Bank of America Safety Deposit Box issue

Basement is bad storage place for valuables at least in some areas like here where it floods nearly every couple years.

 

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Also, for those that live in Texas, understand why there are no houses in Texas with basements.

 

But most of them have slabs at least in the garage. It's the same concept.

 

kao did you know I have a near photographic memory?

 

Well, most houses are built on slabs, not just the garages. You just can't go 6 inches deep into the ground for the most part and even if you did build a basement, you'd just be repairing it yearly with the huge cracks it would develop.

 

I cannot imagine why people bank with BoA. Frankly I do not like big banks. My main bank is a three brancher that has been around since 1894 in it's original National charter. They are mainly an agricultural lender, so very conservative. All the employees know be by name. They save goodies for me all the time because I have befriended all of them.

Oh back on the subject - SDB's. They called me just this last fall and said they had a couple of larger boxes in their vault come available - the vault teller went ahead and signed me up for them, and then called me. That was so I could consolidate all the stuff in several other boxes. In the end, I kept the other boxes but paid for the new ones- prorated of course - they insisted. So now I have all my assorted junque there. Did I mention they order cent and nickel boxes weekly for me - no charge?

Aside from them, I save my dosh in credit unions. Credit unions are depositor owned. So I have a stake in them, which is why I find that they bend over backwards to accomodate my numismatic addictions. Setting coins aside for me, calling me when they fill bags that they usually would have sent to a larger bank - and they would pay a fee to do so - I buy them and save them(and me as a depositor) money.

Small banks, credit unions - they built America and still do. Those large corporations are only out to ruin it.

 

Wow! I just had my SDB rental reduced from $35 to $15 per year (senior discount). The prices quoted seem VERY high to me.

 

I pay $65 per year, and that's the cheapest box around here that I could find. Small, local bank with 4 branches... orders me 4 boxes of halves a month.


EDIT: of the size I want, that is... it's about 1 foot wide, 6 inches tall, and 3 feet deep.

 

No this isn't the case. As long as the footers are not disturbed there is no issue with cutting into the slab. See this:

[video=youtube;_ySZxO7NLrc]http://www.youtube.com/watch?v=_ySZxO7NLrc[/video]

 

i dont pm me and explain..

 

This is what I do. My experience with banks [no names mentioned to protect the guilty] are that their fees are too high and SDB availablity is low. Never had a problem with my credit union where I now have my SDB.

 

Does it have to be a bank? There is a security company near me I think it's Wells Fargo, and they offer Safety deposit boxes. Pus you can have 24/7 access.

 

Huh, I really didn't know about that. It's a bit further than I'd like to drive for weekly access, but that might be a great option for storing off-site documents (like a harddrive backup, marriage license, etc) and spreading out any risk of loss. Thanks!

 

Just don't play this lady's game: http://www.justice.gov/usao/ct/Press2011/20111109-2.html

There was nowhere she could have safely hidden the cash, etc.. Too bad she didn't have tax attorneys Forum rules ~political statement.

 

Yowza.

 

These are the dumb ones who get caught. Seriously, hiding that much cash in a local SDB. How dumb. There are 5 different ways off the top of my head that is a better idea to accompish what they wished to accomplish that is more prudent than that.

Not saying what they were doing was right, I am glad they got caught. I am just saying many more do not get caught because they use better methods. I wish all tax cheats were so stupid. In this day and age, don't assume the Feds cannot find out any SDB you may have rented.

 

If you're just going to be storing PM's and other valuables in it why does it have to be so close to you? You're not going to be going there everyday to look at the stuff in it, are you?

 

If I had been her, I would have chosen a storage unit in a very rural country area. Stocked the unit with sporting goods and other bric a brac. Pay with cash a year in advance, money talks! Just don't act suspicious. I don't know how often the authorities get warrants to search these units; for the fugitive or the big dollar evader, that is the risk.

 

Hmm. I wonder how hard it would be to get a storage unit on the ground floor and sink a safe into the slab... Get a bunch of ratty boxes full of old baby clothes and bury the safe under those, and you'd be reasonably safe. Although, the storage unit owner would probably be a bit miffed about drilling after you moved out (and security still wouldn't be anywhere near as high as in a bank vault).

 

Or surround the PMs with low value debris, you could always submerge them in sticky dark fluids that create big problems for anyone who does not know what is inside. The key is not telling anyone, and that has a downside. If you had a stroke or died, the storage unit may end up being sold like the reality TV show of that name.

Bottom line: I don't really trust anyone with high value, easily fenced, precious metals, money is the biggest source of amnesia as someone sees it as a means to an end and doesn't care who loses. At least if it is in a bank deposit box, how it would get dispersed is strictly governed by law. If someone just dies leaving a safe, possession will be 99% of the law.