Look what some states are doing with private safe deposit boxes!

goingbroke

This would realy tick me off!S.D.B. theft by states!

Norseman88

Big brother is not only watching he thinks taxing you to death isn't enough so now he's gonna steal from you.

1jester

This is exactly why under no circumstances (that I can think of) should people use SDBs.

SilverEagles92

I'd like to know more about the events surrounding the seizure - how did they select her box to be seized?

Still, this makes me worried about how safe the boxes really are. Reminds me of the gold seizures of the 1930's, except now they're seizing documents and heirlooms as well.

57loaded

there had to be some kind of snafu with the box rental fee not being paid.

the contents are not insured by the bank they are kept in, the contract has specific although skewed language in the banks favor regarding paying box rental fees and possesion

yellowkid

<< <i>there had to be some kind of snafu with the box rental fee not being paid.

the contents are not insured by the bank they are kept in, the contract has specific although skewed language in the banks favor regarding paying box rental fees and possesion >>




I agree, I'm sure the woman got a nice settlement, still it goes to show that nothing is certain.

ricko

MFAO..... All my stuff is safe at home...... Cheers, RickO

zeebob

<< <i>...Still, this makes me worried about how safe the boxes really are... >>



52,000 people in the US are killed in car accidents each year. I'd be more worried about that.

Accidents happen. No human devised system is fool proof.

The alternatives to a safe deposit box include keeping everything in a safe at home - that carries risks (theft, fire, natural disasters, broken pipes and flooding just to name the common ones).

If the boogieman wants your stuff, he'll send his jack booted red blooded Americans from the HRT, ATF or DHS to come get it (google Ruby Ridge or Waco Texas). You'll end up with a washcloth in your mouth and a bucket of water being poured over your head in Guantanamo and your countryman won't do a thing about it because Habeas Corpus isn't actually a right in the United States. Being complacent is more comfortable than acting on principles.

Don't let alarmists, prophets, or scallywags upset you. You aren't going to need gold to buy bread or guns to fight the government from the hills. The best place for a coin collection is in one or more safe deposit boxes.

Perspective is key.



Edited - links added and I hope irony. (my book on "How To Pass the SAT" is big on irony just at the moment)

sinin1

that seems to be a BofA screw-up rather than the state of CA

all states take possession after 10 years and becomes unclaimed merchandise for attempted recovery


usually it means someone died and fees have not been paid for some time

goingbroke

If you watch the video you will see she had the check showing her box rent was up to date also she had a active acount in the bank there. They decided to rob her box anyway.

notwilight

<< <i>If you watch the video you will see she had the check showing her box rent was up to date also she had a active acount in the bank there. They decided to rob her box anyway. >>



I think the key is that in your box agreement you agree that you will visit the box at least once every 3 years. However, it is ridiculous to say that since you didn't visit in 3 years, we have no record of you ever existing. --Jerry

MrOrganic

<< <i>that seems to be a BofA screw-up rather than the state of CA

all states take possession after 10 years and becomes unclaimed merchandise for attempted recovery


usually it means someone died and fees have not been paid for some time >>



after all that BOFA has pulled it amazes me people still bank with them!

SilverEagles92

<< <i>The alternatives to a safe deposit box include keeping everything in a safe at home - that carries risks (theft, fire, natural disasters, broken pipes and flooding just to name the common ones). >>



SDBs are immune to theft, natural disaster, fire, broken pipes, and flooding? Theft and fire would be less likely, perhaps extremely so, but the other three reasons have absolutely no less of a chance of happening than in your own home.

Plus, at home, I can protect my stuff if I want to. With guns.

zeebob

<< <i>I can protect my stuff if I want to. With guns. >>



Agreed. You could.

Hope you don't have any sort of regular schedule (like going to school or work). Either your collection will be undefended or be defended by your family.

Most property crimes occur when the premises are unoccupied.

I hate to think my wife and daughter would have to shoot it out with a bunch of bangers in the middle of the night because I was traveling for work (or just at work) (or school) and the thugs got the idea that there were valuables in the home.

I keep everything in either a safe deposit box or a vault that I rent space in at another business (actually a gun store in a nearby town). I NEVER keep valuables at home.

I don't advertise my hobby, but if people know I collect coins (for example folks on this forum, Ebay customers, Coin dealers), I make it a point to only give them a PO Box and cell number for contact and let them know I never keep coins at home. BTW - even a PO box is not a 100% obfuscation. Postal Code lets you gain a physical address for a Box holder if they are doing business from the PO Box. Also Postal employees are rumored to be as susceptible to social engineering as any other people.

To each his own. Weighing the risks, I'm going with the off site safe deposit box for storage.

edited: I have seen three occasions (my grandma once, and my mom twice) have basements flooded. Once was a sewer back up in a storm (yukkie), the other two were broken pipes (rust once and freezing once). In two cases, documents in safes in the basement were damaged (mostly stuff like car titles and birth certificates). I suppose there might be banks that this situation could occur in, but in any bank I've had a box at, flooding is somewhat mitigated (other than like the building being underwater).

Of course, you can just keep your safe upstairs and mitigate flooding as well.

But you are correct, acts of God are like the weather on a battlefield - the same for everyone.

Here is are two interesting services to look up PO Box holders: Link-1 link-2

Here is a short article on looking up a PO Box holder's address. Now imagine a thief with malicious intent and the ability to cook up a good story - social engineering occurs and viola your home is visited while you're out of the house.

Metalsman

A bank safe deposit box is no more safe than a USB account!. If you dont want big brother to know... dont be stupid.

Konahead

Konahead

<< <i>

<< <i>...Still, this makes me worried about how safe the boxes really are... >>



52,000 people in the US are killed in car accidents each year. I'd be more worried about that.

Accidents happen. No human devised system is fool proof.

The alternatives to a safe deposit box include keeping everything in a safe at home - that carries risks (theft, fire, natural disasters, broken pipes and flooding just to name the common ones).

If the boogieman wants your stuff, he'll send his jack booted red blooded Americans from the HRT, ATF or DHS to come get it (google Ruby Ridge or Waco Texas). You'll end up with a washcloth in your mouth and a bucket of water being poured over your head in Guantanamo and your countryman won't do a thing about it because Habeas Corpus isn't actually a right in the United States. Being complacent is more comfortable than acting on principles.

Don't let alarmists, prophets, or scallywags upset you. You aren't going to need gold to buy bread or guns to fight the government from the hills. The best place for a coin collection is in one or more safe deposit boxes.

Perspective is key.



Edited - links added and I hope irony. (my book on "How To Pass the SAT" is big on irony just at the moment) >>

CalicoJack

Old news is SOOOOOO EXCITING!

That story about the lady in California is from 2007.

Anyway all I know is I had my place broken into years ago and thankfully all my goodies were in an offsite SDB.

Not that bad stuff doesn't happen to good people but the chances of getting robbed, burglarized, home catching fire, earthquake, whatever happening are far greater.

Plus if the bank does screw up, you are in the same boat as a lot of others to file suit, as what happened here. Hey at least they know who the perp was! The cops never caught mine!

MoneyLA

QUITE A SLANTED REPORT. In Calif no boxes can be touched until three years after the last time they were opened or not paid for.

So, in the case of the first lady, she hadn't been to her box in three years? thats the first question.

yes, she paid for the box, and that was an error, so she got a settlement from the bank. okay.

but for everyone else -- visit it or pay it -- and there is nothing to worry about EXCEPT for the goof that can be made.

how many millions of safe deposit boxes are there? and how many "victims" in the "class action lawsuit?" that's what I'd like to see.

And... in Calif once the property is seized from the box, the property (in its original form) is held for another two or three years before it can be sold at auction anc converted to cash that is deposited with the state until claimed. so thats a minimum of five years to claim your pearls, your coins, your stock certificates, your cash.

500Bay

The big lesson is:

1. Make sure you have a will
2: Make sure your executor knows where your assets are.

golfer72

The safest place for valuables like gold bullion is buried in the ground. And you cant give anyone the location and I mean anyone. SDB will eventually be looted by the government. Count on it. Our govt is bankrupt. Eventually they will come for your assets.

Boom

Google Agenda 21, Rex 84 and Executive Orders.

You'll be surprised.

Here, read THIS. It will hopefully shed some light on what's happening!

sinin1

Boom,

AMERICAN PATRIOT FRIENDS NETWORK

has quite an imagination


I would be curious to see what the facility in Alaska that is capable of holding 2 million prisoners looks like
- is that Anchorage?

fishcooker

The big lesson is:

3: Make sure the person you like goes and cleans the box out right before you kick the bucket.