thought it was junk mail. Did that with a cash rewards check once also.
Absolutely!
For that kind of junk mail one needs to be more careful and NEVER just throw away mail that looks like it could be financially related. Especially if it has YOUR NAME ON IT!
Safe compared to what?
Theft, fire, flood, direct nuclear strike?
The more likely scenario is that your coins will be perfectly safe and you won't see them often enough to derive much satisfaction from owning them. You won't be able to share them with anyone. They will slumber along very nicely for many decades while you slowly age. After you die the probate system will eventually distribute them to your heirs who will eventually sell them to a coin shop for melt value.
How's that for frightening?
To me the whole purpose of collecting is to view them, study them and compare them to like others. I cant do that if I don't have them. Note that any safe is penetrable given enough time and tools. With that said law enforcement would tell you that home invasions typically involve minutes rather than hours.
Let them try and penetrate my safe! They wont see what hits them!
Looks like he'll hypnotize them into immobility!
Bank of America then challenged the verdict, arguing that any recovery should be restricted by the terms detailed in its rental contract: “The bank’s liability for any loss in connection with the box for whatever reason shall not exceed ten (10) times the annual rent charged for the box.”
If the bank doesn't know what you put in your box, it seems reasonable that they shouldn't be expected to insure it.
And you're telling an entire message board about it? I wouldn't do that.
Methinks it was TIC!
I will still take my chances on a SDB.
The standard answer seems to be that SDBs are wonderful against conventional thieves and less certain against the possible actions of governments.
If you hide your stuff in the ground, or behind floors and walls, make sure that you have two heirs with specific detailed information on where the stuff is.
I've told this story before about going to my box and being let it and the manager put his key in the slot and opened it for me (my key was still in my hand). Only one key and the bank had it. Now, I do admit it was an older bank that may have had a different security than today but I swear it did happen just that way. I closed the account and never went to a SDB again. Bought a safe, alarm, and all the whistles needed to do so at home....
bob
Seems like owning some stuff is more trouble than it's worth.
As a heads up, purchasing insurance for SDB/SDV is very inexpensive. $50-$75 annual for $100k provides pretty good peace of mind.
A safe deposit box is intended to protect from external theft. It cannot protect against stupidity, laziness or corporate indifference.
I use two SDBs for some important stuff.
Unfortunately, I don't know of a rating agency that provides SDB ratings on bank stupidity, laziness or corporate indifference. It's simply an educated guess as to how safe your SDB is, and I can only surmise that the safety of a given SDB is variable over time.
Best to stay informed and aware.
I knew it would happen.
A SDB is better than a home safe they could have all day work with or haul off. However one should have the SDB insured (Hugh Woods).
Are there special insurance companies that inexpensively insure coins that are store in a SDB? Do the coins have to be stored there?
Cement into the floor tube because they are fireproof & will frustrate most drug heads.
You can put it in the cellar wall about 12" off the ground if it's really wet where you live.
Hide it behind the dryer if you like.
I had to get a "C TL-30" rated safe so I don't use the floor tubes anymore but they are BIG money.
If you also collect machine-guns they are 100% mandatory.
Then you have to back that all up with electronic stuff.
Total PITA...Stick with the floor safe
My Saint Set
"About twenty years ago, I went to look at my safe deposit box, and found the entire bank was gone. I had apparently missed the communication that the branch was closing. It turned out that they had loaded all the boxes on a truck and moved them to a nearby branch. Everything turned out to be in good order, but it was disquieting for a moment!"
Higashiyama
Happened to me too!! same way.
Krueger
Wow!
Yo mofo! This here is a propane torch and this can's fulla gasaleen. Them over there is yoor family weeth the hands tied.
Now you gonna open that there floor safe?
from an actual dream that sent me packing to the safe deposit box
Silent alarm and response time less than the "tool-rating" is important.
(They sell plasma cutters at Walmart now and they are pretty much idiot proof
Also...Active counter measures that I won't go into
. (not guns)
My Saint Set
That's partially true. I have a home alarm that has the exact capacities as my shop alarm had.
I....still.... FELT that ...fire.... that the robber in the nightmare was holding up to me.
SOME stuff stays home..... a LOT goes to the bank.
Used TL-15/30 and higher are just as good used as new 😀. It usually costs more to move them than to buy em!
You would be better off buying what it takes to move one yourself OR have friends with equipment to do so.
I've moved no less then 20 in as many years for people and businesses.