[Michael G.]

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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[HappyTraveler]

Originally Posted by Michael G.

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.

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.

How safe do you think they are?

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?

[Smalley]

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.

[HappyTraveler]

Originally Posted by Smalley

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.

[ElDiabloJoe]

Originally Posted by Smalley

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.

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

[ElDiabloJoe]

May I recommend you read Post #2 of this thread: What would you take with you in a fire?

[vintageogauge]

Originally Posted by HappyTraveler

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?

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.

[Michael G.]

Originally Posted by vintageogauge

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.

[CoachKandSportsguy]

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?

[HappyTraveler]

Originally Posted by Michael G.

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

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...

[Bogie Shooter]

Originally Posted by HappyTraveler

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...

[HappyTraveler]

Originally Posted by Bogie Shooter

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

[vintageogauge]

Originally Posted by HappyTraveler

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...

You have been watching too many movies.

[justjim]

Originally Posted by HappyTraveler

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?

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.

[ElDiabloJoe]

Originally Posted by justjim

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.