My Bank got hit this pass weekend

Type2

You think your safe deposit box is safe, I donte think so they cut a hole in the roof droped down to the vault and used a jack hammer to cut in on the top and opened all the safe deposit boxs, Took all the cash and items from all of them and the kicker is none of it is FDIC insured. So all of them are going to lose what they had that sucks. Some just rec the call today the Feds just opened the bank today as well. The Feds say it's the same crew that is hiting banks from Vegas to California and A top notch crew. My banker say he had $26,000 in cash but will not see a dime of it.

ChrisRx

SDB's are not insured by the bank?

TomB

Safe deposit boxes are not insured by any bank. If you have private insurance on any numismatic holdings in the box then those contents will be covered.

YaHa

Could be George Clooney and his gang.. Sad news.. Times are tough and if they would hire me, hell I would sleep inside a bank at night.

Bayard1908

Was this some rinky dink bank in the sticks?

sanitarium1inmate

Hpefully you did not get hit. For the rest that did, I'm sorry for their loss. IMHO there is nothing safer than a 12 guage.

derryb

<< <i>SDB's are not insured by the bank? >>



How can they, you're the only one that knows what's in there!

Any links to the news story?

ChrisRx

<< <i>

<< <i>SDB's are not insured by the bank? >>



How can they, you're the only one that knows what's in there! >>



Darnit! My plot to say my 1964 peace dollar was stolen won't work as planned!

sinin1

My banker say he had $26,000



It might be timne to consider another bank


hope you had nothing lost

Type2

I cant say what bank but it is a big bank some of the box holder still dont know. He told me that one man took in a big bag of coins and jewlery in a big army duffle bag and now it's all gone and he fills that it is has falt becuse he told him to put it in a box and he did. I did not get hit, I think if I cant shot at them then what is the fun in haveing a gun.

Bochiman

<< <i>..... My banker say he had $26,000 in cash but will not see a dime of it. >>



I don't understand this....I understand putting coins/jewelry/collectibles in a SDB but I don't understand putting CASH into it unless you are trying to hide it....am I missing some other reason here?

Sorry to hear it happened and I would hope people would stop making excuses for criminals and to start letting the punishment fit the crime (ie...they are affecting many lives...they should forfeit their freedom/lives)

adamlaneus

Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary

stinkinlincoln

<<Darnit! My plot to say my 1964 peace dollar was stolen won't work as planned! >>


Im sure the Secret Service would be talking to you too if you filed a claim stating you had one.



<<I cant say what bank >>



Why?

YaHa

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary >>




I don't have a freezer, I just own a coleman cooler. I take that sucker everywhere I go..

PerryHall

<< <i>

<< <i>..... My banker say he had $26,000 in cash but will not see a dime of it. >>



I don't understand this....I understand putting coins/jewelry/collectibles in a SDB but I don't understand putting CASH into it unless you are trying to hide it....am I missing some other reason here? >>



It was probably the banks operating funds in case several people needed to cash a large checks.

lkenefic

Was it this bank?

Safe Deposit Burglary

edited to add: sorry.. I see now this took place last year...

BAJJERFAN

<< <i>

<< <i>..... My banker say he had $26,000 in cash but will not see a dime of it. >>



I don't understand this....I understand putting coins/jewelry/collectibles in a SDB but I don't understand putting CASH into it unless you are trying to hide it....am I missing some other reason here?

Sorry to hear it happened and I would hope people would stop making excuses for criminals and to start letting the punishment fit the crime (ie...they are affecting many lives...they should forfeit their freedom/lives) >>



I see no problem with keeping cash in a SDB. Nobody's business but yours. If you set up at a coin show and sold your collection, you might get a lot of cash.

notwilight

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary >>



Lots of people keep some cash in the SDB in case there is ever a problem and can't get their money from the bank or other financial institution. It is a little safer than a mayonnaise jar. Perhaps the banker has inside information which makes him worry more than then average guy. --Jerry

kranky

I think a box renter could recover something IF the bank was held to be negligent, but good luck with that.

ebaytrader

Fine bank that doesn't have an adequate alarm system.




<< <i>SDB's are not insured by the bank? >>



No, but you probably have a cause of action against the bailee.

ricko

Yep..,. SDB's.... the much ballhooed safe spot.... oh well, I will keep mine at home, in my safe, under my watchful eye and capable defense. Been over this too many times on this forum... and all the nervous nellies continue to belch their paranoia. Cheers, RickO

MsMorrisine

<< <i>Safe deposit boxes are not insured by any bank. If you have private insurance on any numismatic holdings in the box then those contents will be covered. >>



likely covered under homeowners insurance. but up to a certain amt. per coin without a rider and add'l fee.

however, they won't insure cash for obvious reasons.

MsMorrisine

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary >>



the fed's know that trick

Geoman

I was thinking also about why an alarm didn't go off. They had plenty of time to jack-hammer in and open all these boxes, wouldn't you think that some kind of alarm should be in place?

derryb

<< <i>

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary >>



Lots of people keep some cash in the SDB in case there is ever a problem and can't get their money from the bank or other financial institution. It is a little safer than a mayonnaise jar. Perhaps the banker has inside information which makes him worry more than then average guy. --Jerry >>



If you can't get your money from the teller, it's because the bank has been locked down and is in receivership. If the bank is locked down, you ca't get to your SDB. Good news is that when the bank reopens (and it normally will) you will get acess to your SDB, but you may not get acess to all of your money on deposit.

Nysoto

This is the reason I have two SDB's at different banks and locations. At little less convenient, but it reduces the risk by 50% as both banks would not be hit at the same time. Much safer than pretending you are Clint Eastwood during an armed home invasion.

BAJJERFAN

<< <i>

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer.

One of these days, that group will botch a burglary >>



the fed's know that trick >>



Deserving or not, one would get plenty of unwanted attention if one walked up to a teller's window and wanted to deposit $26K in cash into their checking account.

telephoto1

Ask anyone who survived the Depression and the "bank holiday" how safe SDBs are. Some bankers went in and helped themselves to cash, coins, etc. and no one could prove what they had.

As far as modern SDBs, you are not insured by the bank for one cent, and when you originally contract to have the SDB with them you sign a virtually ironclad hold-harmless disclaimer in the event of theft, loss, or damage to any contents. A dealer friend found this out the hard way when some of his currency got water damaged in a minor flood. Also, the bank might *sorta* know what you put in there if you are in the habit of pulling and adding things right there in the vault, as the vaults usually are camera-monitored...they can see some of the box contents. I was taking something out of mine and the girl who was standing there asked me "What are those?" pointing to some $20 saints. After that I made a point of going into one of the small private cubicles before opening the box, even if just doing something that would take 10 seconds.

As far as your homeowners insurance...your basic policy doesn't cover collectible coins in your own house, much less in a SDB... so unless you pay for a specific rider (which includes divulging and supplying a list of the contents to your insurance provider, along with an up to date independent appraisal of value), you are out of luck if they get ripped off. I keep very little in my SDB now outside of a few important papers; of course inventory is in a vault at the business with various security backups...and for the few things I have at home I prefer the home gun safe coupled with the security system and my friends Col. Colt, Mr. Smith and Mr. Glock.

lkeigwin

<< <i>This is the reason I have two SDB's at different banks and locations. A little less convenient, but it reduces the risk by 50% as both banks would not be hit at the same time. >>

Doesn't it also double your likelihood that a safety deposit box will be compromised?

Still, the odds of a safety deposit box breach are minuscule. I prefer a big safe at home so I can enjoy my coins whenever. A 12 gauge, Glock, rottweiler, and alarm system help, but I'm sure a bank is safer, statistically.
Lance.

MsMorrisine

my homeowners does, up to a max amt per coin and a max amt in total. After these I need a rider.

BECOKA

I still think percentage wise a SDB is a safer bet than home. It would not be too hard to figure out where some of you guys live and target you based on your online posts and history.

darktone

<< <i>I still think percentage wise a SDB is a safer bet than home. It would not be too hard to figure out where some of you guys live and target you based on your online posts and history. >>



I agree. This was my first thought when I got the news I was robbed. It would be so easy to target someone on this forum. Safety deposit boxes are much more secure from crooks but the way the banking system was looking earlier this year I kind of got worried they might do something crazy and do the bank holiday thing again. It could still happen! What part of the country was this bank in?

derryb

<< <i>I still think percentage wise a SDB is a safer bet than home. It would not be too hard to figure out where some of you guys live and target you based on your online posts and history. >>

relicsncoins

Just put a nice booby trap in the SDB.

MPLunatic

There are ways to disable the security system from outside the building, also if the security system went off but was quickly disabled, an officer might be sent to the seen but would leave when no disturbance was noted in the bank, thinking it was a glitch or something. They probably did not even have to bother with the system though since they put a hole in the roof and went in that way. But you would think there would be some motion detectors or something? If you ever get a chance to watch a show called masterminds, you can see some of the clever way thieves have figured out to get around these safegaurds

thebeav

I was always under the impression that it was not legal to keep cash in a SDB.
An old wives tale ?

stinkinlincoln

Why couldnt you keep cash in a SDB?



I did for years.

notwilight

<< <i>

<< <i>

<< <i>Bochiman is right. Who puts cash in a SDB. Everyone knows you wrap it in foil, put it in pie crust boxes and store it in the freezer. One of these days, that group will botch a burglary >>

Lots of people keep some cash in the SDB in case there is ever a problem and can't get their money from the bank or other financial institution. It is a little safer than a mayonnaise jar. Perhaps the banker has inside information which makes him worry more than then average guy. --Jerry >>

If you can't get your money from the teller, it's because the bank has been locked down and is in receivership. If the bank is locked down, you ca't get to your SDB. Good news is that when the bank reopens (and it normally will) you will get acess to your SDB, but you may not get acess to all of your money on deposit. >>



I don't know their logic. Others keep their cash somewhere else. To me, the SDB seems to have a common cause failure possibility with the the money in your account. --Jerry

RWB

"Ask anyone who survived the Depression and the "bank holiday" how safe SDBs are. Some bankers went in and helped themselves to cash, coins, etc. and no one could prove what they had."

Please substantiate the comment, above.

telephoto1

<< <i>"Ask anyone who survived the Depression and the "bank holiday" how safe SDBs are. Some bankers went in and helped themselves to cash, coins, etc. and no one could prove what they had."

Please substantiate the comment, above. >>



Unfortunately the only substantiation I can offer is primarily anecdotal in nature, from a few people who actually lost cash and other things from SDBs at different small banks here in central IL...however, a couple of them are relatives and in the context of our conversation had no reason to arbitrarily lie to me, thus I believe their statements along with those of others who gave nearly identical accounts. Some research into this topic will no doubt turn up similar stories from other parts of the country. It seems that things like this happened more easily at smaller banks. By definition something like this cannot be conclusively substantiated with hard evidence because, as said, the box holders themselves could not prove what was contained therein...and common sense holds that the thieves themselves weren't prone to documenting or divulging the nature of what was taken.

yellowkid

My banker say he had $26,000 in cash but will not see a dime of it. >>



Hmm, does he have an alibi?????

cinman14

I don't own nor do I make enough money to have these worries...

I do have a SDB for important papers that I wouldn't want taken in a robbery.

I find this story hard to believe..

RWB

Unfortunately the only substantiation I can offer is primarily anecdotal in nature, from a few people who actually lost cash and other things from SDBs at different small banks here in central IL...

Sorry to be blunt, but the story sounds like a total fabrication.

Bank safe deposit boxes (as well as those in private security storage facilities) require at least two keys to open them. The bank's "guard" key cannot open a box unless the box holder provides their "pass key." If one of the two keys is missing (lost, etc.) the vault manufactures (or locksmith) have to come to the bank and drill out both locks.

notwilight

<< <i>Unfortunately the only substantiation I can offer is primarily anecdotal in nature, from a few people who actually lost cash and other things from SDBs at different small banks here in central IL... Sorry to be blunt, but the story sounds like a total fabrication. Bank safe deposit boxes (as well as those in private security storage facilities) require at least two keys to open them. The bank's "guard" key cannot not open a box unless the box holder provides their "pass key." If one of the two keys is missing (lost, etc.) the vault manufactures (or locksmith) have to come to the bank and drill out both locks. >>



Bank vaults have been compromised by wall or ceiling penetration. The lack of factual substantiation bothers me too. --Jerry

GrumpyEd

Some banks use plastic bins.

Boom

Man, that's bad!

I'd be livid.

Res

<< <i>I don't own nor do I make enough money to have these worries...

I do have a SDB for important papers that I wouldn't want taken in a robbery.

I find this story hard to believe.. >>



Are you serious. Google it. There are hundreds of different stories out there.

telephoto1

<< <i>Unfortunately the only substantiation I can offer is primarily anecdotal in nature, from a few people who actually lost cash and other things from SDBs at different small banks here in central IL...

Sorry to be blunt, but the story sounds like a total fabrication.

Bank safe deposit boxes (as well as those in private security storage facilities) require at least two keys to open them. The bank's "guard" key cannot not open a box unless the box holder provides their "pass key." If one of the two keys is missing (lost, etc.) the vault manufactures (or locksmith) have to come to the bank and drill out both locks. >>



Hmmm. Where do I begin? I'll be kind I suppose. By asking the question it was obvious you don't believe me but what I said was based on personal experiences with family members and other people. Believe it or don't; I don't really care either way... but if you believe nothing else, believe that I have much better things to do than arbitrarily fabricate something for the enjoyment of anonymous people on an internet forum.

For starters, you proceed under the assumption that all bank vaults are manufactured the same way and have the same practices as they do today, even in the 1930s. Not true, especially with small institutions of the day. (Dillinger loved small banks, but I digress.) Even if that were true, you also proceed under the assumption that only a locksmith can drill out a lock or make a duplicate key. Obviously not true, especially with SDB keys, which in older vaults are painfully easy to duplicate. Also, some banks were not just closed for one day; some were closed several days while they "reorganized", making it easy for something like this to happen. Further, you conveniently ignore that I said "small banks", in a smaller town (actually two smaller towns, but again, I digress). Banks such as these went under in droves, primarily due to incompetent and/or corrupt management. A simple internet search should turn up instances like those I described.

RWB

I'm certain an internet search for and by the "simple" will turn up exactly the rubbish you relied on for the "thieving bankers" story.

By the 1920's both state and federally chattered banks had to pass regular inspections of the books and facilities. Vaults had to meet certain minimum standards including ones for safe deposit boxes. Many small banks did not have such facilities – anyone fool enough to put valuables in one of them was asking to trouble.

Like many tall tales and “urban legends” there might be some small basis of truth to your “thieving bankers” story. But what little value it has is as a commentary on the unreliability of information from the internet, and the inability of many to use the critical thinking faculties the good lord gave them.

cinman14

<< <i>

<< <i>I don't own nor do I make enough money to have these worries...

I do have a SDB for important papers that I wouldn't want taken in a robbery.

I find this story hard to believe.. >>



Are you serious. Google it. There are hundreds of different stories out there. >>



Yes, I am serious... I googled

<< <i>safety deposit box broken into >>

and the first 5 pages
contained only one story of SDB broken into. It was the bank in NY. There where multiple
listing of the same story..

I really don't find 1 break in as

<< <i>hundreds of different stories out there >>

..

And yes. I do find it a little odd that you would start a thread about a bank getting robbed
and the SDB's getting broken into and not being able to find ANYTHING about this on the internet..

And then claim you can't name the bank.. I really doubt that a bank's SDB's could be jeopardized
by a "crew" that has done this so often the feds have a profile on them and not one word of it make any News stations...

golfer72

I am more worried about our wonderful govt than any thieves actually. When you get right down to it the only safe place is buried in the ground somewhere.