Are safe deposit box secure?

[BeerBelly]

I've been wondering about the security of my safe deposit box. Right now I just have a little bit of gold jewelry in it that I've been keeping for my mother in law. If the economy does end up getting much worse, and say, my bank fails, would I still be able to remove the contents of my safe deposit box? I'm thinking yes, but you never know. What happened durring the great depression? If safe deposit boxes were around back then, were the contents confiscated? Or given to the rightful owners?
Like I said, I'm reasonably sure the contents are safe regardless, but I'd like to know for sure. Please don't recomend I discuss it with my bank, I know how those converations will turn out!
Customer: "sir, I know your bank is not Federaly insured, but what does that mean? Is my $3,000,000 safe?"
Teller: "Oh, absolutly sir. Without a doubt, your money is 100% safe with us."
Customer: "but what happens if the economy goes south and everyone makes a rush to withdraw their money?"
Teller: " Oh, thats no problem sir, you see, we have an ironclad guarentee that we will return all your money within 3 days should you request it."
Customer: "but thats not what I'm talking about. You see, if everyone withdraws their money at the same time,.... Oh, never mind. Can I talk to your manager?"
Teller: "Sure, wait just one second, he'll be right over."
30 minutes later,
manager "sir, what can I do for you?"
customer: "I would like to know if my money would be safe in this bank if there were economic troubles and your bank was forced to close it's doors."
manager: "Oh, absolutly sir. Without a doubt, your money is 100% safe with us."
Customer: "but what happens if the economy goes south and everyone makes a rush to withdraw their money?"
manager: "Oh, thats no problem sir, you see, we have an ironclad guarentee that we will return all your money within 3 days should you request it."
Customer: "Arrrrgggghhhh!!!!!!!

 

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[Noodle]

No panic intended, but the $100,000 FDIC guarantee by the federal government is only guaranteed as far as their balances go. Do "I" consider every cent I have in a federally-guaranteed bank to be safe?

Sorta. No. Not quite.

We're spoiled. We think our gov't is going to be around forever. Nope.

 

[ramjet2187]

This is just my opinioin. I don't have any factual knowledge of the subject.

If the bank fails, and they close their doors........how are you going to access the safe deposit box? Break in?

I think you're screwed if the bank fails, regarding the contents of the boxes. Sure, they might allow you to get in, but if the bank is taken over by the Feds, who's to say? The FDIC insures deposits, not contents of safe deposit boxes.

Roger

 

[DANGLANGLEY]

Lots of people lose everything they have stored in safe deposit boxes. I do not trust them under any circumstances. A good fireproof safe hidden inside your home is the best idea.

http://moneycentral.msn.com/content/Banking/Betterbanking/P109173.asp

DANGLANGLEY

 

[Jeffro]

I'm not sure if this is still true or not, things may have changed in the last few years- but banks are allowed to "loan" out more money than they actually hold. A lot more, in fact. As I heard it it, banking laws require a bank to actually hold only 10 percent of what they have on loan, in other words, they can loan out 10 million dollars on actual holdings of 1 million.

Yeah, if there's a run on the bank everybody'll get their money all right..... LOL!

I can't see the safety deposit boxes being too much of an issue, really. If you get wind the bank is closing, go get your your stuff pronto.

 

[arkhunter]

Lots of people lose everything they have stored in safe deposit boxes. I do not trust them under any circumstances. A good fireproof safe hidden inside your home is the best idea.

http://moneycentral.msn.com/content/Banking/Betterbanking/P109173.asp

DANGLANGLEY

true...dont trust banks for anything but lies

 

[BIG61AL]

I'd say the actual boxes are really secure. No bank will close it's doors and confiscate the contents of the boxes. i am 47 years old and I have never heard of a safety deposit box ever being broken into. The teller's drawer is a different story.

 

[Siegfried Schlagrule]

I'd say the actual boxes are really secure. No bank will close it's doors and confiscate the contents of the boxes. i am 47 years old and I have never heard of a safety deposit box ever being broken into. The teller's drawer is a different story.

Every day in every state safety deposit boxes are seized by states due to lack of activity. They claim you didn't have any activity even if you are regularly making the rental payments. They then sell your items at auction and "hold" the money for you. They make no attempt to contact you and tell you what they have done "for" you. Your first notice is when a "finder" contacts you and offers to tell you how to claim your money for 30-35% of the total. The feds then expect you to pay taxes on the balance which you have already paid taxes on before you put it in there. You don't even get interest on the money they made by the fire-sale of your stuff.
During the depression and recently when banks have failed the feds go in and allow people a week to come in and empty their boxes. This happens three weeks to six months after the bank closes. You can not get in there before then and are arrested if you try to. In some major bank robberies all that was hit was the safety deposit boxes. You get nothing for your loss except a tax write-off and if you claim a large amount you get audited by the IRS for the rest of your life. siegfried schlagrule

 

[Ray S ECenFL]

I am starting to wonder if it would not be a good idea to install your own safety depoisti box at home. A good safe would be more secure than taking a chance on getting locked out of the bank and losing your safety deposit box contents.

Ray S

 

[Siegfried Schlagrule]

I am starting to wonder if it would not be a good idea to install your own safety depoisti box at home. A good safe would be more secure than taking a chance on getting locked out of the bank and losing your safety deposit box contents.

Ray S

as long as you personally are the only one who knows it exists and you also put it in a really goofy place that can't be found quickly that might be a good option for you. Mount it in concrete in your basement floor or crawl space and it will be safe from fire most likely if its rated fireproof. siegfried schlagrule

 

[The.Boomer]

All you have to do is ask yourself why in the world would the People in the 30s, 40s, and 50s hide their money in cache's. Of course back then the money they hid was actual gold and silver. What you got now is paper that's only as good as the government which backs it. If the Dem's win this election take all the money you have buy gold and silver and hide that in a public accessible place that no one else would MD. But keep in mind you also might need access, so it need to be retrievable without people seeing you do so. I own my own private land that I can use for this, if you do that would be best. If you don't you could look to get some even if it's just a little bit since you could also look to farm it if times get tough. If you still can't afford that then I suggest a very large State park and a very remote area within that park. The Vietnamese as I understand it would use rubber cement to glue leaves and such to the top of their tunnel hole covers. A hole in a very remote area that could hold a safe with just such a cover might be the ticket, for short term. Personally I would just split it all up into very small amounts and put it into zip lock bags with the air squeezed out and buried in hundreds of locations around many places. But keep a map of each location and encode that as well. In the end there is no full proof way to protect anything, but all you can do is your best and pray for the rest.

 

[eathabs]

I spoke with my wife this morning concerning safe deposit boxes as she is a banker. She informed me that they charge a flat rate per year. You can ask to have the fee automatically deducted from a checking or savings account. If after 6 months the fee has not been paid, they can have it drilled and the contents turned over to the state. She also said they they must contact the customer by mail monthly if the fee is not paid by the due date. Also mentioned was the customer is responsible for notifying the bank of change of address as well as informing family members of the box. Should the bank close permanently all safe deposit box holders would be given the opportunity to remove the contents.

If you have a box, stop in and ask about the fees and what your rights are should you forget to pay the fee, the bank closes, or you die. The box and where you have your key should be included in your will.

Hal