Unsafe Safe Deposit Boxes?

As we all know, coins should be stored in a dry environment because moisture is the enemy. Your coins are in a safe deposit box with dessicant and are safe, right ? Could be wrong.

Regarding Safe Deposit Boxes, some banks are looking out for the interests of people who store documents in their boxes. Paper tends to yellow when it gets dry, so some banks use ozone purification systems or an air control system that humidifies the air.

Another good reason to use a dessicant, replace it often or use a bank that doesn't use humidifiers.

Thoughts?

 

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A bit off of the subject, but related. We had a thread earlier on CT about safe deposit boxes vs. safes. I have a box in one bank, which I had not visited in a while. Last month I went there and low and behold, there was one of those little blue dots over the key hole on my box. It seems as though someone messed up on a drill out order, and they were going to drill my box open instead of the one next to it. I was about a week from having my box drilled open by the freaking bank.

Call me shaken about the whole incident. And really not even an apology from the bank. Makes you wonder....

 

I hear you, I don't check on my safe depost box enough, once a month at best.

 

Regarding Safe deposit boxes....

When you collect coins, isn't the whole point of buying coins to looks at them? To me, if you just put it in the SDB that is more like just investing in them....IMHO


stainless

 

If you loan me $10,000 for a bigger better more secure safe and and Alarm System, I'll bring them home.

 

check is en route, watch your mail.

 

Do banks have insurance on the contents of deposit boxes?

 

They do, but this only goes so far. Most banks will require you to provide a list of what's in the box and their appraised values in order to insure it. This normally comes at a premium to the customer not the bank. I would strongly suggest it though, so that if a bank employee or robber, or even a natural disaster messes up/with your coins you can prove what was in the box.

I am seriously looking into a safe, but of course my house has a higher risk of fire/theft/etc than the bank would.. so I'm up in arms about it.

-DJ

 

I've read some articles recently about banks & safety deposit boxes.

Apparently, even if you keep your savings accounts up to date, if you do not check your safety deposit every 3 years (some states wanting to go to 1) they will hire a 3rd party to drill open your box, shred the papers and sell all valuables at an auction. This happened to a lady I saw on the news, she lived a few blocks down the street and they shredded her papers and sold her grandmas pearl necklace (appraised at 30k) for $1450.

Seized property are in many states top 3 money-making sources.
There have been suggestions of shortening the confiscation time, and measures to lessen notification to customers hence 'increase profits'.

In the U.K. they are currently drilling random boxes and checking for drugs and guns (both of which are illegal, but so is the non-warrented drilling.)

Not trying to scare anyone here - but check your boxes AT LEAST ONCE A YEAR.

 

The thing is, I checked my box about 5-6 months ago to make a deposit. I have an active savings account, and proof of payment for the box. The whole thing here was not that anything with my box was in arrears, it was that they nearly f-ed up big time. This was a case of someone screwing up and putting the plastic tag on my box instead of the person's next to mine.

 

Do you have any evidence to support this?

 

There are millions of incompetent workers in America, and their mind is not on their work. Any one of them can screw us up at any given time.
For example my girlfriend's old bank reported her interest income to the IRS under someone else's SS number. It took much effort to straighten that out.
No apology. Did I say her old bank? Yup. But they don't care that they lost a depositor.

 

YES!!!! Thank you for posting this. To me, the most important about having a coin collection is HAVING a coin collection. I have always felt that if your going to buy expensive coins for a collection, a hobby you enjoy, invest in a good safe so you can have them with you. If your investing in the coins, then a safe deposit box is fine. But, the point of collecting coins is to enjoy them...and I wouldn't enjoy mine if I couldn't see them when ever I wanted.

Although I don't disagree with you that there are many incompetent workers out there...nobody works 100% of the time without an error. I myself work at a bank and even though I have a VERY good error record, I make an occasional mistake just like everybody else...in any profession. I agree that the bank should have apologized to the customer when mistakes are made...it's just a professional courtesy, but you can't expect perfection all the time (no matter how hard we try).

 

It would seem a person should visit the box a least a couple times a year.
With some of the coins I see posted here, more often would be wise.:smile

 

Although I don't disagree with you that there are many incompetent workers out there...nobody works 100% of the time without an error. I myself work at a bank and even though I have a VERY good error record, I make an occasional mistake just like everybody else...in any profession. I agree that the bank should have apologized to the customer when mistakes are made...it's just a professional courtesy, but you can't expect perfection all the time (no matter how hard we try).[/QUOTE]


I understand your point and appreciate your position. But this wasn't just another common error or minor mistake. They filed with the IRS her interest income with someone else's social security number attached. Please understand what a major headache this caused. Not to mention time wasted trying to get this fixed. Needless to say neither she nor I set foot in that bank anymore. The same bank reported one of my CDs as an IRA account.
It was not an IRA and never was. This type of carelessness is just unacceptable. More time wasted and more forms to send in to IRS.

 

Thats the reason people dont usually store coins in common banks SDB maybe its different here but my collection would never be in a place like that. word to the wise get a shoe that fits the leg

My friend you shouldnt have to check them once a month even ( if you are going to see your coins thats different )

Never bring the coins home to store no matter the security or the temptation. I cannot stress that enough

its a known issue ( some banks do open lockers without the customers knowledge that y put your own lock) although we can debate the reasons for all eternity

yeah if you love coins that will happen however if its just another investment then ....

 

I probably wouldn't go back either because that is a serious mistake. I have never done the interest forms on a CD or anything, but I have done a ton of them for savings bonds. At my bank anyway, I have to manually type everything (including the SSN) in my hand. When you do that, mistakes are bound to happen every once in a while. I would imagine they just transposed 2 of the SSN digits while they were entering it...that's the most common type of bank error. I did that one time with an account number while depositing one of our customer's pay check...and it went into the wrong account. It caused a major headache (for everyone involved-the customer and bank). I didn't do it on purpose, and I wouldn't say I was careless...just when you do something 1000s of times over, mistakes are bound to happen. But, two mistakes for the same customer (like in your case)...especially if not in a long period of time would concern me.

 

Banks and financial institutions do not insure the contents of your safety deposit boxes. I have never heard of or read of any financial institution that requires a list of the boxes contents. Now you can insure the contents of that box on your home owners insurance policy however they will require a list of the contents.Now this is only my opinion but I would have to see the statement from the bank that would require a list and if they did I would not do bussiness with them.

 

Glad I have been reading CT.Monday I just refiled as power of attorney on my grandpas accts. one of which is a SD box. I read the disclaimers very carefully. Pretty much bank offers no insurance. They get robbed,flooded burned, lose your stuff, etc. you are out. They can move your contents at any time and put somewhere else w/o prior notice. Can look in whenever they want. Offer nothing if contents lost, stolen etc. I'll post a pic of the document (minus company logos and personal info) if it is allowed and ADMIN says it's ok. Needless to say, pulled out everything except for some backup documents incase all three safes at 3 different houses get stolen, burned flooded etc.

 

My bad, you're right!

This is what I pulled from my bank's website.."Safe Deposit Box contents are not covered by FDIC Insurance. For your protection, we suggest that you keep a detailed inventory of your Safe Deposit Box contents at all times. Please check with your insurance provider to verify if you have a current property and casualty or supplemental policy that allows coverage for your Safe Deposit Box contents."

I knew that you could have it insured by a 3rd party.. but I would have never thought that you couldn't insure something thru the bank itself, or a division of that bank. I mean it's called a "safe" deposit box. So if i'm going to pay to have insurance on it either way, why keep it all the way down at the bank?