Safety Deposit Boxes at the Bank

STEWARTBLAYNUMIS

I received a scary letter yesterday from a bank where I keep coins.I was told to call the president of the branch.It seems as though this bank as many have cut back on employees.As a result there is no staff working permanently in the safe deposit room.In the future I am permitted only 15 minutes to look at my coins in this bank during each visit.Has anyone ever heard of this restriction ?

Stewart Blay

ms70

Never heard of it. At my bank they give me the box & take me to one of two private rooms where I can sit all day if I want.

mgoodm3

New one for me. Hope I don't get any letters like that.

kieferscoins

Change banks. They obviously aren't customer oriented.

Cameron Kiefer

RYK

Stewart,

While I have not heard of this before, I am not surprised. Clearly, safety deposit boxes are a money loser for banks. I keep a box at a large local Bank of America branch. There is a large office with three desks and one woman staffing the area full time. Perhaps she is doing other bank work, but most of the time, she seems to be just sitting around. The vault and security look very sophisticated and new. Seems like a lot of expense...

As for the revenue side, I keep all excess cash in money market and brokerage accounts. I have an interest bearing checking account. I do not use B of A for mortgages, business loans, CDs, mutual funds, insurance, or other products that they sell that I purchase elsewhere. The only fee revenue they get from me is the $70 per year for my box. There is no way that they could possibly be profiting from my relationship with them. I expect that it is only a matter of time before banks look to the safety deposit box business as either a money loser and try to limit the loss or as a service for which they can increase the fees.

Robert

foodude

I've encountered the cut back on safety deposit staff. The sign in, etc. is now handled by the same people that open new acounts, etc., so sometimes one needs to wait 15 minutes or so to get in. Fortunately, at my bank once your in, there is no time limit on how long one "play" with their box.

291fifth

I have no time limit at my bank. It looks like you need to find another bank with safe deposit boxes and better policies regarding their use.

CarlWohlforth

My box is at a smaler B of A branch. When I want in a teller comes over, helps me get my box, and leaves me in a cube off to the side of the lobby. There is no extra work required of the bank employees as the tellers seem to have a little time to spare and if they don't a manager comes to help me out.

boiler78

My boxes are at a smaller branch bank. They let me in the box and I stand in the vault and conduct my business. They don't stand on too much formality out here in the sticks.

nOoBiEeE

Some what OT but I hear you can claim the Safety Depost box fees on your income taxes as a deductible so long as it is used for investment purposes?

relayer

I bet your new bank doesn't have that restriction.

fishcooker

If I'm not mistaken Turbotax says it's a Miscellaneous deduction, which makes it tough to collect because of the 2% floor.

MoneyLA

when I go to the safe deposit, I tell them Im coming to visit my ex. they leave me in the "booth" for as long as I want to be there.

Impedimentus

Safe Deposit Boxes

Stewart, just buy your own, then you won't have to wait or worry about staff reductions.

bigbadchad777

Did you know some banks have a "master Key" that fits all locks?

jbsteven

<< <i>when I go to the safe deposit, I tell them Im coming to visit my ex. they leave me in the "booth" for as long as I want to be there. >>

keets

my bank box is in a small branch office in town where i do all my banking and "everybody knows my name" when i walk in. they have the room where i can go if i need to and have boxes tied to accounts and loan programs as incentives. they don't seem to be hurting as a result of the space the vault takes up and the security is good. i guess things are different depending on location and institution.

al h.

LincolnCentMan

Time to get a new bank.

David

Blade

Bank of America opened a new branch about 6 months ago a couple miles from my house. For safe deposit box access, you go to a glass door with a magnetic lock, put your hand on the biometric hand scanner, punch in your box code, and get access to the vault. Once in there, I can take my items to one of 2 locked rooms to review in privacy. I don't need anyone at the bank to help with access and I also don't have someone in the vicinity who can see my valuables. I love this self-service model.

joecool

Either change banks or buy a safe and one of these

STEWARTBLAYNUMIS

Joe Cool - I live in New York City.We're not allowed to have guns.Besides they steal safes in this city.Lately there have been thefts of some ATM machines
I have had the same bank box for over twenty years.I use to spend hours in the bank.I guess I will not see my coins as much anymore.Moving is a pain in the butt.

Stewart

Baley

I use to spend hours in the bank

.. and there's the reason for their new policy

Neptune

Maybe you could make an appointment with a higher up and make an official complaint, and request more time, and they will cut you some slack. It does pay to complain sometimes, and exceptions can possibly be made if you have enough money in their bank. You could 'threaten' to take all your money out of their bank. You could always bring your coins home to play with or cut a hole in a floorboard.

I hate my little bank here in sticks, but it is the only one. They only have little curtains that don't even go all the way to the floor, and it is RIGHT next to the guy that sits just behind the curtains outside of the vault. I always feel very uncomfortable, and he can hear every clink and clank. But like you say, what choice do I have - drive 70 miles round trip for another bank?

keets

maybe this is a silly question, but why are you guys so nervous about anyone at the bank knowing that you have coins in your safe deposit box??

al h.

Neptune

who's nervous? I, personally just don't like someone "up my dress" when I am playing with my coins. A little privacy would be nice. But it really isn't anyone's business what you have in your SDB. In a small town, EVERY one talks, and it would be realllllll easy for the wrong person to find out where a coin collector lives. Nervous - no............safe and concerned - yes. I notice by a lot of recent threads, that a lot of people have been getting ripped lately. Even posting too much info on this forum is not smart. And for the person who will throw up a photo of a gun next, yes we have those too.

Dennis88

I should change to another bank. You will get used of the other one soon, as it is with a lot of things....

Dennis

Baley

And for the person who will throw up a photo of a gun next...

keets

hey Neptune

perhaps i should have attached a smiley face or a wink with my last post. i just thought it was ironic to be so concerned with privacy-----and i assumed the reasons were exactly what you'd stated-----when the coins are in a safe deposit box and not at home. in other words, they'll be going back in deposit where they're safe so a crook wouldn't accomplish anything by knowing they were there and robbing your home. perhaps it's my undoing to not be paranoid or secretive, perhaps not.

BTW, please link me to a few of those recent threads where people have been getting ripped off, i must have missed them somehow.

al h.