Options
safety deposit box questions
stevepk
Posts: 239 ✭✭✭
I currently keep my coins in the bank's safety deposit box and have questions.
1. Is a bank safety deposit box generally accepted as the safest means of coin storage?
2. If the bank goes out of business or moves to a new location, will I be notified to retrieve my collection?
3. How often are valuables lost from bank safety deposit boxes (employee theft, robberies, flood, fire, etc)?
4. What coins are often suspect to ugly toning over time from the high humidity of safety deposit boxes?
5. Is it possible someone could steal my drivers license, key, find my bank, and access my box?
6. Is there anything I should be aware of with bank safety deposit box storage?
7. Am I being paranoid?
I would rather not keep valuables in my home as I would be devastated to have them stolen.
1. Is a bank safety deposit box generally accepted as the safest means of coin storage?
2. If the bank goes out of business or moves to a new location, will I be notified to retrieve my collection?
3. How often are valuables lost from bank safety deposit boxes (employee theft, robberies, flood, fire, etc)?
4. What coins are often suspect to ugly toning over time from the high humidity of safety deposit boxes?
5. Is it possible someone could steal my drivers license, key, find my bank, and access my box?
6. Is there anything I should be aware of with bank safety deposit box storage?
7. Am I being paranoid?
I would rather not keep valuables in my home as I would be devastated to have them stolen.
0
Comments
BTW only one that worried me was the humidity and there is a way to combat that. I have a couple of rechargeable descant packs and change out every time I go to the bank.
1) This is the best option for me, but others do not like the option as much.
2) I believe you are notified.
3) It is likely that banks do not publicize how often they are hit for theft, but if you have a dual key system where the owner key is unique then an inside job would be mighty tough to pull off. The banks that I use employ this dual key system and it is great, but if you lose the key you are out $75 for drilling the box. Flood, fire, etc...would depend upon the area.
4) My coins have never turned in a safe deposit box, but I also keep them in Intercept Shield holders.
5) It's possible. However, if your key is not labeled as to the bank and if you know the folks at your bank it is extremely unlikely. For example, the people in the banks where I keep boxes know me quite well and would never allow someone impersonating me into my box.
6) The contents of the box are not insured by the bank or anyone else unless you buy a policy to cover them while in the box. I use Hugh Wood, which is recommended by the ANA.
7) Not really.
In honor of the memory of Cpl. Michael E. Thompson
Yes
2. If the bank goes out of business or moves to a new location, will I be notified to retrieve my collection?
I'd ask the bank. It seems reasonable to me that they'd make a good faith effort to find people.
3. How often are valuables lost from bank safety deposit boxes (employee theft, robberies, flood, fire, etc)?
Things dissapear out of safe deposit boxes less frequently than from homes. Never say never. Earthquakes, hurricanes, armeggedon, war, insurrection, floods, and zombie attacks are all possible.
4. What coins are often suspect to ugly toning over time from the high humidity of safety deposit boxes?
Variable. Red copper and 100% silver are the most reactive. Coins in holders are thought to be slightly more stable than raw coins.
5. Is it possible someone could steal my drivers license, key, find my bank, and access my box?
Yes, but not likely.
6. Is there anything I should be aware of with bank safety deposit box storage?
Yes. They are generally considered the most secure way to keep valuables safe.
7. Am I being paranoid?
A little.
1. Yes, absolutely
2. Absolutely
3. Pretty much never. To access a box you need a bank employee to "prime" to lock with their key. Then you open it with your personal key. You are given the ONLY two copies of the personal key that exist. If you lose one, they charge you to re-cut a new one based on your backup key. If you lose both, they will charge you to physically drill out the lock on your box and replace it with a new lock and keys.
4. This depends on where you live. Generally SDB vaults are low humidity and very safe for long term storage.
5. Only if you have an evil twin.
6. I can't think of anything off hand that you haven't covered.
7. Yes
Look into home owner insurance. Don't make it public knowledge that you collect valuables. If you do tell people about the fact that you collect coins, make sure to drop the "but I always keep them in my safe deposit box" line, even if it isn't true.
<< <i>
5) For example, the people in the banks where I keep boxes know me quite well and would never allow someone impersonating me into my box.
>>
Clearly TomB, you either haven't seen, or don't remember the movie Faceoff.
Stevepk, you'll be fine with your coins in a SDB. Search around, check out the features and requirements to enter for a couple banks SDB's. I have two, one is a dual key and one is a single key and fingerprint verification.
Read up on SDB storage, from Intercept Shields to moisture absorbers. You'll be fine. And safe.
Nick
Not-So-Safe-Deposit Boxes
San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown." "I was appalled," Ruff said. "I felt violated."
Unknown? Carla's name was right on documents in the box at the Noe Valley Bank of America location. So was her address -- a house about six blocks from the bank. Carla had a checking account at the bank, too -- still does -- and receives regular statements. Plus, she has receipts showing she's the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.
"They are zealously uncovering accounts that are not unclaimed," Ruff said.
To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded. And that's not all. Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.
"These things were things that she gave to me," Ruff said. "I valued them because I loved her."
Bank of America told ABC News it deeply regrets the situation and appreciates the difficulty of what Mrs. Ruff was going through. The bank has reached a settlement with Ruff and continues to update its unclaimed property procedures as laws change.
A fair amount of the humidity in a bank vault comes from the curing of the concrete floor and walls (Hoover Dam is STILL curing...albeit with a little more concrete than a vault). While dessicants help, newer vaults saturate those dessicants very quickly while they are curing.
<< <i>I currently keep my coins in the bank's safety deposit box and have questions.
1. Is a bank safety deposit box generally accepted as the safest means of coin storage?
Yes. The odds of them being stolen or appropriated are exceedingly low historically. The number
one danger is that you forget them or lose touch with the bank and the comtents will be turned
over to the state for sale to pay back rental fees. This takes about five years in Indiana and they
will try all possible means to notify you.
2. If the bank goes out of business or moves to a new location, will I be notified to retrieve my collection?
If they don't it's called stealing. This just hasn't happened in the past. By the same token Id never
rent a SDB in a trailer.
3. How often are valuables lost from bank safety deposit boxes (employee theft, robberies, flood, fire, etc)?
Flooding is uncommon but does occur. Fires happen but the vaults are usually secure against fires.
Theft by employees is extremely rare and theft by outsiders is rare as well.
4. What coins are often suspect to ugly toning over time from the high humidity of safety deposit boxes?
I doubt these boxes are any more secure against tarnishing than other storage methods but most
vaults have enviromental controls which is good for storage. Some banks turn these off at night so
you might want to enquire. Don't store foam rubber or PVC.
5. Is it possible someone could steal my drivers license, key, find my bank, and access my box?
Yes. The bank has safegaurds against this but it's important to protect your keys and the duplicates.
6. Is there anything I should be aware of with bank safety deposit box storage?
The bank can restrict access to your box. Most banks have a new clause in the agreement prohibiting
the storage of currency (poorly defined).
7. Am I being paranoid?
No.
They are far safer in the bank but it's best people don't know at all. I like letting people know I store
everything of value in SDB's.
via agency associated with ANA
covers coins at home and in box
not very expensive IMO
<< <i>One more advise 2-3 smaller SDB boxes at different banks are better than 1 big one and cost about the same >>
I utilize this strategy as well by renting boxes in different banks.
In honor of the memory of Cpl. Michael E. Thompson
if the government decides for some reason to take gold or silver, your out of luck with a safe deposit box.
For coins or anything of value, a SDB is the smart and efficient way to go. No ifs ands or buts.
however i have several properties under this policy, so its built in and pretty
cost effective in that respect...............i really dont worry about it............
its only money...........
my current bank would only issue the box and 2 keys to the people present, me and my daughter
so just me and her can get in.............so im not sure if someone finds / steals your key, they can just roll
into a bank and get in your box
<< <i>The government is never going to "take your gold and silver." >>
i'm not worried about it...but it could happen again. i don't why you're convinced it wouldn't.
"Money does not care about speeches on morality. Capital asks whether the rules will remain the same tomorrow. With inflation, people assume price is the problem, and propose regulation—but price is simply the message." - Martin Armstrong
I have a 5x10. It holds 7 PCGS Blue Boxes and I have an inch or two above the boxes to lay other documents.
I recommend the SDB. It is by far the safest way.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
<< <i>Access a SDB at least two or three times a year. Unvisited boxes are subject to being declared "abandoned." California is very proactive with this in an effort to raise revenues. >>
Generally you get a bill from the bank stating that the rental fee is due. If not paid by a certain date they can declare it abandoned.
Paying your annual rental fee appears to not be enough
"Money does not care about speeches on morality. Capital asks whether the rules will remain the same tomorrow. With inflation, people assume price is the problem, and propose regulation—but price is simply the message." - Martin Armstrong
<< <i>
<< <i>Access a SDB at least two or three times a year. Unvisited boxes are subject to being declared "abandoned." California is very proactive with this in an effort to raise revenues. >>
Generally you get a bill from the bank stating that the rental fee is due. If not paid by a certain date they can declare it abandoned. >>
Unless you sign a document stating that you allow the bank to automatically deduct the yearly fee when it is due. This is what I have done and what has happened for the past several years I have had one.
<< <i>I currently keep my coins in the bank's safety deposit box and have questions.
1. Is a bank safety deposit box generally accepted as the safest means of coin storage?
2. If the bank goes out of business or moves to a new location, will I be notified to retrieve my collection?
3. How often are valuables lost from bank safety deposit boxes (employee theft, robberies, flood, fire, etc)?
4. What coins are often suspect to ugly toning over time from the high humidity of safety deposit boxes?
5. Is it possible someone could steal my drivers license, key, find my bank, and access my box?
6. Is there anything I should be aware of with bank safety deposit box storage?
7. Am I being paranoid?
I would rather not keep valuables in my home as I would be devastated to have them stolen. >>
1. No, a PCGS holder is the safest place for coin storage.
2. Yes, check ebay for closeout sales if the bank goes out of business or if stolen. Remember : the holders have serial numbers.
3. Never, in my experience which is limited to just a few years have I had problems. There is a first time for everything.
4. Coins do not generally tone in PCGS holders, but depending on your bank's temperature control, no person can know. Only time will tell.
5. Yes since everything is possible, someone could steal your keys and everything. Is this likely ? No.
6. You are being watched by security cameras and your entry in and out is recorded. Look up at the satellites.
7. Paranoia runs deep. Kevlar helmets and bullet proof vests do not make for nice fashion statements. Avoid wearing this type of attire when going to the bank.
Please accept my apologies if my responses upset you, or the administrators and moderators. It was a plug for them
Practice makes perfect & nobody is perfect. So, practice being nobody.
<< <i>States Seize Citizens' Property to Balance Their Budgets
Paying your annual rental fee appears to not be enough >>
I do remember that California has been/is particularly mean in that regard.
<< <i>
<< <i>
<< <i>Access a SDB at least two or three times a year. Unvisited boxes are subject to being declared "abandoned." California is very proactive with this in an effort to raise revenues. >>
Generally you get a bill from the bank stating that the rental fee is due. If not paid by a certain date they can declare it abandoned. >>
Unless you sign a document stating that you allow the bank to automatically deduct the yearly fee when it is due. This is what I have done and what has happened for the past several years I have had one. >>
I get a bill, no doubt there are various choices available. I'm pretty sure that my bank would bend over backwards to accomodate its customers. Collectors among a few others are likely to be frequent users of their SDB.
<< <i>
<< <i>The government is never going to "take your gold and silver." >>
i'm not worried about it...but it could happen again. i don't why you're convinced it wouldn't. >>
From what I understand, no SDB's were EVER seized and opened under the 1933 Gold Act.
Otherwise, how'd Izzy manage to hide those 10 1933 Saints?
The name is LEE!
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"