Well, so much for safe deposit boxes.

wam98 · April 21, 2005 7:22PM

Why treasures in safe deposit boxes get lost

relayer · April 21, 2005 7:39PM

That only applies to the stupid people who forget where they put things.

Unless you die, then that is a valid excuse.

wam98 · April 21, 2005 7:55PM

The part about bad record keeping by banks was what troubled me the most.

BAJJERFAN · April 21, 2005 8:49PM

I read that before and its really sad. You would think that would be the exception and not the rule. A person really needs to make it a point to visit his SDB on a regular basis. My bank says they take action only if the rental fee goes unpaid for a year.

carl · April 21, 2005 9:43PM

Not sure about other states but here in Illinois they publish a giant list each year of such abandoned bank accounts, safe deposit boxes or other abandoned or forgotten things. They publish the last name and address of the missing or forgotten individual. This list is usually quite hugh and consist of numerous pages in the newspaper. My neighbor found a relatives name there and it turned out to be an account forgotten many years ago and with several moves, the address just got lost. It turned out to be about $17 total.
However, that story did make me realize my relatives may know I have a box but not where. Thanks for the info. I'll let everyone know where it is and put a giant sheet of paper in the box with a list of people to contact just in case.

nolimitz · April 21, 2005 10:28PM

<< <i> and put a giant sheet of paper in the box with a list of people to contact just in case. >>

really good idea

ScarsdaleCoin · April 21, 2005 10:32PM

good point...if they are collecting the yearly fee how can they consider its owners missing?

magikbilly · April 21, 2005 10:33PM

Storing paper, even acid free, in a safety deposit box with coins in not the best idea, even with slabbed coins - my .02

Billy

BAJJERFAN · April 21, 2005 10:37PM

Now you can have the fee automatically paid from a checking or savings account.

If you are not the actual renter of the box and owner of the contents the bank may still have to go thru the state BEFORE you could actually take possession. While in the state's custody items can become lost stolen or damaged.

BillJones · April 21, 2005 11:26PM

It's a lot easier to lose stuff having it around the house than in a safe deposit box.

About the only time that I've heard of things going sour in a bank safe deposit box was after a robbery at a Medford, Massachusetts bank. The thieves broke into the bank vault after hours and rifled the boxes. Unfortunately for the thieves, they took stuff from the boxes of some mob members. The mob boys made them very sorry that they are committed the crime

and I heard that the thieves made an effort to return the goods after the health of a couple of their cohorts took a rapid and unexpected turn for the worse.

originalisbest · April 21, 2005 11:34PM

You mean like those nasty old paper envelopes that imparted wonderful toning to today's "collector's gems" over the years, magikbilly?

A little common sense will carry you far - one sheet of acid-free paper in a safety box won't harm your coins one iota. Or did you think the little labels embedded in your slabs was made out of mylar?

pharmer · April 21, 2005 11:34PM

I think the key paragraph is the one referring to bank mergers, and boxes no longer being free under new ownership. That will catch a lot of people who may have gotten old or used to not looking closely at what the bank mails them. Everything I put in goes on a flatbed copier/scanner for hard copies that I file and date.

RYK · April 22, 2005 12:18AM

My bank is at the top of the food chain, so I do not worry about mergers. I do worry all the time about safety deposit box theft, however, and have even thought about insuring the contents. Folks here with much bigger stashes in me have convinced me otherwise...for now.

cladking · April 22, 2005 12:18AM

Thanks for the link (and all the posts). This one really hits home. The bank at which
I have most of my boxes has a lot of trouble with paperwork. They once forgot to
charge me for a box for years and I didn't notice. They've "lost" empty boxes. I keep
an eye on the number of empties so I can rent one when they get low but then they
all disappeared for years. They aren't very quick to drill boxes fortunately but this has
inspired me to check all the boxes and get a list of them to my relatives.

dimples · April 22, 2005 12:35AM

That's why I dig up my collection in the backyard every year to see that it's still there. Yup

100proof1957 · April 22, 2005 2:03AM

i owned 8 shares of Disney stock that the state took because i didnt cash the dividend checks !

took me 2 1/2 years to get the money.

flaminio · April 22, 2005 2:12AM

<< <i>I think the key paragraph is the one referring to bank mergers, and boxes no longer being free under new ownership. >>

This happened to me. My safe box was with a local bank, and because they liked me it was Free For Life. Well, "Life" turned out to be the life of the bank, not my life. It was gobbled up by a Big Bank (won't say which, but I'm sure you know what "Citi" they're in), and they sent me a letter saying that my branch would no longer have safe boxes, and to come get my stuff. I stopped in, got my stuff, and talked to the manager about what to do. Turns out, there is a branch closer to my house now with safe boxes. Great, but do I get to keep my free rate?

Uh, no.

Indeed, she even looked back at my records and said that she should back-charge me for all my free years. But she won't, because she's such a nice person. Thanks ever so much.

markglicker · April 22, 2005 2:34AM

I love my bank, but much needs to be improved in the sdb department.

MajorDuty · April 22, 2005 2:49AM

That just sucks! Mann.

I don't like SDB because your stuff isn't with you in your home where you can have quick access to it. What if it's a Sunday and you want to check out your favorite coins but they're locked away down town somewhere? You can't. You'd have to wait until your bank opens, dive down town, and often wait in a long line. Lets not forget to mention you have to pay for those SDBs. There's enough to pay for already. No thank you.

I understand robbery concerns, but a huge gun safe simply CAN'T be hauled away by a few thugs looking for a quick steal of jewels and stereo equipment. (A real safe, not some cheap little boxy thing) My Halls gun safe (of Auburn) is hidden behind some cabinet looking doors behind a book shelf area, so it can't even be seen. I think a book shelf will be about the last place a thief will look for valuables.

MoneyLA · April 22, 2005 8:29AM

On the website www.moredeals.com in the NOTEBOOK section, top left of the home page: at the bottom of this article is info on how to check for lost and abandoned property. the info is for california, but the california contact info has the info for other states.

klorineforbrains · April 22, 2005 8:41AM

<< <i>My Halls gun safe (of Auburn) is hidden behind some cabinet looking doors behind a book shelf area, so it can't even be seen. I think a book shelf will be about the last place a thief will look for valuables. >>

Why would you tell anyone, especially us, that?

MajorDuty · April 22, 2005 8:44AM

Of Auburn, not in Auburn.

It's not like I told you the size of my penis.

Myqqy · April 22, 2005 11:26AM

Why would you tell anyone, especially us, that?
It's not like I told you the size of my penis.

ddink · April 22, 2005 11:41AM

<< <i>Why would you tell anyone, especially us, that? >>

Possibly because we a) don't know who he is, and b) don't know where he lives, so it's not like any one of us could break in

Be careful though; a robber might not can carry it away, but they could force you to open it, or if you are gone for the weekend or overnight, they could just do the job themselves.

Well, so much for safe deposit boxes.

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