Safety deposit boxes. Banks vs Credit Unions?

Coulport

The bullion columnists recommend keeping your gold out of the banks.
I take it that they are concerned about a bank holiday or government intrusion.

Do you see any difference butween SDBs in banks or credit unions?

Spooly

If the government orders banks to seize gold in safety deposit boxes.... the bank has too. Private vaults are safer because they don't have to comply with banking laws. Congress would have to pass a law to seize gold in private vaults.... you would have "some" warning.

derryb

No difference, but I prefer local credit union for all of my banking needs. Better customer service and able to operate without a bailout.

Most of storage recommendations are to store it securely outside of the US. Also note that the US hasn't "confiscated" gold (unless you are a Langford). They have required American citizens to sell it to them. In a "confiscation," holders of gold would likely receive compensation.

mhammerman

Credit Unions are an excellent alternative to the big banks. They are always ready with a quick loan, they give you a fair shake on your interest rates both borrowing and depositing, they don't bleed your account with little fees and expenses, and they have good personal service. Once you've had one you probably won't go back to the bankster rodeo...where you're the cattle.

yellowkid

I use my closest institution, which is a bank. Fear of the government seizing assets of which they have no knowledge ( I refer to the contents of the box) is not very high on my worry list.

Downtown1974

<< <i>Credit Unions are an excellent alternative to the big banks. They are always ready with a quick loan, they give you a fair shake on your interest rates both borrowing and depositing, they don't bleed your account with little fees and expenses, and they have good personal service. Once you've had one you probably won't go back to the bankster rodeo...where you're the cattle. >>

IHC08

<< <i>If the government orders banks to seize gold in safety deposit boxes.... the bank has too. Private vaults are safer >>



How would the bank know there's bullion in there? Are you saying you believe a bank would open all customer SDBs to comply with some (theoretical) law targeting bullion confiscation?

Frankcoins

<< <i>No difference, but I prefer local credit union for all of my banking needs. Better customer service and able to operate without a bailout.

Most of storage recommendations are to store it securely outside of the US. Also note that the US hasn't "confiscated" gold (unless you are a Langford). They have required American citizens to sell it to them. In a "confiscation," holders of gold would likely receive compensation. >>



Actually, if it were confiscated, holders of gold would receive NOTHING.

derryb

<< <i>Actually, if it were confiscated, holders of gold would receive NOTHING. >>


The last and only time it was "confiscated" holders of gold were compenstated at the gold price. No compensation would be nothing short of socialism.

Spooly

<< <i>No compensation would be nothing short of socialism. >>



I'm glad we have Obama to protect us from socialism! (evil smirk)

Steve27

I wouldn't worry about it. The value of all the gold in Fort Knox is only enough to keep the country going for a few months. How much do you think is in private hands?

johnny9434

id go with a credit union first. then again i dont trust any of them