I could be wrong but I believe that the locks on the safety deposit boxes are not serviced by the bank. As such, if a box owner falls into arrears on payments, its possible that the third party involved, the locksmith, could get box numbers crossed. Kinda like a doctor operating on the wrong leg?
As for the return of the contents, that totally depends upon the amount of time between when the "error" was discovered and how quickly the bank disposes of the property of the box. Presuming, of course, that the bank thought the correct box was drilled AND the owner of that box was unavailable for contact.
I suppose the safest thing to do is to visit your box regularly.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
There is a lot of incorrect information on this thread and the lack of any facts makes me suspicious of the legitimacy of the story.
The bank must make attempts to inform the owner for a certain period for drilling.
After drilling, the bank will turn over contents to the state for a set time - generally ONE YEAR. At that point they'll consider the process of possible sale.
These kind of stories do nothing but cause a panic when there likely isnt any truth to it.
Now if they drilled the wrong box, then it's possible they wouldnt have informed the owner, but it'd still go to the state for a long period before sale.
I do like Kranky's idea of placing a note with contact info on top as an additional precaution.
There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens.
<< <i>There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens. >>
But the power of the internet makes it "seem" as if it's a regular occurrence.
The ability, with the Internet, to panic thousands if not millions of folks with the click of a mouse is rather frightening and over the years I've learned that much of what gets posted does have not so apparent reasons for it being posted.
There was a time when the Information Superhighway was filled with useful, intelligent information. Today, there appears to be a lot more "misinformation" driving in the fast lane then ever before.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
<< <i>There is a lot of incorrect information on this thread and the lack of any facts makes me suspicious of the legitimacy of the story.
The bank must make attempts to inform the owner for a certain period for drilling.
After drilling, the bank will turn over contents to the state for a set time - generally ONE YEAR. At that point they'll consider the process of possible sale.
These kind of stories do nothing but cause a panic when there likely isnt any truth to it.
Now if they drilled the wrong box, then it's possible they wouldnt have informed the owner, but it'd still go to the state for a long period before sale.
I do like Kranky's idea of placing a note with contact info on top as an additional precaution.
There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens. >>
First off, let's assume the story is true.
Second, the box renter in the story is a currency dealer, so it's reasonable to assume that he accessed the box on a frequent basis, let's say monthly. If the bank held the contents for even 30 days and then turned them over to the state, it defies common logic that he wasn't able to get his items back.
simple case of mistaken identity (the box). Bank is liable, they ordered the opening and removal of contents. When outsiders are brought in to drill a box, they only drill the box holder's lock, bank is present with their key for the second lock. Bank oversaw entire process and they made a mistake. Open and shut case, bank will attempt to settle out of court. Box holder probably has them by the shorts, expecially if he has a thorough (and even inflated) inventory.
No Way Out: Stimulus and Money Printing Are the Only Path Left
I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science.
"If someone says 'A penny for your thoughts' and you give them your 2 cents worth, what happens to the extra penny?" G.Carlin
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. Generally speaking, you can go 3 months without making a payment before things start getting screwy.
In the past, I had a credit union do the same thing except they were taking out my Visa payment from my Savings account. I phone call got it straightened up.
As for Wells Fargo, I've heard stories from unrelated folks but have personally never had a problem with them. They are always courteous and helpful whenever I call of visit.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
Since the late 1990s, the banking system in the U.S. has become more and more brazen in their fraudulent dealings. I would suggest that anyone who has a safe deposit box should check the contents at least once per month.
This story could be true but if so it is an aberration. Don't panic and hide your valuables in your top drawer. Many more losses occur with valuables kept at home than at a bank SDB. I destroyed many coins in a floor safe that got damp in a very rainy year. I am not an expert in this area but.... The most important protection you can do is have your safe deposit where you have an active account and arrange to have payments be automatic and retain enough assets in your account to cover the invoices. Other than above the possible problems occur when you have a box in a bank that you have decided to close account without changing SDB contents to new bank. It also occurs when you have multiple boxes at different banks and forget where and what. Finally never have SDBs in banks that are not inventoried and their location documented for your most trusted advisor/ executor of estate and/or heirs. You cannot guarantee that you will not die suddenly (or slowly) and or you and your spouse are killed in an accident. If the contents of the box are considerable you may want to seek advice of your lawyer. Some people use SDB to hide assets from whomever. If no one knows about a SDB and you become incompetent or die the heirs may close your accounts and payments not made and the boxes become abandoned There are rules about accessibility of SDBs by in case of death. You must consider such rules if you wish heirs to have immediate control of contents. If you are ill and concerned about this, fair warning.
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. Generally speaking, you can go 3 months without making a payment before things start getting screwy.
In the past, I had a credit union do the same thing except they were taking out my Visa payment from my Savings account. I phone call got it straightened up.
As for Wells Fargo, I've heard stories from unrelated folks but have personally never had a problem with them. They are always courteous and helpful whenever I call of visit. >>
This. I check my accounts online on an almost daily basis.
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
FWIW, if you send a letter the CRA Credit Reporting Agency asking them to reaffirm the negative information, they have 30 days to reaffirm it or remove it; at least I believe that is still true.
<< <i>...and reported me to all three credit bureaus as deadbeat. >>
I use creditkarma.com to check my credit rating monthly. It's free to use and they send you a automated message if anything happens to negatively affect it. They only use one (Transunion I think) of the big 3 to base the rating on, but in your instance, you would have immediately been notified.
I've been with WF for over 25 years and have always found their services and commitment to "making it work" exceptional.
Shouldn't blame one pig for the mess in the sty.
Everything starts and everything stops at precisely the right time for precisely the right reason.
<< <i>Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. >>
This...along with every automatic payment (utilities, phone, insurance etc) that are automatically deducted from my checking account.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
Comments
As for the return of the contents, that totally depends upon the amount of time between when the "error" was discovered and how quickly the bank disposes of the property of the box. Presuming, of course, that the bank thought the correct box was drilled AND the owner of that box was unavailable for contact.
I suppose the safest thing to do is to visit your box regularly.
The name is LEE!
The bank must make attempts to inform the owner for a certain period for drilling.
After drilling, the bank will turn over contents to the state for a set time - generally ONE YEAR. At that point they'll consider the process of possible sale.
These kind of stories do nothing but cause a panic when there likely isnt any truth to it.
Now if they drilled the wrong box, then it's possible they wouldnt have informed the owner, but it'd still go to the state for a long period before sale.
I do like Kranky's idea of placing a note with contact info on top as an additional precaution.
There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens.
<< <i>There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens. >>
But the power of the internet makes it "seem" as if it's a regular occurrence.
The ability, with the Internet, to panic thousands if not millions of folks with the click of a mouse is rather frightening and over the years I've learned that much of what gets posted does have not so apparent reasons for it being posted.
There was a time when the Information Superhighway was filled with useful, intelligent information.
Today, there appears to be a lot more "misinformation" driving in the fast lane then ever before.
The name is LEE!
<< <i>There is a lot of incorrect information on this thread and the lack of any facts makes me suspicious of the legitimacy of the story.
The bank must make attempts to inform the owner for a certain period for drilling.
After drilling, the bank will turn over contents to the state for a set time - generally ONE YEAR. At that point they'll consider the process of possible sale.
These kind of stories do nothing but cause a panic when there likely isnt any truth to it.
Now if they drilled the wrong box, then it's possible they wouldnt have informed the owner, but it'd still go to the state for a long period before sale.
I do like Kranky's idea of placing a note with contact info on top as an additional precaution.
There's a reason you hear of this happening so RARELY - it's that it RARELY if ever happens. >>
First off, let's assume the story is true.
Second, the box renter in the story is a currency dealer, so it's reasonable to assume that he accessed the box on a frequent basis, let's say monthly. If the bank held the contents for even 30 days and then turned them over to the state, it defies common logic that he wasn't able to get his items back.
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. Generally speaking, you can go 3 months without making a payment before things start getting screwy.
In the past, I had a credit union do the same thing except they were taking out my Visa payment from my Savings account. I phone call got it straightened up.
As for Wells Fargo, I've heard stories from unrelated folks but have personally never had a problem with them. They are always courteous and helpful whenever I call of visit.
The name is LEE!
The banks communication w/borrower makes everything sound hunky-dory. "Sure, we'll just lower your payment..."
Meanwhile they will begin foreclosure process, etc. behind your back.
http://abcnews.go.com/print?id=4832471
ABC News
Since the late 1990s, the banking system in the U.S. has become more and more brazen in their fraudulent dealings. I would suggest that anyone who has a safe deposit box should check the contents at least once per month.
I am not an expert in this area but....
The most important protection you can do is have your safe deposit where you have an active account and arrange to have payments be automatic and retain enough assets in your account to cover the invoices.
Other than above the possible problems occur when you have a box in a bank that you have decided to close account without changing SDB contents to new bank. It also occurs when you have multiple boxes at different banks and forget where and what. Finally never have SDBs in banks that are not inventoried and their location documented for your most trusted advisor/ executor of estate and/or heirs. You cannot guarantee that you will not die suddenly (or slowly) and or you and your spouse are killed in an accident. If the contents of the box are considerable you may want to seek advice of your lawyer.
Some people use SDB to hide assets from whomever. If no one knows about a SDB and you become incompetent or die the heirs may close your accounts and payments not made and the boxes become abandoned There are rules about accessibility of SDBs by in case of death. You must consider such rules if you wish heirs to have immediate control of contents. If you are ill and concerned about this, fair warning.
<< <i>
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. Generally speaking, you can go 3 months without making a payment before things start getting screwy.
In the past, I had a credit union do the same thing except they were taking out my Visa payment from my Savings account. I phone call got it straightened up.
As for Wells Fargo, I've heard stories from unrelated folks but have personally never had a problem with them. They are always courteous and helpful whenever I call of visit. >>
This. I check my accounts online on an almost daily basis.
<< <i>I used to bank at Wells Fargo but no more. I had taken out a small home equity loan and set repayment to be by automatic withdrawal from my checking account, which was well funded. Long story short: they stopped automatic withdrawals, labelled me in default without notifying me, and reported me to all 3 credit bureaus as deadbeat. I did not discover this until I went truck shopping, and mysteriously no one wanted to sell me a truck. I had to file a complaint with the comptroller who oversaw the banking business where I am. The bank ended up sending me a $1000 penalty, and they were forced to fix the credit reports for screwing everything up so royally. I will concede this is OT but I wanted to pass on my distrust and dislike of Wells Fargo. They seem to lack any system of checks and balances, or conscientious follow up, and I'm taking this opportunity to encourage those folks that can to look elsewhere to keep their valuables safe. There may be worse banks but there is no more important function for a bank to perform than doing their job right. It is not rocket science. >>
FWIW, if you send a letter the CRA Credit Reporting Agency asking them to reaffirm the negative information, they have 30 days to reaffirm it or remove it; at least I believe that is still true.
<< <i>...and reported me to all three credit bureaus as deadbeat. >>
I use creditkarma.com to check my credit rating monthly. It's free to use and
they send you a automated message if anything happens to negatively affect
it. They only use one (Transunion I think) of the big 3 to base the rating on,
but in your instance, you would have immediately been notified.
I've been with WF for over 25 years and have always found their services and
commitment to "making it work" exceptional.
Shouldn't blame one pig for the mess in the sty.
<< <i>Sorry to hear of your problem however if I were having my Mortgage payment automatically deducted from my checking account, I would check every month to insure that it had been taken out. >>
This...along with every automatic payment (utilities, phone, insurance etc) that are automatically deducted from my checking account.