The many benefits of a Safe Deposit Box
AnkurJ
Posts: 11,370 ✭✭✭✭
Now of course the SDBs are there to protect our collectibles and families from theft, but they add something quite significant to me.
About once a month, I visit my collectibles and coins at the bank. Everytime I go, it feels like I am rediscovering some of my coins. I think to myself, 'Wow, I forgot how nice this was!'. Because I have weeded out most of the rifraf, almost every coin I look at brings a smile to my face.
And I have to say, it reignites the fire in me to collect. Anyone else feel the same way?
AJ
About once a month, I visit my collectibles and coins at the bank. Everytime I go, it feels like I am rediscovering some of my coins. I think to myself, 'Wow, I forgot how nice this was!'. Because I have weeded out most of the rifraf, almost every coin I look at brings a smile to my face.
And I have to say, it reignites the fire in me to collect. Anyone else feel the same way?
AJ
All coins kept in bank vaults.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
0
Comments
<< <i>I think of the feeling I get, when I realize again, it's uninsured. >>
Now that is a problem that is easy to fix. If you are a member of ANA, you can get a real good rate on insurance from Hugh Wood, rates are very low for collections always kept in a bank vault.
An authorized PCGS dealer, and a contributor to the Red Book.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
for me it is quite strange since i generally don't "dig" through the box every time i drop something off and months can go by before I look at everything again
i keep an inventory but it is not the same as pulling the items and looking at them, but i certainly like the SDB for many reasons
.
<< <i>.
for me it is quite strange since i generally don't "dig" through the box every time i drop something off and months can go by before I look at everything again
i keep an inventory but it is not the same as pulling the items and looking at them, but i certainly like the SDB for many reasons
. >>
Ditto.
I wouldn't collect coins if I couldn't keep them in a SDB.
<< <i>No, mostly it gives me a sore back. My box is at the bottom of the column.
Tell them you got a sore back and perhaps you can get a new box.
<< <i>
<< <i>I think of the feeling I get, when I realize again, it's uninsured. >>
Now that is a problem that is easy to fix. If you are a member of ANA, you can get a real good rate on insurance from Hugh Wood, rates are very low for collections always kept in a bank vault. >>
Yup, I think the rate is 1/4 of 1% for that level. Not bad at all.
<< <i>
<< <i>.
for me it is quite strange since i generally don't "dig" through the box every time i drop something off and months can go by before I look at everything again
i keep an inventory but it is not the same as pulling the items and looking at them, but i certainly like the SDB for many reasons
. >>
Ditto.
I wouldn't collect coins if I couldn't keep them in a SDB. >>
Conversely i wouldn't collect coins if i had to keep them in a bank.
<< <i>No, mostly it gives me a sore back. My box is at the bottom of the column.
Mine is at the top, really scary to watch them try and remove it.
this must be because there is almost never a claim for a loss from a bank vault.
Has anyone here ever filed a claim for a loss from a SDB? Does anyone know of anyone who has? if so, please story us.
Liberty: Parent of Science & Industry
<< <i>rates are very low for collections always kept in a bank vault.
this must be because there is almost never a claim for a loss from a bank vault.
Has anyone here ever filed a claim for a loss from a SDB? Does anyone know of anyone who has? if so, please story us. >>
I've heard of claims due to flooding. I avoid SDBs which are close to the floor. The higher the better.
I asked my bank manager about SDB theft losses.
He said that he has heard of one incident where crooks put a gun to the teller's head and made her open SDBs. I don't know how this is possible given that bank employees don't have one of the necessary keys, but this is what he said.
<< <i>Every time I open the coin safe or the gun safes....same smile!!
God forbid your house has been broken into and those safes have been looted. God forbid someone surprises you with a gun in hand and forces you to open those safes.
<< <i>
<< <i>rates are very low for collections always kept in a bank vault.
this must be because there is almost never a claim for a loss from a bank vault.
Has anyone here ever filed a claim for a loss from a SDB? Does anyone know of anyone who has? if so, please story us. >>
I've heard of claims due to flooding. I avoid SDBs which are close to the floor. The higher the better.
I asked my bank manager about SDB theft losses.
He said that he has heard of one incident where crooks put a gun to the teller's head and made her open SDBs. I don't know how this is possible given that bank employees don't have one of the necessary keys, but this is what he said. >>
It certainly didn't result in a loss of property did it? Nope.
I do not, and will not, have an SDB. I like my coins and valuables and enjoy having them close at hand. As far as the fear of
<< <i>God forbid your house has been broken into and those safes have been looted. God forbid someone surprises you with a gun in hand and forces you to open those safes >>
, well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>The bank can always access your SDB.... two keys are necessary only when you are there...
I do not, and will not, have an SDB. I like my coins and valuables and enjoy having them close at hand. As far as the fear of
<< <i>God forbid your house has been broken into and those safes have been looted. God forbid someone surprises you with a gun in hand and forces you to open those safes >>
, well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO >>
I don't believe that is true otherwise there would never be a need to "drill" one out. AFAIK I have the only 2 keys to mine which are of course useless without the bank's key.
<< <i>
<< <i>No, mostly it gives me a sore back. My box is at the bottom of the column.
Mine is at the top, really scary to watch them try and remove it. >>
People at my bank usually just open the door. Pretty rare for them to also remove it.
<< <i>Didn't the feds require banks to seal SDB's after the 1933 gold recall so treasury agents could inspect their contents? >>
I do not recall any citation for this whenever this or a similar statement has been published. It is likely that when a bank failed that the contents of all boxes were sealed and given over to Federal agents who then returned the boxes to their owners when they came in to make a claim.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>
<< <i>Didn't the feds require banks to seal SDB's after the 1933 gold recall so treasury agents could inspect their contents? >>
I do not recall any citation for this whenever this or a similar statement has been published. It is likely that when a bank failed that the contents of all boxes were sealed and given over to Federal agents who then returned the boxes to their owners when they came in to make a claim. >>
Yeah, I think it's an urban myth that safe deposit boxes were raided during the 1933 gold confiscation.
EDIT: Wikipedia knows all......
It's not easier for you to get your box onto the hand cart for wheeling it to a viewing area?
Whoever is careless with the truth in small matters cannot be trusted with important matters.
I don't think this is correct.I'm going to ask about this at my bank.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
ed for sp.
<< <i>I have known two people who lost their key to their SDB... the bank provided them with another. Cheers, RickO >>
It would seem then that in the absence of a State or Federal law that each bank has its own policy for SDBs.
<< <i>well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO >>
I think I would feel safe if I could just keep mine at RickO's house
Empty Nest Collection
<< <i>
<< <i>well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO >>
I think I would feel safe if I could just keep mine at RickO's house
I concur. I don't think he leaves the compound anymore and the perimeter is always secured. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>I have known two people who lost their key to their SDB... the bank provided them with another. Cheers, RickO >>
It would seem then that in the absence of a State or Federal law that each bank has its own policy for SDBs. >>
My credit union has two big Diebold safes (5' x 7') with the individual SDB compartments inside. Credit union knows the combo for the lock and opens it for me to access my box. CU does not have a master key or duplicate keys to open the boxes.
I'm at a different bank now with better service and nicer, brighter rooms. On a rainy day, I'm apt to spend an afternoon there.
The other rule of thumb is for me not to have more than 10% of my collection at home at any time. I simply rotate things between home and the SDB (which is 5 minuted away). I'm very happy with the arrangement. If I'm going to be out of town for a stretch, all of the collection goes to the SDB.
I've heard too many horror stories of safes being peeled and entire collections being stolen. The worst was an elderly vest pocket dealer who left the house to pick up his wife at the movies. He was gone for between 20 and 25 minutes. When he came home his entire inventory was gone from a large safe as well as a few of his antiques in the house. The prep knew exactly what he was looking for. Were I a dealer, I'd never work out of my house for that reason.
Pete
Louis Armstrong
My three XL Boxes are all at waist height - and I wish Bank of America would break down and put a
cart to wheel the boxes into the private viewing rooms. I think each one weighs close to 80- 90 Lbs.
If there is a female bank teller assisting me - I just tell them to hold the gate open - if its a male teller,
I have him bring in at least one of the boxes. The bulk of the weight has got to me my Modern Silver
Commems - and ASE's - MS & PR sets. I swear when Silver hits $50 an oz - I'm dumping that stuff.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
<< <i>For those of you who are concerned about not being able to see your collection- I suggest imaging it. Get yourself a website, or even just a folder on your hard drive/flash drive (just make sure to make back up copies because computers do have issues on a regular basis) and you can look at it any time you want. Edit to add- I actually enjoy the record keeping/images more than the actual items much of the time. I didn't pick up the nickname "The Mad Documenter" for nothing... >>
Id hate to only be able to enjoy my coins by looking at my computer.
I collect so I can hold history and art physically in my hands.
I think I would feel safe if I could just keep mine at RickO's house >>
I concur. I don't think he leaves the compound anymore and the perimeter is always secured. MJ
Someday, when the kids are grown and gone, and I'm living in a house is on big land with distant neighbors, I hope to spend my days staying trained Rambo-style, armed and on high alert, safely hidden behind high concertina wire topped electric fence with loud alarms and panning cameras, attack dogs patrolling, so I can keep my coins and stuff at home and look at them whenever I want and have them safe from bogeymen, whether gov't sent or otherwise. Until then, it's just not practical. I'll play the odds and trust my bank with the valuables. Sometimes something will come home to get photographed and shared online, however, not everyone has shown one of their coins online. Some of the most "secure" talk about all their nice pieces, but refuse to show any at all, probably because of the Increases Risk of doing so. Well, everyone enjoys the hobby in their own way! Viva!
Liberty: Parent of Science & Industry
<< <i>I'd have to admit, when my collection grew to where I was worried when I left the house, my getting a SDB took something away from my collecting. The bank was always busy and I'd have to wait to be let in and wait to get out when I was finished AND worst of all, the lighting was poor in the viewing rooms.
I'm at a different bank now with better service and nicer, brighter rooms. On a rainy day, I'm apt to spend an afternoon there.
The other rule of thumb is for me not to have more than 10% of my collection at home at any time. I simply rotate things between home and the SDB (which is 5 minuted away). I'm very happy with the arrangement. If I'm going to be out of town for a stretch, all of the collection goes to the SDB.
I've heard too many horror stories of safes being peeled and entire collections being stolen. The worst was an elderly vest pocket dealer who left the house to pick up his wife at the movies. He was gone for between 20 and 25 minutes. When he came home his entire inventory was gone from a large safe as well as a few of his antiques in the house. The prep knew exactly what he was looking for. Were I a dealer, I'd never work out of my house for that reason.
Pete >>
That sucks that the dealer was victimized that way, but I wonder what kind of safe he used and if it was bolted down etc. My situation is similar to yours, I maintain a sdb and have some piece of mind for it.
<< <i>
<< <i>I have known two people who lost their key to their SDB... the bank provided them with another. Cheers, RickO >>
*Definitely* they should find another bank!
I have multiple SDB's and my bank gives the renter the only two keys that exist. Not including the 'common' key, (which has to be turned at the same time as the renter's key, in order to open the box.)
If you lose them both, you have to pay the cost of having the box drilled, (and they won't let you drill it yourself, you have to have a licensed locksmith do it.)
Edited to remove a redundancy in 2nd sentence. (I need more sleep!) >>
This is exactly my banks policy as well.
<< <i><< well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO >>
I think I would feel safe if I could just keep mine at RickO's house >>
I concur. I don't think he leaves the compound anymore and the perimeter is always secured. MJ
Someday, when the kids are grown and gone, and I'm living in a house is on big land with distant neighbors, I hope to spend my days staying trained Rambo-style, armed and on high alert, safely hidden behind high concertina wire topped electric fence with loud alarms and panning cameras, attack dogs patrolling, so I can keep my coins and stuff at home and look at them whenever I want and have them safe from bogeymen, whether gov't sent or otherwise. Until then, it's just not practical. I'll play the odds and trust my bank with the valuables. Sometimes something will come home to get photographed and shared online, however, not everyone has shown one of their coins online. Some of the most "secure" talk about all their nice pieces, but refuse to show any at all, probably because of the Increases Risk of doing so. Well, everyone enjoys the hobby in their own way! Viva! >>
Don't be such an extremist Baley
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>My three XL Boxes are all at waist height - and I wish Bank of America would break down and put a
cart to wheel the boxes into the private viewing rooms. I think each one weighs close to 80- 90 Lbs.
If there is a female bank teller assisting me - I just tell them to hold the gate open - if its a male teller,
I have him bring in at least one of the boxes. The bulk of the weight has got to me my Modern Silver
Commems - and ASE's - MS & PR sets. I swear when Silver hits $50 an oz - I'm dumping that stuff. >>
You should consider buying a collapsible hand truck or dolly. I've owned one for the last few years and find it very useful.
Police raid SDB's
<< <i>The bank can always access your SDB.... two keys are necessary only when you are there...
I do not, and will not, have an SDB. I like my coins and valuables and enjoy having them close at hand. As far as the fear of
<< <i>God forbid your house has been broken into and those safes have been looted. God forbid someone surprises you with a gun in hand and forces you to open those safes >>
, well, my security system and skills will prevent that scenario. I would not have my collection(s) if I had to store them in a bank. Cheers, RickO >>
Not correct on the bank can always access your SDB! It indeed takes two keys at all times to open a SDB... in the event the customer loses their key, for a mere $275.00 we will have a professional drill the lock and replace it with a new one! The "safety key" is required to open a SDB BUT it also requires the key held by the SDB owner...
Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
<< <i>I have known two people who lost their key to their SDB... the bank provided them with another. Cheers, RickO >>
Here (Canada) the bank provides you with the only 2 keys for one of the two locks. The bank master key opens only one lock. In the SDB agreement they explicitly mention the costs of cutting a new key if you lose one (I think around $25). If you lose both, you are liable for the cost of drilling out that lock so they can install a new one. I believe the cost for that is around $75.
<< <i>No, mostly it gives me a sore back. My box is at the bottom of the column.
Doh, I just got rid of mine for that exact reason.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.