Safety deposit boxes destroyed
Mark
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My hometown paper today has a story about safety deposit boxes in SunTrust bank destroyed. Apparently SunTrust had contracted with Diebold to replace 56 old, empty safety deposit boxes. Unfortunately Diebold hauled away and crushed 84 safety deposit boxes, which, amongst the 56 old, empty boxes also included 28 not-so-old, not-so-empty boxes. The paper had comments from two customers whose boxes were destroyed. They said that SunTrust promised to make them whole. Neither mentioned coins as being in the box. One did say that his box contained "at least $120,000 in savings bonds." (I have to admit, had I been in that customer's shoes, I might also have mentioned $200,000 of currency in the box ...)
I wonder if any of the boxes had coins and, if so, how SunTrust was going to handle compensation. Regardless, I shudder when I think about this happening to any of my safety deposit boxes!
I wonder if any of the boxes had coins and, if so, how SunTrust was going to handle compensation. Regardless, I shudder when I think about this happening to any of my safety deposit boxes!
Mark
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<< <i>Yikes! It is not allowed to store currency(at least US) in the SDB.
Why not? Can you give us a link to the law that forbids storing money in a SDB?
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
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
Sounds to me like SDBs are any thing be safe.
Edited to add: The "redistribution" of the SDB was done without the knowledge or permission of the customer, although they were still all payed up on the account to have that box.
If something like this were to happen and you had cash in it, it would be difficult to claim exactly how much cash was present
as these boxes are not insured by the FDIC.
<< <i>It is not illegal to store cash in an SDB.
If something like this were to happen and you had cash in it, it would be difficult to claim exactly how much cash was present
as these boxes are not insured by the FDIC. >>
Wouldn't that be up to a jury to deide?
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
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>I recall seeing the SDB agreement I signed said I would not keep Guns, Cash or explosives in there... >>
I've also heard bankers tell me that some customers have stored fruit and other food items in them!!!!
Main reason was to cause a disturbance for the bank
<< <i>It is not illegal to store cash in an SDB.
If something like this were to happen and you had cash in it, it would be difficult to claim exactly how much cash was present
as these boxes are not insured by the FDIC. >>
The FDIC only insures account deposits. A SDB is not an account. Probly a good idea to read your SDB agreement carefully to see if the bank has any liability when stuff like in this thread happens.
<< <i>
<< <i>I recall seeing the SDB agreement I signed said I would not keep Guns, Cash or explosives in there... >>
I've also heard bankers tell me that some customers have stored fruit and other food items in them!!!!
Main reason was to cause a disturbance for the bank >>
I've heard of people who got mad at their bank putting a large fish in their SDB.
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
Given the liability invo9lved here, I'd think they would attempt some type of salvage to determine the contents of those "other" boxes.
Now, if the boxes were shredded, that would be different but shredding would still leave a "paper trail".
The name is LEE!
<< <i>
<< <i>I recall seeing the SDB agreement I signed said I would not keep Guns, Cash or explosives in there... >>
I've also heard bankers tell me that some customers have stored fruit and other food items in them!!!!
Main reason was to cause a disturbance for the bank >>
Hmm. Maybe a dead cat or dead mouse?
Naaa.
The name is LEE!
http://www.bankersonline.com/operations/safecash.html
All the bank has to do is check the access records to isolate the relatively few boxes which could containing the offensive item.
Having done this they could drill the locks on the boxes until the item is located and remove it.
Would you want to pay $200+ each for locks that have to be drilled plus face criminal charges? Also,some box owners could file lawsuit against you claiming the items in their box were damaged by the stinking item you put in yours.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
<< <i>This link has the rules about cash in SDBs. It's legal as long as it's not done to hide money from the IRS.
http://www.bankersonline.com/operations/safecash.html >>
Ye Olde Linkola
Anything from flood, fire, to being banned from the bank, I can think of many reasons why I'll never see my stuff again.
Even though the risk might be small, it's still worth thinking about.
<< <i>Yikes! It is not allowed to store currency(at least US) in the SDB.
keyman64 signature line: "100% Of My Collection Is Stored In a Safe Deposit Box At A Bank. "
2500 boxes and there was litigation after 9/11.
Here is an item concerning Chase shortly after the attacks:
http://www.newsday.com/business/it-s-your-money-safe-deposit-boxes-contents-remain-buried-by-attack-recovery-liability-issues-are-a-concern-1.786043
<< <i>keyman64 signature line: "100% Of My Collection Is Stored In a Safe Deposit Box At A Bank. "
It's True!
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<< <i>keyman64 said:
<< <i>Yikes! It is not allowed to store currency(at least US) in the SDB.
keyman64 signature line: "100% Of My Collection Is Stored In a Safe Deposit Box At A Bank. "
That is super funny. Great catch!
Lafayette Grading Set
<< <i>Hard to believe they didn't know they had something inside them. Sounds like a class action lawsuit in the making.
I spoke with a bank officer, and asked, whether this would also apply re family heirlooms and / or rare coins, and explained the difference between these items and cash / currency above. As a matter of first impression, he did not think I would have an issue with this.
Re another poster's comment. I don't understand why someone would store a dead fish in the box. He is looking at all sorts of lawsuits by the bank for doing this, and the culprit would easily be found by checking bank records re access to the particular safe deposit box.
If you want to display anti-social behavior, one would think you would do it in a manner that wouldn't lead to being on the wrong end of a lawsuit, and also have the possibility of not getting caught doing whatever you did. A friend of mine did something like this decades ago. PM me for details if interested; it's not appropriate to put on the forum.
"Seu cabra da peste,
"Sou Mangueira......."
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
In God We Trust.... all others pay in Gold and Silver!
Bet a branch manager is looking for a new job.
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
Lafayette Grading Set
<< <i>And BTW if the contractor was destroying them how much do you want to bet that one of them had some heavy pockets when they went home. >>
Good point, I can't imagine anyone getting "hired to destroy and scrap" safety deposit boxes or safes not hearing something rattling around as they removed the boxes and looking closer. At some point in the recycling scraping process someone is going to see money, papers and coins.