Will the decline of safe deposit boxes at banks be a threat to coin collecting?
291fifth
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I just paid my first visit to my new bank branch. They sold their old location to a developer and moved a few blocks away. However, not everything moved with them. The old branch had a large number of safe deposit boxes. The new branch has no safe deposit boxes. This is apparently a trend in the banking industry.
How do you think the lack of secure storage space will affect coin collecting? Will we see a rise in free standing safe deposit box companies such as appeared in the 1990's? (I wonder if any of them are still around.) Will home safes become more common?
Or ... ?
All glory is fleeting.
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I would NEVER rent a private safe deposit box.
"The FBI wants to keep $86 million in cash and millions more in jewelry and other valuables seized in a raid on a Beverly Hills, California, safe deposit box business, even though a judge specifically said the contents of the boxes weren’t up for grabs."
Repetition of ignorance is ignorance raised to the power two.
We will see a return to Iron bound oak chests, great big padlocks and treasure maps...
Coin collecting will take a page from the golden age of pirate booty style security measures and we will all be better for it.
I’m sure some banks see them as a hassle. Others will see them as an opportunity. I doubt it will be a problem in my collecting lifetime. Since it’s unlikely my son will be able to continue the collection, I’ll likely sell everything at some point anyway.
Find another bank. Would never rent private sub.
I would close that account and move to another bank. Easy choice for me as I did it last year.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Highly advise everyone to not keep anything in a Bank safety deposit box; This last 18 months should have proven to everyone that there will be times when you ill not be able to get into your box. In the future there may be someone there recording everything you take out.
I would never keep valuables in a bank vault. Like any account at a bank, it is very easy to get that information if needed.
Even though this private vault company was raided, private vaults are far more secure than a bank safety deposit boxes.
Local credit union is expanding and every new branch is full of boxes
Coin collecting has existed for millennia.
I think its safe to assume that the future of coin collecting is not impacted on the health of the safety deposit box industry
I know someone who simply could not get a safe deposit box in Rhode Island. She called every back in the area and they all were in the process of discontinuing. They either had already gotten rid of the boxes or were not taking new customers as they tried to phase them out.
This is the correct action to take. When you close out your account, make sure you tell the bank manager why.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
See my post. This is a more general movement among banks. Not sure why. Maybe the rise of online banking is shrinking vault sizes.
I can see where it will pose some issues for some collectors.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
That's odd. I wanted a bigger box or a second box but every single box at my bank is rented.
Great transactions with oih82w8, JasonGaming, Moose1913.
Bank facilities are shrinking. Technology, less cash to handle, personnel reduction, real estate costs etc.
Its a good point in that there probably will be fewer banking facility lock boxes available in the future. There also will always be demand for safekeeping so I do not think they will disappear in the foreseeable future.
...but I'll guess that the remaining ones are going to become much more expensive to rent.
My Safe deposit box rates...if I remember correctly have doubled in the last 10 years.
My Bank of America local branch shut down 1-1/2 years ago and is still shut down without even notifying me. I had a box there and they had to hire a guard and a teller from another bank to go there on appt. so I could retrieve my coins and close my account a few months later when I found out it was really closed. NEVER again will my coins be in one of these, as when you need them the most, they will not be available to you.
My US Mint Commemorative Medal Set
Bank of America?
Read this:
Safe Boxes May Not Be Safe After All
https://sacramento.cbslocal.com/2018/07/26/safe-boxes-stolen-drilled/
Nothing is 100% safe, but still safer than having the bad guys at your house pointing guns at you and your family.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Sure, but that's not as safe as having your coins at home while the bank burns down.
Highly advise everyone not to keep any assets in any system where you may be tracked, including banks, brokerage accounts, retirement accounts, social security, paypal, credit cards, etc. In the future there may be someone there recording everything you take out. Use cash only for everything. Accept only cash for any work you do. Pay no taxes, or somebody may keep track of what you make. Find a "cash only" place to rent that includes utilities. Take the bus, because owning a car means you can be tracked when you pay for insurance or licensing. Stop posting on internet forums, you might be TRACKED. DELETE THIS IMMEDIATELY, YOU MIGHT BE TRACKED
While that would be a very sad day, my collection is insured and push come to shove it can be replaced with the insurance proceeds. And still safer than a family member being shot so that you will open your safe, the family member I cannot replace.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I think there will be many changes made to our coin collections storage procedures in the coming years. I feel that home storage in suitable fire safes will be the safest storage method, especially large collections would require many sdb's and not sure as to atmospheric conditions in banks, but can be controlled in a home atmosphere. I keep my safe at 44-46% moisture in a 68 degree room. I'm sure private security agencies have a monitoring system for private homes that stores data, such as movement detector triggers, but I would like to see it become an offering by our local police to utilize cameras(controlled by home owners as when to be on) that store info anytime they are triggered and only utilize top quality cameras that can identify perpertrators of crimes. It's a shame how many videos of crimes can't even tell race or sex much less identity. But then that's just an opinion.
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
I had to get on a waiting list the last time I wanted to get one, so I went on a waiting list at three different branches and ended up getting one a couple of months later.
Mr_Spud
Yawn... like they can't track cash.
The new C notes supposedly have some sort of tracking in them so that a wad of them in your home could be detected. Wrap bundles of them in aluminum foil.
Why is it odd? If fewer banks are offering SDBs, there should be more demand for existing ones.
After reading some of the posts here, I'm going to need to rent a larger box to store the rolls of tinfoil...
10-4,
My Instagram picturesErik
My registry sets
Don't do it. Tinfoil can be tracked!!!
I don't think a lack of SDBs will deter people from collecting. It may cause people to come up with innovative ways of hiding valuables. The thing about hiding stuff though is people forget they have it and may die before notifying their family of the whereabouts of the valuables.
"A dog breaks your heart only one time and that is when they pass on". Unknown
That can lead to good estate finds and hoards!
No problem down here in South Carolina. In fact, earlier this year, when I wanted to upgrade to a bigger box at my bank, I had to wait a few months for one to become available.
Member ANA, SPMC, SCNA, FUN, CONECA
I am responsible for my own security. I have several layers. I can also deal with home invasion issues. To use a popular quote "I pity the fool..." who attempts to violate my premises or person. No SDB for me. Those funds could be used for new coins or firearms...
Cheers, RickO
I suppose you could always blind the intruder with those Blast White, Mint luster coins you have.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
@pcgscacgold....
Good one.... However, on a more serious note, a blinding 9800 lumen strobe will do exactly that... And yes, part of layered security already. Cheers, RickO
I think they'll already be blinded by the muzzle blast from Ricko's M1911 .45ACP.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall .... That may indeed be part of the experience.... All depends on the circumstances. I am a firearms and self defense instructor (covers the law in all aspects), so such an event would be properly assessed (in a micro-second) and dealt with appropriately. Cheers, RickO
Are you saying give a direct link to the police for you home video monitoring? I can't see that happening. Depending on where you live and if you don't have false alarms the police are usually responsive. Cameras have come a long way since I got mine. I can go back and look at a full 30 day history from my cameras and I can tell if you have a pimple on your nose from over 100 yards away!
If your bank damaged by hurricane or storm it could be closed for months hence a disruption of box access.
My Bank Mistakenly drilled lock of my safe box.. saying it wasn't used for years....Had 5 figure$ notes and coins.. bank returned them by next day UPS.. now use another storage method
I closed mine a few years ago when they stopped allowing gold bullion to be stored there
Our bank has them…they don’t want to know what is in them.
I haven't seen anyone refer to the lack of private viewing rooms for safe deposit box clients that old time banks provided. Where are we viewing our coins?
My bank has a private viewing room
Mr_Spud
There are still private viewing rooms at the two banks that I use.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
There are 5 or 6 rooms at my bank. Tiny ,but they're there.....
Was in a bank yesterday, if you can call it that. No SDBs, just open concept free standing small circular tables with associates standing by them - no chairs. Coffee shop atmosphere. Wall to wall windows. Sickening, but the younger generations like it I suppose. Not the bank for me.
I'm an Architect and have been designing banks for large national branches for many years. It was about 10 years ago when the last bank branch that had a vault, and about 5 years since a branch had Safety Deposit boxes. The banking industry considered the Safety Deposit boxes a money looser so they were cut out. Current bank branches have a small day cash vault only, about the size of a refrigerator. Coins are becoming obsolete at banks as tellers go away. It's a changing industry.
The new bank office I mentioned in the original post has exactly one teller station though it does have two ATMs.