Safe deposit boxes

dan1ecu

Has anyone ever had a bad experience keeping valuables in a bank safe deposit box? What are the chances of a dishonest bank employee gaining access to its contents?

TWQG

Next to impossible without your key. Not a bad experience yet except the expense.

RYK

I have not had a bad experience, and I have never heard of a dishonest banker getting into one. There are significant checks and balances in the system that make this unlikely. Many dealers, who carry many times more inventory than I ever will have in coins, use safety deposit boxes. Personally, I think it is the way to go.

ah

I've never had a bad experience with safe deposit box, I have used them for fourty year or so.

Barry

One thing to consider is the humidity in the vault. You may want to ask the bank about climate control in there. Regardless of their response, I would put a canister of silica gel in the box and change/recharge it regularly.

roadrunner

One thing that concerns me is that the many of the tellers don't even check the signature when they access me in. So if someone should be able to get my keys from their hiding place, they may be able to get into the box just by scribbling something down on the card. Not the only bank this has happened with.

roadrunner

jdimmick

I used to keep my collection at home, but as my collection started to really get going. I decided to purchase a box. Its was actually a good decision. I feel very secure that the coins are in there. I can stop by any week day and view them, also, I usually will stop by an grab out something If I plan on taking it to a show or sale.

1) At least at my bank which is probably the same anywhere, the bank personnel do not have access to your box without your key. The locks would have to be drilled to gain access.

2) As far as humidity, most valults are climate controlled, but it doesnt hurt to put a silica gel pack as someone mentioned or even a rosin back to catch any moisture.

3) Monday mornings or Friday afternoon's is probably not the best time to visit your box?? (due to banking buisness)

4) I really dont think robbery is an issue either, most people who are thinking about bank robbery are not going to worry about what's in peoples deposit boxes, there going to go for the fast cash and get out. It would not be worth the trouble on standing around and getting access while the cops are on the way.

5) As far as fire or destruction, the bank vaults are built extremely tight with tough standards that could withstand an incredible amount of force. Take it from a building code offical, it would virtually be impossible to destroy the bank vault. An explosion or tornado would demolsih the bank building but leave the vault virtually un-touched?

edited to address road runners comment

6) Purchase the box at the bank where you are known, all the tellers basically know who I am, but still ask me to show Id when ever I need access to my box. Its just a requirement that they have to follow, and I dont mind at all. It assures me that no one would be able to gain access with out my id and key!

Just some info to ease your mind
jim dimmick

roadrunner

Jim, I'll bring up your suggestion to my bank. Should be the practice.

roadrunner

BillJones

The only time I got burned on a safe deposit box was when I kept my coins in one where the bank allowed the temperatures to up and down wildly. This caused moisture to form on the (then) lucite holders which caused a couple of my gold coins to get copper spots. Silica gel can greatly reduce this, but I still look for banks where they tend to control the temperatures within a narrower range.

As for security, I've never had a problem. More than 10 years ago some thieves did break into a bank value in Medford, Mass. and rifle the boxes. They got into BIG TROUBLE when it was learned that they had stolen the assets of some mob members. Before it was over, I think that the thieves decided that going the police was better for them than dealing with the mob.

ElmerFusterpuck

Just opened one myself and it's a nice relief to have my collection in there. Since I have good digital images of practically everything, it helps when I open that drawer and see that gaping hole where they all used to be. Better that than being ripped off or having them go up in smoke. Plus, I can bring my 'collection' on a CD to the larger shows, where a PC or laptop is usually available.

So to answer your question - no problems, just some relief.

tgilliams

the only problem is that assets in a safe deposit box are seizable assets in case of a judgement etc. thats why i feel a safe of your own provides more protection. all it takes is a stroke of bad luck to have assets seized. i.e. liabality from car accident, irs problems etc.

ElmerFusterpuck

True on the last post, but when you live in the second story of an apartment complex, a big safe is not an option. Would be nice though.

banknote1

IMO there is no place safer to keep anything than a Bank deposit box. A home safe can be broken into. As far as the box contents being seized, make sure you have car insurance and pay your taxes. The man that did the plumbing on my home forgot to pay the IRS and they seized his business, his car, his house, and its contents...