Safety Deposit Boxes??
 

Do you use them?
How safe do you think they are?
From what I read, there is no federal control over, or what banks do with them.

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I have one basically because it was free for one year when I opened a bank acct here. It renews soon for, I believe, $35 p/yr. Price is fine.

I'm on the fence about it. The likelihood of fire or theft at my home are both very, very small. So, I may just shift what's in there to a safe place at home. I've never loved the idea of somebody else having possession of my worldly goods.

It's almost amusing. I bank here at a small branch of a national bank. The vault door is wide open with no barrier stopping anyone from walking right in (although they'd been seen doing so) and there is no security guard in the branch. Does that answer your question?

Safety Deposit Boxes are not 100% safe. Theft can occur by a bank employee on rare occastions. We have one of them....free with minimum balance at our bank but we talk about installing a fire proof home safe to replace it.

For sure, what people ought to do is keep a dated list of what's in there along with a photo taken from their phone.

There are varying levels of fire resistant, but there is no "fireproof."

May I recommend you read Post #2 of this thread: https://www.talkofthevillages.com/fo...ight=cash+safe

They can't get into the safety deposit boxes, it takes 2 keys none of which are in the vault. I have never heard of anyone losing anything in them except in the movies. They are safer than your home for sure.

I can't believe the bank doesn't have master keys to get into all the boxes.

they do not have your keys to steal from your box! if you lose your keys, there is a fee to drill out the lock and replace it.

Come on people, . . too many tic tok videos?

Precisely. So, let's have some fun here b/c this a forum where conversation and explorations are to be had. **NOTE: These are all very low probability.*

The ways contents could be taken from boxes - not legitimately.
1) A bank employee, by whatever means (some we probably don't know about)
2) National economy implodes, Fed Gov decides (again) that all privately-held gold should be sold to them so, they create the legal means to inspect the boxes. (Pls don't go off on this one, folks. Not likely, but not impossible)
3) Drills (who needs keys?). With my branch, it would be quite easy for 2 experienced bank robbers to have a ready sign to place in the front door window: Temporarily closed for water repairs - Open tomorrow. I doubt any customer wanting to enter would think anything of it. Then, one guy keeps the employees contained and the other one drills the boxes.
4) The above scenario but, instead of drilling they threaten the manager to use whatever master means the bank has for opening the boxes.

There are probably more ways. But, IMO, the point is there are ways and it's worth people thinking about b/c everyone's risk tolerance is different AND, if the robbers are any good, you will never see those contents again. GONE...

:1rotfl::1rotfl:

Someone has limited capacity for risk assessment and overall bandwidth limitations.
C'est la vie....not my issue.

You have been watching too many movies.

I believe your box is very safe in a bank. No need to have a safe at home unless you are hiding large sums of money from the IRS and you deal with cash.

Or you have, collect, and use firearms. Or you are smart and protect your vital documents. Or you have experienced civil disorder and understand how cash and guns are vital to survival.

Banks do not have the customer key, or a master key to get into the boxes.

Banks have to drill the locks to open boxes.

They don't. Period.

I didn't realize that under civil disorder the bank will be open and you will be welcomed in to pick up your gun from safe deposit, huh.

LOL!

I don't have anything I want to store in a safe deposit box. . . nor do I own a safe. .
just not worth putting something expensive into it, and only have to spend money to go see it. .
and if no one knows its in your house, why would they come in your house to get it?

its easier to give the family jewels to the heirs so they can keep them and admire them. . I have had them long enough. .
sentimentality is the curse to a house with limited storage. .

You are speaking a mouthfull! I couldn't agree more with your sentiment and keep telling our kids not to worry about "things". They tie you down and waste your time. Live simply, well and enjoy the ride through life.

Yes, I have watched many heist movies. Great escapism!

But that has nothing do with what I wrote. This, however, explicitly does and perhaps you might know why it was not comprehended by some readers here?
When that disclaimer was so clearly provided why have some gotten rattled about the rest of the post? What say you?

I will guess it's because they never thought a bit about what risks exist (however minimal) with using that means of protection and they're a bit embarrassed about that. But, you see? That's the value of these forums -- to share info, ideas, thoughts, strategies, recommendations, etc.etc. etc.

In my wildest dreams, I cannot imagine being unsettled by mere words spoken or written particularly when not personal in nature. But then, I'm crazy like that.

Hat tip to Comment #21 -- Haha, another remote possibility - outright Govt confiscation.
From link: ....the Federal Bureau of Investigation (FBI) had seized the contents of hundreds of boxes belonging to customers who were not under investigation as part of a raid

In the event of a bank holiday (forced closing, lack of funds, etc) your SDB would not be accessible. FBI routinely looks at contents of SDBs in their investigations.

fake news

Just thinking about how disappointed a robber would be if they took the time to drill into any safe deposit box of mine.

I use a box just to hold originals of important papers (wills, POA, etc)…… protection against fire mostly. I keep copies at home and have an inventory to help my executor.

It’s important to get one of your heirs on the signature card so they can get at your stuff if something happens to you.

For almost all legal documents, you do not need the original document. It is more important to scan the documents and store them on the cloud. I use the Google Drive, which anyone with a Google account can access from any device connected to the Internet, with 15GB of free permanent storage. Just go to "drive.google.com". You don't even need to set it up because the "mydrive" is already there and ready to add documents. 15GB is plenty of storage space to store all of your scanned legal documents.

I'm not sure what you mean by "no federal control". Are they covered by federal insurance? No. Financial institutions have no idea what the safe deposit box renters put in their safe deposit boxes so there is no insurance coverage.

Safe Deposit box are extremely safe
 

Safe Deposit box are extremely safe.

I use to work for an armored truck company who had the contract with the State of Florida.. If a safe was derelict and the owner could not be reached, the bank would have to file a report with the state of Florida. The state of Florida would direct us to place an armed Officer in the vault while the safe deposit box was drilled open. The content was then placed in an evidence bag that was signed by the armed Security Officer, and the bank branch manager. Those bags where then transported via armed armored truck to Tallahassee and delivered to the department, whose job was to try and locate family members or the owner of that safety deposit box.

Bank employees have one key to the box.. You the owner of the box has the other one.. The only way to open that box is to drill the lock that the owner has the key too.

Safer than keeping valuable items in your house, such as, gold coins.

If you want to keep something safe in the event of a bank failure, you don't put it in a bank. I trust something like a will with a close relative.

I have had security box in a bank building that has seen 3 banks over the years. I’ve never had a problem. I keep papers and documents that I don’t want to lose in there. The only problem I see with them is bank buildings will go away as how we do our finances continues to change and that will be the end of security boxes.

all the will and trust papers should be with your executors, or beneficiaries. . .
yes you should have a copy, but digital ones on an air gapped solid state thumb drive. .
as well as financial statements, account numbers, and passwords. .

and the executors / beneficiaries all have a thumb drive copy. .
where they store it, someplace safe. . and the only issue would be a fire. .
but with you and they having a copy, the probabilities of two fires at the same time in each place is pretty remote

good luck to us!

We have always had a safety deposit box. If you have various people such as, in-home nursing care, repairmen, painters, carpet cleaners, etc. in and out of your house as we have, it make us feel more secure. Plus bank bldgs might be built stronger than our flimsy house in case of tornados, hurricane force winds. I worry about everything. 😊

Get a safe for your house and keep your stuff there. You can buy a good quality safe that's relatively fireproof for hours.

All of this is kinda funny. We've stored necessary paperwork in a bank safe deposit for over 50 years and everything is still intact with ready access. Our estate executor has a key, as do we and we're set to go. If anyone wants the copy of our will and cherished, only pictures of Aunt Fanny, Uncle Chester and Grandma and Grandpa Acorn they are welcome to them. We won't be looking at them much longer anyway.

I am POA for a brother, and he has a safe deposit box in a big national bank. The bank employee spent ten minutes trying to open it with the keys, my brother’s and the bank’s. It had not been opened in so many years that corrosion or rust has frozen the lock. Good luck to any safe cracker.
About three quarters of the boxes in the vault were open and unused.
I have a fireproof wall safe at home. I am sure any determined thief could crack it, but I consider that to be an unlikely event. I know of only one burglary in The Villages, and in that instance only dresser drawers were emptied, as it appeared the ransacking was brief and unskilled.

All of our important documents are digitally copied and stored on a computer and in two different cloud accounts, and the successor trustee has access to each.

Exactly right. I posted that (post 15) in response to the guy that says why bother having a safe at home (post 14).

We didn't want to waste time digitally copying anything or managing cloud accounts, we just dropped the papers in the SDB while at the bank.